Bear market mutual funds managed by Rydex Investments and ProFunds are clawing their way into the ranks of top-performing mutual funds, TheStreet.com reports.

During the past four weeks of blistering market volatility, the performance of ordinary mutual funds has slumped noticeably, but the average bear market fund has jumped 6.19% during this period. Utility funds, which are known as stable investments, only managed to post 0.73% as a category index during the same period, according to Morningstar.

The long-term picture for bear market funds is not quite as rosy, as the average bear market fund has fallen by 12.75% during the past 12 months. However, Michael Sapir, CEO at ProFunds, said uncertain global political conditions and skyrocketing oil prices are harbingers of good news for bear funds. Pessimistic investors also have the option to bet on bad news by purchasing ProFunds’ "ultra" funds, a type of investment that employs an aggressive leverage strategy.

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