Hematite (α-Fe₂O₃) is an environment-friendly and earth-abundant negative electrode material for electrochemical supercapacitors. It has high theoretical specific-capacitance with a suitable operating-potential-window. However, its use as positive electrode material has been limited. In the light of the foregoing, we have investigated the feasibility of using α-Fe₂O₃ both as positive and negative electrodes to examine its versatility in supercapacitors. On the other hand, MnO₂ has been investigated extensively as positive electrode in supercapacitors because of its striking electrochemical activity. But MnO₂ exhibits poor electronic conductivity and has low-rate capability. To address this issue, a core-shell nanorod-based positive electrode is designed combining the aforesaid traits of α-Fe₂O₃ and MnO₂. In the core-shell design, MnO₂ shell serves as active site for surface or near-surface based fast and reversible faradaic reactions while α-Fe₂O₃ nanorod core facilitates electron transfer towards current collector. As a consequence of this synergy, α-Fe₂O₃/MnO₂ core-shell nanorod electrode shows improved electrochemical performance in terms of capacitance and rate capability within a potential window of 0-1 V in comparison to individual component materials. Moreover, the assembled asymmetric supercapacitor (ASC) using α-Fe₂O₃/MnO₂ core-shell nanorods and pristine α-Fe₂O₃ nanorods as respective positive and negative electrodes exhibit a volumetric capacitance of ~ 1.3 F/cm³ at a scan rate of 10 mV/s within a potential window of 0-2 V with nearly 78% capacitance retention at a scan rate of 400 mV/s. Interestingly, the ASC delivers a maximum energy density of ~ 0.46 mWh/cm³ at a current density of 0.5 mA/cm²; the power density of the ASC being 550 mW/cm³ at a current density of 5 mA/cm² while energy density reaches ~ 0.35 mWh/cm³.