GVPIX vs. SMPIX

Last updated Jun 23, 2026

GVPIX (ProFunds U.S. Government Plus ProFund) and SMPIX (ProFunds Semiconductor UltraSector Fund Investor Class) are both mutual funds - GVPIX is a Leveraged Bonds fund managed by ProFunds, while SMPIX is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (150% Daily). Over the past 10 years, GVPIX returned -5.03%/yr vs 20.05%/yr for SMPIX. At a correlation of -0.21, they often move in opposite directions. GVPIX charges 1.41%/yr vs 1.52%/yr for SMPIX.

Performance

GVPIX vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds U.S. Government Plus ProFund (GVPIX) and ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVPIX achieves a -0.23% return, which is significantly lower than SMPIX's 78.25% return. Over the past 10 years, GVPIX has underperformed SMPIX with an annualized return of -5.03%, while SMPIX has yielded a comparatively higher 20.05% annualized return.

GVPIX

• 1D: 0.57%
• 1M: 3.86%
• YTD: -0.23%
• 6M: 0.14%
• 1Y: 2.85%
• 3Y*: -5.88%
• 5Y*: -12.30%
• 10Y*: -5.03%

SMPIX

• 1D: 7.49%
• 1M: 11.82%
• YTD: 78.25%
• 6M: 80.13%
• 1Y: 170.24%
• 3Y*: -8.37%
• 5Y*: 2.23%
• 10Y*: 20.05%

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

GVPIX vs. SMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVPIX ProFunds U.S. Government Plus ProFund	-0.23%	1.62%	-14.10%	-1.95%	-41.27%	-7.66%	20.67%	18.36%	-5.23%	9.92%
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	78.25%	56.35%	-77.32%	155.37%	-54.31%	80.17%	60.77%	77.97%	-17.56%	42.78%

Correlation

The correlation between GVPIX and SMPIX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	-0.21

The correlation between GVPIX and SMPIX shifts across timeframes, from -0.21 (all time) to 0.04 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GVPIX vs. SMPIX — Risk / Return Rank

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

GVPIX

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

SMPIX

SMPIX Risk / Return Rank: 88
SMPIX Sharpe Ratio Rank: 97
SMPIX Sortino Ratio Rank: 75
SMPIX Omega Ratio Rank: 75
SMPIX Calmar Ratio Rank: 98
SMPIX Martin Ratio Rank: 96

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.

GVPIX vs. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds U.S. Government Plus ProFund (GVPIX) and ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX). 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.

	GVPIX	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	0.23	3.30	-3.07
Sortino ratio: Return per unit of downside risk	0.41	3.30	-2.89
Omega ratio: Gain probability vs. loss probability	1.05	1.45	-0.40
Calmar ratio: Return relative to maximum drawdown	0.25	7.39	-7.14
Martin ratio: Return relative to average drawdown	0.58	21.33	-20.74

GVPIX vs. SMPIX - Sharpe Ratio Comparison

The current GVPIX Sharpe Ratio is 0.23, which is lower than the SMPIX Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of GVPIX and SMPIX, 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

GVPIX vs. SMPIX - Drawdown Comparison

The maximum GVPIX drawdown since its inception was -64.42%, smaller than the maximum SMPIX drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for GVPIX and SMPIX.

Drawdown Indicators

	GVPIX	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.42%	-94.52%	+30.10%
Max Drawdown (1Y) Largest decline over 1 year	-10.31%	-22.72%	+12.41%
Max Drawdown (3Y) Largest decline over 3 years	-23.71%	-94.52%	+70.81%
Max Drawdown (5Y) Largest decline over 5 years	-56.38%	-94.52%	+38.14%
Max Drawdown (10Y) Largest decline over 10 years	-64.42%	-94.52%	+30.10%
Current Drawdown Current decline from peak	-61.51%	-73.09%	+11.58%
Average Drawdown Average peak-to-trough decline	-22.55%	-57.64%	+35.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.40%	7.86%	-3.46%

Volatility

GVPIX vs. SMPIX - Volatility Comparison

The current volatility for ProFunds U.S. Government Plus ProFund (GVPIX) is 2.70%, while ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) has a volatility of 23.93%. This indicates that GVPIX experiences smaller price fluctuations and is considered to be less risky than SMPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVPIX	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	23.93%	-21.23%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	40.58%	-32.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	50.92%	-39.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.02%	71.44%	-51.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	59.62%	-39.85%

GVPIX vs. SMPIX - Expense Ratio Comparison

GVPIX has a 1.41% expense ratio, which is lower than SMPIX's 1.52% expense ratio.

Dividends

GVPIX vs. SMPIX - Dividend Comparison

GVPIX's dividend yield for the trailing twelve months is around 2.24%, less than SMPIX's 7.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GVPIX ProFunds U.S. Government Plus ProFund	2.24%	2.69%	2.35%	2.75%	0.00%	0.00%	0.05%	0.84%	0.65%	0.00%	0.00%	0.00%
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	7.30%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%

Frequently Asked Questions

Can I hold both GVPIX and SMPIX in my portfolio?

GVPIX and SMPIX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVPIX or SMPIX?

SMPIX has higher volatility (23.93%) compared to GVPIX (2.70%). In terms of maximum drawdown, GVPIX dropped -64.42% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (3.30 vs 0.23), 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.