BRPIX vs. URPIX
BRPIX (ProFunds Bear Fund) and URPIX (ProFunds UltraBear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, BRPIX returned -14.06%/yr vs -28.32%/yr for URPIX. With a 0.99 correlation, they move nearly in lockstep. BRPIX charges 1.64%/yr vs 1.78%/yr for URPIX.
Performance
BRPIX vs. URPIX - Performance Comparison
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Returns By Period
In the year-to-date period, BRPIX achieves a -8.33% return, which is significantly higher than URPIX's -17.52% return. Over the past 10 years, BRPIX has outperformed URPIX with an annualized return of -14.06%, while URPIX has yielded a comparatively lower -28.32% annualized return.
BRPIX
- 1D
- -0.48%
- 1M
- -1.65%
- 6M
- -6.70%
- YTD
- -8.33%
- 1Y
- -14.45%
- 3Y*
- -15.07%
- 5Y*
- -10.61%
- 10Y*
- -14.06%
URPIX
- 1D
- -0.84%
- 1M
- -3.58%
- 6M
- -14.43%
- YTD
- -17.52%
- 1Y
- -29.27%
- 3Y*
- -28.74%
- 5Y*
- -22.07%
- 10Y*
- -28.32%
BRPIX vs. URPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRPIX ProFunds Bear Fund | -8.33% | -12.27% | -20.40% | -15.39% | 17.31% | -24.68% | -25.63% | -23.18% | 4.03% | -18.03% |
URPIX ProFunds UltraBear Fund | -17.52% | -27.06% | -32.89% | -31.77% | 29.74% | -43.61% | -51.10% | -42.03% | 4.20% | -32.58% |
Correlation
The correlation between BRPIX and URPIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 1997 | 0.99 |
The correlation between BRPIX and URPIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
BRPIX vs. URPIX — Risk / Return Rank
BRPIX
URPIX
BRPIX vs. URPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Bear Fund (BRPIX) and ProFunds UltraBear Fund (URPIX). 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.
| BRPIX | URPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.94 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.70 | +0.04 |
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Drawdowns
BRPIX vs. URPIX - Drawdown Comparison
The maximum BRPIX drawdown since its inception was -96.76%, roughly equal to the maximum URPIX drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for BRPIX and URPIX.
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Drawdown Indicators
| BRPIX | URPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.76% | -99.92% | +3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -16.15% | -30.79% | +14.64% |
Max Drawdown (3Y)Largest decline over 3 years | -44.49% | -69.89% | +25.40% |
Max Drawdown (5Y)Largest decline over 5 years | -50.06% | -76.97% | +26.91% |
Max Drawdown (10Y)Largest decline over 10 years | -78.55% | -96.59% | +18.04% |
Current DrawdownCurrent decline from peak | -96.35% | -99.92% | +3.57% |
Average DrawdownAverage peak-to-trough decline | -62.24% | -79.13% | +16.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.55% | 16.98% | -8.43% |
Volatility
BRPIX vs. URPIX - Volatility Comparison
The current volatility for ProFunds Bear Fund (BRPIX) is 4.22%, while ProFunds UltraBear Fund (URPIX) has a volatility of 8.55%. This indicates that BRPIX experiences smaller price fluctuations and is considered to be less risky than URPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRPIX | URPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 8.55% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 10.04% | 20.03% | -9.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 25.11% | -12.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.27% | 34.03% | -16.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 35.58% | -17.72% |
BRPIX vs. URPIX - Expense Ratio Comparison
BRPIX has a 1.64% expense ratio, which is lower than URPIX's 1.78% expense ratio.
Dividends
BRPIX vs. URPIX - Dividend Comparison
BRPIX's dividend yield for the trailing twelve months is around 4.74%, more than URPIX's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRPIX ProFunds Bear Fund | 4.74% | 4.35% | 0.00% | 5.58% | 0.00% | 0.00% | 0.06% | 0.27% |
URPIX ProFunds UltraBear Fund | 3.31% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, BRPIX and URPIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
URPIX has higher volatility (8.55%) compared to BRPIX (4.22%). In terms of maximum drawdown, BRPIX dropped -96.76% vs URPIX's -99.92%.
BRPIX currently has the higher Sharpe Ratio (-1.13 vs -1.15), 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.
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