MLPIX vs. SMPIX

Last updated Jun 24, 2026

MLPIX (ProFunds Mid Cap Value Fund) and SMPIX (ProFunds Semiconductor UltraSector Fund Investor Class) are both mutual funds - MLPIX is a Mid Cap Value Equities 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, MLPIX returned 9.09%/yr vs 20.71%/yr for SMPIX. A 0.65 correlation means they provide meaningful diversification when combined. MLPIX charges 1.78%/yr vs 1.52%/yr for SMPIX.

Performance

MLPIX vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Mid Cap Value Fund (MLPIX) 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, MLPIX achieves a 10.16% return, which is significantly lower than SMPIX's 80.13% return. Over the past 10 years, MLPIX has underperformed SMPIX with an annualized return of 9.09%, while SMPIX has yielded a comparatively higher 20.71% annualized return.

MLPIX

• 1D: 0.13%
• 1M: 3.11%
• YTD: 10.16%
• 6M: 8.52%
• 1Y: 19.25%
• 3Y*: 12.40%
• 5Y*: 6.84%
• 10Y*: 9.09%

SMPIX

• 1D: 1.05%
• 1M: 13.00%
• YTD: 80.13%
• 6M: 76.63%
• 1Y: 170.88%
• 3Y*: -6.27%
• 5Y*: 2.00%
• 10Y*: 20.71%

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

MLPIX vs. SMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPIX ProFunds Mid Cap Value Fund	10.16%	5.48%	9.65%	13.32%	-8.61%	28.23%	1.85%	24.02%	-13.08%	10.45%
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	80.13%	56.35%	-77.32%	155.37%	-54.31%	80.17%	60.77%	77.97%	-17.56%	42.78%

Correlation

The correlation between MLPIX and SMPIX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 31, 2001	0.65

Over the past year, the correlation between MLPIX and SMPIX has dropped to 0.32 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

MLPIX vs. SMPIX — Risk / Return Rank

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

MLPIX

MLPIX Risk / Return Rank: 27
MLPIX Sharpe Ratio Rank: 26
MLPIX Sortino Ratio Rank: 28
MLPIX Omega Ratio Rank: 24
MLPIX Calmar Ratio Rank: 29
MLPIX Martin Ratio Rank: 30

SMPIX

SMPIX Risk / Return Rank: 89
SMPIX Sharpe Ratio Rank: 97
SMPIX Sortino Ratio Rank: 77
SMPIX Omega Ratio Rank: 78
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.

MLPIX vs. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Mid Cap Value Fund (MLPIX) 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.

	MLPIX	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	3.42	-2.08
Sortino ratio: Return per unit of downside risk	2.04	3.37	-1.34
Omega ratio: Gain probability vs. loss probability	1.24	1.46	-0.22
Calmar ratio: Return relative to maximum drawdown	1.91	7.67	-5.75
Martin ratio: Return relative to average drawdown	6.45	22.13	-15.68

MLPIX vs. SMPIX - Sharpe Ratio Comparison

The current MLPIX Sharpe Ratio is 1.34, which is lower than the SMPIX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of MLPIX 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

MLPIX vs. SMPIX - Drawdown Comparison

The maximum MLPIX drawdown since its inception was -60.11%, smaller than the maximum SMPIX drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for MLPIX and SMPIX.

Drawdown Indicators

	MLPIX	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.11%	-94.52%	+34.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-22.72%	+12.04%
Max Drawdown (3Y) Largest decline over 3 years	-23.24%	-94.52%	+71.28%
Max Drawdown (5Y) Largest decline over 5 years	-23.24%	-94.52%	+71.28%
Max Drawdown (10Y) Largest decline over 10 years	-45.96%	-94.52%	+48.56%
Current Drawdown Current decline from peak	-0.86%	-72.81%	+71.95%
Average Drawdown Average peak-to-trough decline	-9.35%	-57.64%	+48.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	7.85%	-4.69%

Volatility

MLPIX vs. SMPIX - Volatility Comparison

The current volatility for ProFunds Mid Cap Value Fund (MLPIX) is 3.87%, while ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) has a volatility of 23.65%. This indicates that MLPIX 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

	MLPIX	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	23.65%	-19.78%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	40.05%	-29.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	50.99%	-35.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.44%	71.47%	-52.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	59.64%	-38.23%

MLPIX vs. SMPIX - Expense Ratio Comparison

MLPIX has a 1.78% expense ratio, which is higher than SMPIX's 1.52% expense ratio.

Dividends

MLPIX vs. SMPIX - Dividend Comparison

MLPIX's dividend yield for the trailing twelve months is around 0.43%, less than SMPIX's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPIX ProFunds Mid Cap Value Fund	0.43%	0.47%	0.00%	0.00%	0.00%	0.89%	0.22%	0.40%	3.92%	10.95%	0.56%	0.00%
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	7.23%	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 MLPIX and SMPIX in my portfolio?

MLPIX and SMPIX 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, MLPIX or SMPIX?

SMPIX has higher volatility (23.65%) compared to MLPIX (3.87%). In terms of maximum drawdown, MLPIX dropped -60.11% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (3.42 vs 1.34), 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.