Climate change is expected to increase temperature and temporal precipitation variability leading to higher evapotranspiration and more frequent and severe droughts. While advancements are being made in our understanding of how plants will respond to these changes, gaps remain in our knowledge of species-specific drought response. This is especially true among herbaceous plant communities, including ferns and other seed-free vascular plants. Previous hydraulic work on ferns has almost exclusively concentrated on the leaves, with very little information on the rhizome, which is surprising given that the rhizome is the long-lived perennial organ (making it more costly and important in species survival). Only recently have rhizome hydraulics been explored in the context of drought stress. Similar to observations in many woody trees, fern leaves tend to desiccate and hydraulically disconnect before the perennial stem experiences significant levels of drought-induced embolism, suggesting strong vulnerability segmentation. These findings have significant implications for fern survival during drought. In this review we expand on these observations, integrating information from previous work on plant hydraulics and ecophysiology, to understand the implications of vulnerability segmentation on the response of ferns to future climate change.