UCPIX vs. BEARX

Last updated Jun 4, 2026

UCPIX (ProFunds UltraShort Small Cap Fund) and BEARX (Federated Hermes Prudent Bear Fd) are both Inverse Equities funds. Over the past 10 years, UCPIX returned -28.39%/yr vs -14.66%/yr for BEARX. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 1.78% expense ratio.

Performance

UCPIX vs. BEARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort Small Cap Fund (UCPIX) 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, UCPIX achieves a -29.75% return, which is significantly lower than BEARX's -9.50% return. Over the past 10 years, UCPIX has underperformed BEARX with an annualized return of -28.39%, while BEARX has yielded a comparatively higher -14.66% annualized return.

UCPIX

• 1D: -1.75%
• 1M: -9.37%
• YTD: -29.75%
• 6M: -27.91%
• 1Y: -50.18%
• 3Y*: -30.24%
• 5Y*: -17.99%
• 10Y*: -28.39%

BEARX

• 1D: -0.29%
• 1M: -5.77%
• YTD: -9.50%
• 6M: -9.81%
• 1Y: -19.70%
• 3Y*: -16.79%
• 5Y*: -12.48%
• 10Y*: -14.66%

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

UCPIX vs. BEARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCPIX ProFunds UltraShort Small Cap Fund	-29.75%	-25.76%	-19.27%	-26.54%	28.08%	-36.02%	-60.58%	-38.99%	17.86%	-27.19%
BEARX Federated Hermes Prudent Bear Fd	-9.50%	-12.42%	-20.34%	-18.67%	17.78%	-23.78%	-22.95%	-19.95%	-5.96%	-15.76%

Correlation

The correlation between UCPIX and BEARX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.46
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 Feb 2, 2004	0.79

Over the past year, the correlation between UCPIX and BEARX has dropped to 0.20 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

UCPIX vs. BEARX — Risk / Return Rank

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

UCPIX

UCPIX Risk / Return Rank: 0
UCPIX Sharpe Ratio Rank: 0
UCPIX Sortino Ratio Rank: 0
UCPIX Omega Ratio Rank: 0
UCPIX Calmar Ratio Rank: 0
UCPIX 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.

UCPIX vs. BEARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Small Cap Fund (UCPIX) 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.

	UCPIX	BEARX	Difference
Sharpe ratio: Return per unit of total volatility	-1.36	-1.75	+0.39
Sortino ratio: Return per unit of downside risk	-2.23	-2.48	+0.26
Omega ratio: Gain probability vs. loss probability	0.76	0.70	+0.06
Calmar ratio: Return relative to maximum drawdown	-1.02	-1.00	-0.02
Martin ratio: Return relative to average drawdown	-1.68	-1.89	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCPIX vs. BEARX - Sharpe Ratio Comparison

The current UCPIX Sharpe Ratio is -1.36, which is comparable to the BEARX Sharpe Ratio of -1.75. The chart below compares the historical Sharpe Ratios of UCPIX 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.

Sharpe Ratios by Period

	UCPIX	BEARX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.36	-1.75	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.74	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	-0.88	+0.78
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.02	-0.12

Drawdowns

UCPIX vs. BEARX - Drawdown Comparison

The maximum UCPIX drawdown since its inception was -99.99%, roughly equal to the maximum BEARX drawdown of -95.75%. Use the drawdown chart below to compare losses from any high point for UCPIX and BEARX.

Drawdown Indicators

	UCPIX	BEARX	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-95.75%	-4.24%
Max Drawdown (1Y) Largest decline over 1 year	-50.67%	-19.52%	-31.15%
Max Drawdown (3Y) Largest decline over 3 years	-94.79%	-44.46%	-50.33%
Max Drawdown (5Y) Largest decline over 5 years	-95.26%	-52.48%	-42.78%
Max Drawdown (10Y) Largest decline over 10 years	-99.39%	-80.48%	-18.91%
Current Drawdown Current decline from peak	-99.95%	-95.75%	-4.20%
Average Drawdown Average peak-to-trough decline	-84.03%	-61.04%	-22.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.46%	10.45%	+22.01%

Volatility

UCPIX vs. BEARX - Volatility Comparison

ProFunds UltraShort Small Cap Fund (UCPIX) has a higher volatility of 11.20% compared to Federated Hermes Prudent Bear Fd (BEARX) at 2.86%. This indicates that UCPIX'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

	UCPIX	BEARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	2.86%	+8.34%
Volatility (6M) Calculated over the trailing 6-month period	27.33%	8.76%	+18.57%
Volatility (1Y) Calculated over the trailing 1-year period	38.25%	11.32%	+26.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	402.12%	16.97%	+385.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	286.19%	16.67%	+269.52%

UCPIX vs. BEARX - Expense Ratio Comparison

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

Dividends

UCPIX vs. BEARX - Dividend Comparison

UCPIX's dividend yield for the trailing twelve months is around 6.57%, less than BEARX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BEARX Federated Hermes Prudent Bear Fd	7.42%	6.71%	0.00%	13.32%	0.00%	0.00%	0.00%	0.62%
UCPIX ProFunds UltraShort Small Cap Fund	6.57%	4.61%	4.24%	4.77%	0.00%	0.00%	0.00%	0.30%

Frequently Asked Questions

Can I hold both UCPIX and BEARX in my portfolio?

UCPIX and BEARX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCPIX or BEARX?

UCPIX has higher volatility (11.20%) compared to BEARX (2.86%). In terms of maximum drawdown, UCPIX dropped -99.99% vs BEARX's -95.75%.

Which has better risk-adjusted returns?

UCPIX currently has the higher Sharpe Ratio (-1.36 vs -1.75), 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.