RYCLX vs. SHPIX

Last updated Jun 4, 2026

RYCLX (Rydex Inverse Mid-Cap Strategy Fund) and SHPIX (ProFunds Short Small Cap ProFund) are both Inverse Equities funds. Over the past 10 years, RYCLX returned -11.25%/yr vs -13.12%/yr for SHPIX. Their correlation of 0.95 suggests significant overlap in exposure. RYCLX charges 2.39%/yr vs 1.78%/yr for SHPIX.

Performance

RYCLX vs. SHPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Inverse Mid-Cap Strategy Fund (RYCLX) and ProFunds Short Small Cap ProFund (SHPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYCLX achieves a -12.06% return, which is significantly higher than SHPIX's -15.40% return. Over the past 10 years, RYCLX has outperformed SHPIX with an annualized return of -11.25%, while SHPIX has yielded a comparatively lower -13.12% annualized return.

RYCLX

• 1D: -0.83%
• 1M: -3.50%
• YTD: -12.06%
• 6M: -11.00%
• 1Y: -15.41%
• 3Y*: -8.55%
• 5Y*: -5.59%
• 10Y*: -11.25%

SHPIX

• 1D: -0.87%
• 1M: -4.60%
• YTD: -15.40%
• 6M: -14.13%
• 1Y: -27.48%
• 3Y*: -13.66%
• 5Y*: -6.76%
• 10Y*: -13.12%

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

RYCLX vs. SHPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYCLX Rydex Inverse Mid-Cap Strategy Fund	-12.06%	-1.04%	-5.59%	-8.75%	8.93%	-24.21%	-25.53%	-21.03%	11.39%	-14.94%
SHPIX ProFunds Short Small Cap ProFund	-15.40%	-9.61%	-8.36%	-11.01%	16.39%	-19.78%	-31.60%	-20.89%	9.96%	-14.49%

Correlation

The correlation between RYCLX and SHPIX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 4, 2005	0.95

The correlation between RYCLX and SHPIX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

RYCLX vs. SHPIX — Risk / Return Rank

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

RYCLX

RYCLX Risk / Return Rank: 0
RYCLX Sharpe Ratio Rank: 0
RYCLX Sortino Ratio Rank: 0
RYCLX Omega Ratio Rank: 1
RYCLX Calmar Ratio Rank: 0
RYCLX Martin Ratio Rank: 0

SHPIX

SHPIX Risk / Return Rank: 0
SHPIX Sharpe Ratio Rank: 0
SHPIX Sortino Ratio Rank: 0
SHPIX Omega Ratio Rank: 0
SHPIX Calmar Ratio Rank: 0
SHPIX 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.

RYCLX vs. SHPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse Mid-Cap Strategy Fund (RYCLX) and ProFunds Short Small Cap ProFund (SHPIX). 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.

	RYCLX	SHPIX	Difference
Sharpe ratio Return per unit of total volatility	-1.06	-1.50	+0.44
Sortino ratio Return per unit of downside risk	-1.43	-2.17	+0.75
Omega ratio Gain probability vs. loss probability	0.84	0.77	+0.07
Calmar ratio Return relative to maximum drawdown	-1.00	-1.03	+0.03
Martin ratio Return relative to average drawdown	-1.97	-1.80	-0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYCLX vs. SHPIX - Sharpe Ratio Comparison

The current RYCLX Sharpe Ratio is -1.06, which is comparable to the SHPIX Sharpe Ratio of -1.50. The chart below compares the historical Sharpe Ratios of RYCLX and SHPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RYCLX	SHPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.06	-1.50	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.04	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.53	-0.10	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	-0.15	-0.40

Drawdowns

RYCLX vs. SHPIX - Drawdown Comparison

The maximum RYCLX drawdown since its inception was -95.55%, roughly equal to the maximum SHPIX drawdown of -99.27%. Use the drawdown chart below to compare losses from any high point for RYCLX and SHPIX.

Drawdown Indicators

	RYCLX	SHPIX	Difference
Max Drawdown Largest peak-to-trough decline	-95.55%	-99.27%	+3.72%
Max Drawdown (1Y) Largest decline over 1 year	-16.44%	-27.83%	+11.39%
Max Drawdown (3Y) Largest decline over 3 years	-30.72%	-63.17%	+32.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.32%	-83.16%	+49.84%
Max Drawdown (10Y) Largest decline over 10 years	-71.25%	-93.11%	+21.86%
Current Drawdown Current decline from peak	-95.55%	-97.55%	+2.00%
Average Drawdown Average peak-to-trough decline	-70.18%	-77.92%	+7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	16.91%	-8.49%

Volatility

RYCLX vs. SHPIX - Volatility Comparison

The current volatility for Rydex Inverse Mid-Cap Strategy Fund (RYCLX) is 4.43%, while ProFunds Short Small Cap ProFund (SHPIX) has a volatility of 5.58%. This indicates that RYCLX experiences smaller price fluctuations and is considered to be less risky than SHPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYCLX	SHPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	5.58%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	11.40%	13.62%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	19.09%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	193.64%	-173.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	137.94%	-116.48%

RYCLX vs. SHPIX - Expense Ratio Comparison

RYCLX has a 2.39% expense ratio, which is higher than SHPIX's 1.78% expense ratio.

Dividends

RYCLX vs. SHPIX - Dividend Comparison

RYCLX's dividend yield for the trailing twelve months is around 37.53%, more than SHPIX's 32.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYCLX Rydex Inverse Mid-Cap Strategy Fund	37.53%	33.01%	25.75%	9.12%	0.00%	0.00%	0.76%	0.89%
SHPIX ProFunds Short Small Cap ProFund	32.72%	5.70%	0.00%	17.01%	0.00%	0.00%	0.00%	0.85%

Frequently Asked Questions

Can I hold both RYCLX and SHPIX in my portfolio?

With a correlation of 0.91, RYCLX and SHPIX 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, RYCLX or SHPIX?

SHPIX has higher volatility (5.58%) compared to RYCLX (4.43%). In terms of maximum drawdown, RYCLX dropped -95.55% vs SHPIX's -99.27%.

Which has better risk-adjusted returns?

RYCLX currently has the higher Sharpe Ratio (-1.06 vs -1.50), 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.