SHPIX vs. BEARX

Last updated Jun 24, 2026

SHPIX (ProFunds Short Small Cap ProFund) and BEARX (Federated Hermes Prudent Bear Fd) are both Inverse Equities funds. Over the past 10 years, SHPIX returned 8.80%/yr vs -14.72%/yr for BEARX. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 1.78% expense ratio.

Performance

SHPIX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Short Small Cap ProFund (SHPIX) 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, SHPIX achieves a -17.55% return, which is significantly lower than BEARX's -7.65% return. Over the past 10 years, SHPIX has outperformed BEARX with an annualized return of 8.80%, while BEARX has yielded a comparatively lower -14.72% annualized return.

SHPIX

• 1D: -0.80%
• 1M: -4.52%
• YTD: -17.55%
• 6M: -15.52%
• 1Y: -28.47%
• 3Y*: 7.61%
• 5Y*: 47.49%
• 10Y*: 8.80%

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)

SHPIX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHPIX ProFunds Short Small Cap ProFund	-17.55%	-9.61%	83.27%	344.97%	16.39%	-19.78%	-31.60%	-20.89%	9.96%	-14.49%
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 SHPIX and BEARX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.79

Over the past year, the correlation between SHPIX and BEARX has dropped to 0.27 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

SHPIX vs. BEARX — Risk / Return Rank

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

SHPIX

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

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.

SHPIX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) 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.

	SHPIX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	-1.49	-1.46	-0.03
Sortino ratio: Return per unit of downside risk	-2.17	-2.13	-0.04
Omega ratio: Gain probability vs. loss probability	0.77	0.74	+0.02
Calmar ratio: Return relative to maximum drawdown	-1.03	-0.96	-0.07
Martin ratio: Return relative to average drawdown	-1.83	-1.77	-0.06

SHPIX vs. BEARX - Sharpe Ratio Comparison

The current SHPIX Sharpe Ratio is -1.49, which is comparable to the BEARX Sharpe Ratio of -1.46. The chart below compares the historical Sharpe Ratios of SHPIX 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

SHPIX vs. BEARX - Drawdown Comparison

The maximum SHPIX drawdown since its inception was -96.86%, roughly equal to the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for SHPIX and BEARX.

Drawdown Indicators

	SHPIX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-96.86%	-95.75%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-28.36%	-18.63%	-9.73%
Max Drawdown (3Y) Largest decline over 3 years	-41.16%	-44.46%	+3.30%
Max Drawdown (5Y) Largest decline over 5 years	-41.16%	-52.48%	+11.32%
Max Drawdown (10Y) Largest decline over 10 years	-70.45%	-80.48%	+10.03%
Current Drawdown Current decline from peak	-76.09%	-95.66%	+19.57%
Average Drawdown Average peak-to-trough decline	-74.99%	-61.09%	-13.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.78%	11.03%	+5.75%

Volatility

SHPIX vs. BEARX - Volatility Comparison

ProFunds Short Small Cap ProFund (SHPIX) has a higher volatility of 6.34% compared to Federated Hermes Prudent Bear Fd (BEARX) at 5.28%. This indicates that SHPIX'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

	SHPIX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	5.28%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	14.32%	9.97%	+4.35%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	12.28%	+7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	189.02%	17.09%	+171.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	134.69%	16.75%	+117.94%

SHPIX vs. BEARX - Expense Ratio Comparison

Both SHPIX and BEARX have an expense ratio of 1.78%.

Dividends

SHPIX vs. BEARX - Dividend Comparison

SHPIX's dividend yield for the trailing twelve months is around 33.57%, more than BEARX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BEARX Federated Hermes Prudent Bear Fd	7.27%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%
SHPIX ProFunds Short Small Cap ProFund	33.57%	5.70%	0.00%	17.01%	0.00%	0.00%	0.00%	0.85%

Frequently Asked Questions

Can I hold both SHPIX and BEARX in my portfolio?

SHPIX and BEARX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHPIX or BEARX?

SHPIX has higher volatility (6.34%) compared to BEARX (5.28%). In terms of maximum drawdown, SHPIX dropped -96.86% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

BEARX currently has the higher Sharpe Ratio (-1.46 vs -1.49), 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.