BIPIX vs. UAPIX

Last updated Jun 25, 2026

BIPIX (ProFunds Biotechnology UltraSector Fund) and UAPIX (ProFunds UltraSmall Cap Fund) are both Leveraged Equities funds from ProFunds. Over the past 10 years, BIPIX returned 10.20%/yr vs 12.24%/yr for UAPIX. A 0.66 correlation means they provide meaningful diversification when combined. BIPIX charges 1.49%/yr vs 1.60%/yr for UAPIX.

Performance

BIPIX vs. UAPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Biotechnology UltraSector Fund (BIPIX) and ProFunds UltraSmall Cap Fund (UAPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIPIX achieves a 28.34% return, which is significantly lower than UAPIX's 38.41% return. Over the past 10 years, BIPIX has underperformed UAPIX with an annualized return of 10.20%, while UAPIX has yielded a comparatively higher 12.24% annualized return.

BIPIX

• 1D: 1.11%
• 1M: 17.33%
• YTD: 28.34%
• 6M: 21.67%
• 1Y: 119.89%
• 3Y*: 13.25%
• 5Y*: 3.21%
• 10Y*: 10.20%

UAPIX

• 1D: -1.93%
• 1M: 6.90%
• YTD: 38.41%
• 6M: 31.22%
• 1Y: 75.71%
• 3Y*: 26.94%
• 5Y*: 1.43%
• 10Y*: 12.24%

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

BIPIX vs. UAPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIPIX ProFunds Biotechnology UltraSector Fund	28.34%	47.99%	-25.91%	9.55%	-13.43%	5.00%	19.94%	23.65%	-12.15%	34.71%
UAPIX ProFunds UltraSmall Cap Fund	38.41%	12.77%	10.42%	22.26%	-43.78%	23.06%	13.86%	46.81%	-26.88%	24.36%

Correlation

The correlation between BIPIX and UAPIX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 19, 2000	0.66

The correlation between BIPIX and UAPIX has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

Return for Risk

BIPIX vs. UAPIX — Risk / Return Rank

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

BIPIX

BIPIX Risk / Return Rank: 91
BIPIX Sharpe Ratio Rank: 96
BIPIX Sortino Ratio Rank: 85
BIPIX Omega Ratio Rank: 76
BIPIX Calmar Ratio Rank: 98
BIPIX Martin Ratio Rank: 97

UAPIX

UAPIX Risk / Return Rank: 65
UAPIX Sharpe Ratio Rank: 66
UAPIX Sortino Ratio Rank: 54
UAPIX Omega Ratio Rank: 44
UAPIX Calmar Ratio Rank: 85
UAPIX Martin Ratio Rank: 74

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.

BIPIX vs. UAPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Biotechnology UltraSector Fund (BIPIX) and ProFunds UltraSmall Cap Fund (UAPIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BIPIX	UAPIX	Difference
Sharpe ratio: Return per unit of total volatility	3.20	2.05	+1.15
Sortino ratio: Return per unit of downside risk	3.72	2.63	+1.09
Omega ratio: Gain probability vs. loss probability	1.44	1.31	+0.13
Calmar ratio: Return relative to maximum drawdown	8.38	3.62	+4.76
Martin ratio: Return relative to average drawdown	24.49	12.30	+12.19

BIPIX vs. UAPIX - Sharpe Ratio Comparison

The current BIPIX Sharpe Ratio is 3.20, which is higher than the UAPIX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of BIPIX and UAPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIPIX vs. UAPIX - Drawdown Comparison

The maximum BIPIX drawdown since its inception was -84.51%, roughly equal to the maximum UAPIX drawdown of -88.51%. Use the drawdown chart below to compare losses from any high point for BIPIX and UAPIX.

Drawdown Indicators

	BIPIX	UAPIX	Difference
Max Drawdown Largest peak-to-trough decline	-84.51%	-88.51%	+4.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.15%	-22.32%	+7.17%
Max Drawdown (3Y) Largest decline over 3 years	-59.50%	-49.86%	-9.64%
Max Drawdown (5Y) Largest decline over 5 years	-63.86%	-61.82%	-2.04%
Max Drawdown (10Y) Largest decline over 10 years	-63.86%	-72.18%	+8.32%
Current Drawdown Current decline from peak	0.00%	-1.93%	+1.93%
Average Drawdown Average peak-to-trough decline	-37.16%	-35.98%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	6.55%	-1.37%

Volatility

BIPIX vs. UAPIX - Volatility Comparison

ProFunds Biotechnology UltraSector Fund (BIPIX) has a higher volatility of 14.94% compared to ProFunds UltraSmall Cap Fund (UAPIX) at 12.99%. This indicates that BIPIX's price experiences larger fluctuations and is considered to be riskier than UAPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIPIX	UAPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.94%	12.99%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	31.86%	28.65%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	39.70%	39.44%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.01%	45.32%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.47%	46.56%	-10.09%

BIPIX vs. UAPIX - Expense Ratio Comparison

BIPIX has a 1.49% expense ratio, which is lower than UAPIX's 1.60% expense ratio.

Dividends

BIPIX vs. UAPIX - Dividend Comparison

BIPIX's dividend yield for the trailing twelve months is around 0.29%, less than UAPIX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIPIX ProFunds Biotechnology UltraSector Fund	0.29%	0.37%	0.23%	6.69%	0.00%	0.79%	12.09%	3.26%	5.52%	7.19%
UAPIX ProFunds UltraSmall Cap Fund	0.34%	0.47%	1.06%	0.73%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%

Frequently Asked Questions

Can I hold both BIPIX and UAPIX in my portfolio?

BIPIX and UAPIX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIPIX or UAPIX?

BIPIX has higher volatility (14.94%) compared to UAPIX (12.99%). In terms of maximum drawdown, BIPIX dropped -84.51% vs UAPIX's -88.51%.

Which has better risk-adjusted returns?

BIPIX currently has the higher Sharpe Ratio (3.20 vs 2.05), 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.