HCPIX vs. URPIX

Last updated Jun 24, 2026

HCPIX (ProFunds UltraSector Health Care Fund) and URPIX (ProFunds UltraBear Fund) are both mutual funds - HCPIX is a Leveraged Equities fund managed by ProFunds, while URPIX is a Inverse Equities fund managed by ProFunds. Over the past 10 years, HCPIX returned 9.19%/yr vs -28.98%/yr for URPIX. At a correlation of -0.73, they often move in opposite directions. HCPIX charges 1.61%/yr vs 1.78%/yr for URPIX.

Performance

HCPIX vs. URPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraSector Health Care Fund (HCPIX) and ProFunds UltraBear Fund (URPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HCPIX achieves a -5.45% return, which is significantly higher than URPIX's -15.44% return. Over the past 10 years, HCPIX has outperformed URPIX with an annualized return of 9.19%, while URPIX has yielded a comparatively lower -28.98% annualized return.

HCPIX

• 1D: 1.26%
• 1M: 0.46%
• YTD: -5.45%
• 6M: -5.75%
• 1Y: 18.22%
• 3Y*: 3.84%
• 5Y*: 2.17%
• 10Y*: 9.19%

URPIX

• 1D: 0.83%
• 1M: 0.00%
• YTD: -15.44%
• 6M: -13.64%
• 1Y: -32.58%
• 3Y*: -29.03%
• 5Y*: -22.65%
• 10Y*: -28.98%

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

HCPIX vs. URPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCPIX ProFunds UltraSector Health Care Fund	-5.45%	16.02%	-1.37%	-1.30%	-10.60%	33.92%	16.86%	28.41%	4.96%	19.48%
URPIX ProFunds UltraBear Fund	-15.44%	-27.06%	-32.89%	-31.77%	29.74%	-43.61%	-51.10%	-42.03%	4.20%	-32.58%

Correlation

The correlation between HCPIX and URPIX is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.45
Correlation (5Y) Calculated over the trailing 5-year period	-0.59
Correlation (10Y) Calculated over the trailing 10-year period	-0.67
Correlation (All Time) Calculated using the full available price history since Jun 19, 2000	-0.73

Over the past year, the inverse relationship between HCPIX and URPIX has weakened: their correlation has moved from -0.73 to -0.32, meaning they move in opposite directions less often than they have historically.

Return for Risk

HCPIX vs. URPIX — Risk / Return Rank

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

HCPIX

HCPIX Risk / Return Rank: 11
HCPIX Sharpe Ratio Rank: 11
HCPIX Sortino Ratio Rank: 13
HCPIX Omega Ratio Rank: 11
HCPIX Calmar Ratio Rank: 13
HCPIX Martin Ratio Rank: 10

URPIX

URPIX Risk / Return Rank: 0
URPIX Sharpe Ratio Rank: 0
URPIX Sortino Ratio Rank: 0
URPIX Omega Ratio Rank: 0
URPIX Calmar Ratio Rank: 0
URPIX Martin Ratio Rank: 0

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.

HCPIX vs. URPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraSector Health Care Fund (HCPIX) 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.

	HCPIX	URPIX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	-1.35	+2.17
Sortino ratio: Return per unit of downside risk	1.36	-2.10	+3.46
Omega ratio: Gain probability vs. loss probability	1.15	0.77	+0.38
Calmar ratio: Return relative to maximum drawdown	1.15	-0.97	+2.12
Martin ratio: Return relative to average drawdown	2.65	-1.68	+4.32

HCPIX vs. URPIX - Sharpe Ratio Comparison

The current HCPIX Sharpe Ratio is 0.82, which is higher than the URPIX Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of HCPIX and URPIX, 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

HCPIX vs. URPIX - Drawdown Comparison

The maximum HCPIX drawdown since its inception was -64.90%, smaller than the maximum URPIX drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for HCPIX and URPIX.

Drawdown Indicators

	HCPIX	URPIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.90%	-99.92%	+35.02%
Max Drawdown (1Y) Largest decline over 1 year	-16.12%	-33.47%	+17.35%
Max Drawdown (3Y) Largest decline over 3 years	-27.68%	-69.89%	+42.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.68%	-76.97%	+49.29%
Max Drawdown (10Y) Largest decline over 10 years	-40.66%	-96.96%	+56.30%
Current Drawdown Current decline from peak	-10.74%	-99.92%	+89.18%
Average Drawdown Average peak-to-trough decline	-20.98%	-79.10%	+58.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.96%	21.49%	-14.53%

Volatility

HCPIX vs. URPIX - Volatility Comparison

The current volatility for ProFunds UltraSector Health Care Fund (HCPIX) is 7.80%, while ProFunds UltraBear Fund (URPIX) has a volatility of 9.34%. This indicates that HCPIX 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.

Volatility by Period

	HCPIX	URPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	9.34%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	15.79%	19.81%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	22.57%	25.08%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	34.01%	-11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	35.72%	-10.67%

HCPIX vs. URPIX - Expense Ratio Comparison

HCPIX has a 1.61% expense ratio, which is lower than URPIX's 1.78% expense ratio.

Dividends

HCPIX vs. URPIX - Dividend Comparison

HCPIX's dividend yield for the trailing twelve months is around 0.18%, less than URPIX's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HCPIX ProFunds UltraSector Health Care Fund	0.18%	0.17%	0.82%	0.26%	0.00%	0.00%	0.00%	0.05%	0.03%
URPIX ProFunds UltraBear Fund	3.23%	2.73%	0.00%	3.02%	0.00%	0.00%	0.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCPIX and URPIX in my portfolio?

HCPIX and URPIX have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCPIX or URPIX?

URPIX has higher volatility (9.34%) compared to HCPIX (7.80%). In terms of maximum drawdown, HCPIX dropped -64.90% vs URPIX's -99.92%.

Which has better risk-adjusted returns?

HCPIX currently has the higher Sharpe Ratio (0.82 vs -1.35), 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.