KAUFX vs. BEARX

Last updated Jun 24, 2026

KAUFX (Federated Hermes Kaufmann Fd) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - KAUFX is a Mid Cap Growth Equities fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 10 years, KAUFX returned 12.48%/yr vs -14.72%/yr for BEARX. At a correlation of -0.78, they often move in opposite directions. KAUFX charges 1.96%/yr vs 1.78%/yr for BEARX.

Performance

KAUFX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Kaufmann Fd (KAUFX) and Federated Hermes Prudent Bear Fd (BEARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KAUFX achieves a 10.68% return, which is significantly higher than BEARX's -7.65% return. Over the past 10 years, KAUFX has outperformed BEARX with an annualized return of 12.48%, while BEARX has yielded a comparatively lower -14.72% annualized return.

KAUFX

• 1D: 1.14%
• 1M: 7.99%
• YTD: 10.68%
• 6M: 8.74%
• 1Y: 16.98%
• 3Y*: 20.52%
• 5Y*: 5.12%
• 10Y*: 12.48%

BEARX

• 1D: 0.29%
• 1M: 0.29%
• YTD: -7.65%
• 6M: -7.74%
• 1Y: -16.97%
• 3Y*: -15.79%
• 5Y*: -11.91%
• 10Y*: -14.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KAUFX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KAUFX Federated Hermes Kaufmann Fd	10.68%	12.18%	29.84%	14.88%	-30.30%	2.46%	28.54%	32.56%	4.03%	27.65%
BEARX Federated Hermes Prudent Bear Fd	-7.65%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%

Correlation

The correlation between KAUFX and BEARX is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.75
Correlation (3Y) Calculated over the trailing 3-year period	-0.77
Correlation (5Y) Calculated over the trailing 5-year period	-0.81
Correlation (10Y) Calculated over the trailing 10-year period	-0.77
Correlation (All Time) Calculated using the full available price history since Dec 28, 1995	-0.78

The correlation between KAUFX and BEARX has been stable across timeframes, ranging from -0.81 to -0.75 - a consistent structural relationship.

Return for Risk

KAUFX vs. BEARX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KAUFX

KAUFX Risk / Return Rank: 17
KAUFX Sharpe Ratio Rank: 16
KAUFX Sortino Ratio Rank: 17
KAUFX Omega Ratio Rank: 18
KAUFX Calmar Ratio Rank: 15
KAUFX Martin Ratio Rank: 21

BEARX

BEARX Risk / Return Rank: 0
BEARX Sharpe Ratio Rank: 0
BEARX Sortino Ratio Rank: 0
BEARX Omega Ratio Rank: 0
BEARX Calmar Ratio Rank: 0
BEARX Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KAUFX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Kaufmann Fd (KAUFX) and Federated Hermes Prudent Bear Fd (BEARX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KAUFX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	-1.46	+2.51
Sortino ratio: Return per unit of downside risk	1.58	-2.13	+3.71
Omega ratio: Gain probability vs. loss probability	1.21	0.74	+0.46
Calmar ratio: Return relative to maximum drawdown	1.25	-0.96	+2.21
Martin ratio: Return relative to average drawdown	4.83	-1.77	+6.60

KAUFX vs. BEARX - Sharpe Ratio Comparison

The current KAUFX Sharpe Ratio is 1.04, which is higher than the BEARX Sharpe Ratio of -1.46. The chart below compares the historical Sharpe Ratios of KAUFX and BEARX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KAUFX vs. BEARX - Drawdown Comparison

The maximum KAUFX drawdown since its inception was -54.66%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for KAUFX and BEARX.

Drawdown Indicators

	KAUFX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-54.66%	-95.75%	+41.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.83%	-18.63%	+3.80%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-44.46%	+21.88%
Max Drawdown (5Y) Largest decline over 5 years	-40.76%	-52.48%	+11.72%
Max Drawdown (10Y) Largest decline over 10 years	-40.76%	-80.48%	+39.72%
Current Drawdown Current decline from peak	0.00%	-95.66%	+95.66%
Average Drawdown Average peak-to-trough decline	-11.18%	-61.09%	+49.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	11.03%	-7.21%

Volatility

KAUFX vs. BEARX - Volatility Comparison

Federated Hermes Kaufmann Fd (KAUFX) has a higher volatility of 6.43% compared to Federated Hermes Prudent Bear Fd (BEARX) at 5.28%. This indicates that KAUFX's price experiences larger fluctuations and is considered to be riskier than BEARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAUFX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	5.28%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	9.97%	+4.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	12.28%	+5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	17.09%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	16.75%	+4.15%

KAUFX vs. BEARX - Expense Ratio Comparison

KAUFX has a 1.96% expense ratio, which is higher than BEARX's 1.78% expense ratio.

Dividends

KAUFX vs. BEARX - Dividend Comparison

KAUFX's dividend yield for the trailing twelve months is around 9.73%, more than BEARX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.27%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
KAUFX Federated Hermes Kaufmann Fd	9.73%	10.76%	22.39%	1.89%	0.00%	9.77%	6.94%	11.75%	15.74%	11.76%	10.48%	16.34%

Frequently Asked Questions

Can I hold both KAUFX and BEARX in my portfolio?

KAUFX and BEARX have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAUFX or BEARX?

KAUFX has higher volatility (6.43%) compared to BEARX (5.28%). In terms of maximum drawdown, KAUFX dropped -54.66% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

KAUFX currently has the higher Sharpe Ratio (1.04 vs -1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.