It returned 16.7 percent last year, versus a category average of 8 percent, according to Morningstar.

Fourteen out of 23 bond index funds have performed better than their category average over the three years through June, according to Morningstar.

The group performed even better over five years, with 18 out of 20 funds with five-year records beating the category average, according to Morningstar.

The fund returned 30.1 percent in 2004, near the category average.

The fund lost 1.8 percent this year through Thursday, versus the category average's gain of 0.8 percent, according to Morningstar.

Prudent Bear showed a total return of 2.6 percent in the first quarter, well above the category average of 0.7 percent.

In the first quarter, its return of 1 percent was below the category average of 1.3 percent.

Among those ages 18 to 34, his "Q score" was 22, compared with the category average of 13.

Of those, eight lagged behind their category averages during the longest period for which the funds had a record, whether for one, three or five years.

Despite some ups and downs, their results since they began trading in 1998 have generally surpassed their category averages.