FNPIX vs. XLF

Last updated Jun 23, 2026

FNPIX (ProFunds Financials UltraSector Fund) and XLF (State Street Financial Select Sector SPDR ETF) are both funds - FNPIX is a Leveraged Equities fund managed by ProFunds, while XLF is a Financials Equities fund tracking the Financial Select Sector Index. Over the past 10 years, FNPIX returned 14.52%/yr vs 13.68%/yr for XLF. With a 0.97 correlation, they move nearly in lockstep. FNPIX charges 1.72%/yr vs 0.08%/yr for XLF.

Performance

FNPIX vs. XLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Financials UltraSector Fund (FNPIX) and State Street Financial Select Sector SPDR ETF (XLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNPIX achieves a -5.07% return, which is significantly lower than XLF's -1.10% return. Over the past 10 years, FNPIX has outperformed XLF with an annualized return of 14.52%, while XLF has yielded a comparatively lower 13.68% annualized return.

FNPIX

• 1D: -1.38%
• 1M: 4.30%
• YTD: -5.07%
• 6M: -6.68%
• 1Y: 6.36%
• 3Y*: 21.57%
• 5Y*: 11.32%
• 10Y*: 14.52%

XLF

• 1D: 0.59%
• 1M: 3.75%
• YTD: -1.10%
• 6M: -2.09%
• 1Y: 8.66%
• 3Y*: 19.81%
• 5Y*: 10.20%
• 10Y*: 13.68%

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

FNPIX vs. XLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNPIX ProFunds Financials UltraSector Fund	-5.07%	16.39%	38.51%	18.34%	-23.84%	57.11%	-9.83%	46.49%	-17.23%	27.19%
XLF State Street Financial Select Sector SPDR ETF	-1.10%	14.90%	30.56%	12.03%	-10.59%	34.80%	-1.74%	31.88%	-13.06%	22.00%

Correlation

The correlation between FNPIX and XLF 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 19, 2000	0.97

The correlation between FNPIX and XLF has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

Return for Risk

FNPIX vs. XLF — Risk / Return Rank

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

FNPIX

FNPIX Risk / Return Rank: 5
FNPIX Sharpe Ratio Rank: 5
FNPIX Sortino Ratio Rank: 5
FNPIX Omega Ratio Rank: 5
FNPIX Calmar Ratio Rank: 5
FNPIX Martin Ratio Rank: 4

XLF

XLF Risk / Return Rank: 16
XLF Sharpe Ratio Rank: 18
XLF Sortino Ratio Rank: 16
XLF Omega Ratio Rank: 16
XLF Calmar Ratio Rank: 15
XLF Martin Ratio Rank: 15

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.

FNPIX vs. XLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Financials UltraSector Fund (FNPIX) and State Street Financial Select Sector SPDR ETF (XLF). 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.

	FNPIX	XLF	Difference
Sharpe ratio: Return per unit of total volatility	0.31	0.60	-0.28
Sortino ratio: Return per unit of downside risk	0.57	0.89	-0.33
Omega ratio: Gain probability vs. loss probability	1.07	1.11	-0.04
Calmar ratio: Return relative to maximum drawdown	0.30	0.59	-0.28
Martin ratio: Return relative to average drawdown	0.73	1.50	-0.77

FNPIX vs. XLF - Sharpe Ratio Comparison

The current FNPIX Sharpe Ratio is 0.31, which is lower than the XLF Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of FNPIX and XLF, 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

FNPIX vs. XLF - Drawdown Comparison

The maximum FNPIX drawdown since its inception was -93.14%, which is greater than XLF's maximum drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for FNPIX and XLF.

Drawdown Indicators

	FNPIX	XLF	Difference
Max Drawdown Largest peak-to-trough decline	-93.14%	-82.69%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-22.37%	-14.79%	-7.58%
Max Drawdown (3Y) Largest decline over 3 years	-23.21%	-15.54%	-7.67%
Max Drawdown (5Y) Largest decline over 5 years	-37.80%	-25.81%	-11.99%
Max Drawdown (10Y) Largest decline over 10 years	-58.23%	-42.86%	-15.37%
Current Drawdown Current decline from peak	-9.10%	-3.96%	-5.14%
Average Drawdown Average peak-to-trough decline	-36.17%	-20.00%	-16.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.26%	5.78%	+3.48%

Volatility

FNPIX vs. XLF - Volatility Comparison

ProFunds Financials UltraSector Fund (FNPIX) has a higher volatility of 6.41% compared to State Street Financial Select Sector SPDR ETF (XLF) at 4.12%. This indicates that FNPIX's price experiences larger fluctuations and is considered to be riskier than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNPIX	XLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	4.12%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	11.27%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	21.78%	14.64%	+7.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.41%	18.58%	+8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.68%	22.18%	+8.50%

FNPIX vs. XLF - Expense Ratio Comparison

FNPIX has a 1.72% expense ratio, which is higher than XLF's 0.08% expense ratio.

Dividends

FNPIX vs. XLF - Dividend Comparison

FNPIX has not paid dividends to shareholders, while XLF's dividend yield for the trailing twelve months is around 1.82%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNPIX ProFunds Financials UltraSector Fund	0.00%	0.00%	0.49%	0.25%	0.00%	13.10%	0.00%	1.70%	0.00%	0.00%	0.00%	0.00%
XLF State Street Financial Select Sector SPDR ETF	1.82%	1.31%	1.42%	1.71%	2.04%	1.63%	2.03%	1.87%	2.08%	1.48%	21.10%	1.95%

Frequently Asked Questions

Can I hold both FNPIX and XLF in my portfolio?

With a correlation of 1.00, FNPIX and XLF 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.

Which is riskier, FNPIX or XLF?

FNPIX has higher volatility (6.41%) compared to XLF (4.12%). In terms of maximum drawdown, FNPIX dropped -93.14% vs XLF's -82.69%.

Which has better risk-adjusted returns?

XLF currently has the higher Sharpe Ratio (0.59 vs 0.31), 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.