SOPIX vs. BEARX
SOPIX (ProFunds Short NASDAQ-100 Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both Inverse Equities funds. Over the past 10 years, SOPIX returned -21.08%/yr vs -14.72%/yr for BEARX. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 1.78% expense ratio.
Performance
SOPIX vs. BEARX - Performance Comparison
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Returns By Period
In the year-to-date period, SOPIX achieves a -16.41% return, which is significantly lower than BEARX's -7.65% return. Over the past 10 years, SOPIX has underperformed BEARX with an annualized return of -21.08%, while BEARX has yielded a comparatively higher -14.72% annualized return.
SOPIX
- 1D
- 0.25%
- 1M
- -3.06%
- YTD
- -16.41%
- 6M
- -15.19%
- 1Y
- -26.08%
- 3Y*
- -21.30%
- 5Y*
- -15.98%
- 10Y*
- -21.08%
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%
SOPIX vs. BEARX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOPIX ProFunds Short NASDAQ-100 Fund | -16.41% | -15.80% | -23.82% | -31.85% | 34.73% | -25.69% | -42.92% | -28.29% | -3.07% | -25.24% |
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 SOPIX and BEARX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003 | 0.80 |
Over the past year, the correlation between SOPIX and BEARX has dropped to 0.41 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.
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Return for Risk
SOPIX vs. BEARX — Risk / Return Rank
SOPIX
BEARX
SOPIX vs. BEARX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Short NASDAQ-100 Fund (SOPIX) 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.
| SOPIX | BEARX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.74 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.96 | -0.05 |
| Martin ratioReturn relative to average drawdown | -2.07 | -1.77 | -0.30 |
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Drawdowns
SOPIX vs. BEARX - Drawdown Comparison
The maximum SOPIX drawdown since its inception was -99.07%, roughly equal to the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for SOPIX and BEARX.
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Drawdown Indicators
| SOPIX | BEARX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -95.75% | -3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -25.45% | -18.63% | -6.82% |
Max Drawdown (3Y)Largest decline over 3 years | -54.87% | -44.46% | -10.41% |
Max Drawdown (5Y)Largest decline over 5 years | -65.00% | -52.48% | -12.52% |
Max Drawdown (10Y)Largest decline over 10 years | -90.86% | -80.48% | -10.38% |
Current DrawdownCurrent decline from peak | -99.06% | -95.66% | -3.40% |
Average DrawdownAverage peak-to-trough decline | -76.17% | -61.09% | -15.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.73% | 11.03% | +2.70% |
Volatility
SOPIX vs. BEARX - Volatility Comparison
ProFunds Short NASDAQ-100 Fund (SOPIX) has a higher volatility of 8.28% compared to Federated Hermes Prudent Bear Fd (BEARX) at 5.28%. This indicates that SOPIX'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.
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Volatility by Period
| SOPIX | BEARX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 5.28% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 9.97% | +4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 12.28% | +5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.62% | 17.09% | +6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.62% | 16.75% | +5.87% |
SOPIX vs. BEARX - Expense Ratio Comparison
Both SOPIX and BEARX have an expense ratio of 1.78%.
Dividends
SOPIX vs. BEARX - Dividend Comparison
SOPIX's dividend yield for the trailing twelve months is around 2.56%, less 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% |
SOPIX ProFunds Short NASDAQ-100 Fund | 2.56% | 2.14% | 0.00% | 6.71% | 0.00% | 0.00% | 0.00% | 0.29% |
Frequently Asked Questions
SOPIX and BEARX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOPIX has higher volatility (8.28%) compared to BEARX (5.28%). In terms of maximum drawdown, SOPIX dropped -99.07% vs BEARX's -95.75%.
BEARX currently has the higher Sharpe Ratio (-1.46 vs -1.53), 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.
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