KLCIX vs. BEARX

Last updated Jun 23, 2026

KLCIX (Federated Hermes Kaufmann Large Cap Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both mutual funds - KLCIX is a Large Cap Growth Equities fund managed by Federated, while BEARX is a Inverse Equities fund managed by Federated. Over the past 10 years, KLCIX returned 20.37%/yr vs -14.52%/yr for BEARX. At a correlation of -0.88, they often move in opposite directions. KLCIX charges 0.84%/yr vs 1.78%/yr for BEARX.

Performance

KLCIX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Kaufmann Large Cap Fund (KLCIX) 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, KLCIX achieves a 15.58% return, which is significantly higher than BEARX's -7.92% return. Over the past 10 years, KLCIX has outperformed BEARX with an annualized return of 20.37%, while BEARX has yielded a comparatively lower -14.52% annualized return.

KLCIX

• 1D: 1.67%
• 1M: 5.46%
• YTD: 15.58%
• 6M: 15.92%
• 1Y: 32.67%
• 3Y*: 44.35%
• 5Y*: 21.28%
• 10Y*: 20.37%

BEARX

• 1D: -1.13%
• 1M: 0.00%
• YTD: -7.92%
• 6M: -8.01%
• 1Y: -18.11%
• 3Y*: -15.43%
• 5Y*: -12.35%
• 10Y*: -14.52%

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

KLCIX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KLCIX Federated Hermes Kaufmann Large Cap Fund	15.58%	18.71%	90.57%	33.02%	-30.06%	13.95%	28.58%	38.16%	0.16%	23.57%
BEARX Federated Hermes Prudent Bear Fd	-7.92%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%

Correlation

The correlation between KLCIX and BEARX is -0.86, 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	-0.86
Correlation (3Y) Calculated over the trailing 3-year period	-0.87
Correlation (5Y) Calculated over the trailing 5-year period	-0.90
Correlation (10Y) Calculated over the trailing 10-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Dec 6, 2007	-0.88

The correlation between KLCIX and BEARX has been stable across timeframes, ranging from -0.90 to -0.86 - a consistent structural relationship.

Return for Risk

KLCIX vs. BEARX — Risk / Return Rank

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

KLCIX

KLCIX Risk / Return Rank: 44
KLCIX Sharpe Ratio Rank: 48
KLCIX Sortino Ratio Rank: 46
KLCIX Omega Ratio Rank: 54
KLCIX Calmar Ratio Rank: 35
KLCIX Martin Ratio Rank: 34

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.

KLCIX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Kaufmann Large Cap Fund (KLCIX) 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.

	KLCIX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	-1.45	+3.34
Sortino ratio: Return per unit of downside risk	2.64	-2.11	+4.75
Omega ratio: Gain probability vs. loss probability	1.37	0.75	+0.63
Calmar ratio: Return relative to maximum drawdown	2.11	-0.91	+3.02
Martin ratio: Return relative to average drawdown	7.27	-1.62	+8.89

KLCIX vs. BEARX - Sharpe Ratio Comparison

The current KLCIX Sharpe Ratio is 1.89, which is higher than the BEARX Sharpe Ratio of -1.45. The chart below compares the historical Sharpe Ratios of KLCIX 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

KLCIX vs. BEARX - Drawdown Comparison

The maximum KLCIX drawdown since its inception was -51.80%, smaller than the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for KLCIX and BEARX.

Drawdown Indicators

	KLCIX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-51.80%	-95.75%	+43.95%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-18.63%	+3.27%
Max Drawdown (3Y) Largest decline over 3 years	-41.04%	-44.46%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-41.04%	-52.48%	+11.44%
Max Drawdown (10Y) Largest decline over 10 years	-41.04%	-80.48%	+39.44%
Current Drawdown Current decline from peak	-1.88%	-95.67%	+93.79%
Average Drawdown Average peak-to-trough decline	-9.27%	-61.09%	+51.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	10.97%	-6.52%

Volatility

KLCIX vs. BEARX - Volatility Comparison

Federated Hermes Kaufmann Large Cap Fund (KLCIX) has a higher volatility of 8.05% compared to Federated Hermes Prudent Bear Fd (BEARX) at 5.34%. This indicates that KLCIX'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

	KLCIX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	5.34%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	14.14%	9.96%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.16%	12.32%	+4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.37%	17.10%	+35.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.74%	16.74%	+23.00%

KLCIX vs. BEARX - Expense Ratio Comparison

KLCIX has a 0.84% expense ratio, which is lower than BEARX's 1.78% expense ratio.

Dividends

KLCIX vs. BEARX - Dividend Comparison

KLCIX's dividend yield for the trailing twelve months is around 25.61%, more than BEARX's 7.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEARX Federated Hermes Prudent Bear Fd	7.29%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%	0.00%	0.00%	0.00%	0.00%
KLCIX Federated Hermes Kaufmann Large Cap Fund	25.61%	29.60%	72.67%	29.59%	26.95%	14.50%	3.48%	4.34%	11.36%	1.41%	0.00%	0.01%

Frequently Asked Questions

Can I hold both KLCIX and BEARX in my portfolio?

KLCIX and BEARX have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLCIX or BEARX?

KLCIX has higher volatility (8.05%) compared to BEARX (5.34%). In terms of maximum drawdown, KLCIX dropped -51.80% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

KLCIX currently has the higher Sharpe Ratio (1.89 vs -1.45), 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.