RYRUX vs. UAPIX

Last updated Jun 24, 2026

RYRUX (Rydex Russell 2000 2x Strategy Fund) and UAPIX (ProFunds UltraSmall Cap Fund) are both Leveraged Equities funds. Over the past 10 years, RYRUX returned 12.67%/yr vs 12.46%/yr for UAPIX. With a 0.99 correlation, they move nearly in lockstep. RYRUX charges 1.86%/yr vs 1.60%/yr for UAPIX.

Performance

RYRUX vs. UAPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Russell 2000 2x Strategy Fund (RYRUX) and ProFunds UltraSmall Cap Fund (UAPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RYRUX having a 40.81% return and UAPIX slightly higher at 41.12%. Both investments have delivered pretty close results over the past 10 years, with RYRUX having a 12.67% annualized return and UAPIX not far behind at 12.46%.

RYRUX

• 1D: 1.63%
• 1M: 8.94%
• YTD: 40.81%
• 6M: 34.24%
• 1Y: 83.05%
• 3Y*: 27.92%
• 5Y*: 2.05%
• 10Y*: 12.67%

UAPIX

• 1D: 1.61%
• 1M: 9.00%
• YTD: 41.12%
• 6M: 34.49%
• 1Y: 83.87%
• 3Y*: 27.77%
• 5Y*: 2.36%
• 10Y*: 12.46%

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

RYRUX vs. UAPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYRUX Rydex Russell 2000 2x Strategy Fund	40.81%	12.62%	10.94%	22.65%	-43.88%	20.72%	16.41%	47.20%	-26.63%	25.55%
UAPIX ProFunds UltraSmall Cap Fund	41.12%	12.77%	10.42%	22.26%	-43.78%	23.06%	13.86%	46.81%	-26.88%	24.36%

Correlation

The correlation between RYRUX and UAPIX 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	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.99

The correlation between RYRUX and UAPIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

RYRUX vs. UAPIX — Risk / Return Rank

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

RYRUX

RYRUX Risk / Return Rank: 65
RYRUX Sharpe Ratio Rank: 69
RYRUX Sortino Ratio Rank: 51
RYRUX Omega Ratio Rank: 44
RYRUX Calmar Ratio Rank: 86
RYRUX Martin Ratio Rank: 75

UAPIX

UAPIX Risk / Return Rank: 66
UAPIX Sharpe Ratio Rank: 70
UAPIX Sortino Ratio Rank: 53
UAPIX Omega Ratio Rank: 44
UAPIX Calmar Ratio Rank: 86
UAPIX Martin Ratio Rank: 77

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.

RYRUX vs. UAPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Russell 2000 2x Strategy Fund (RYRUX) and ProFunds UltraSmall Cap Fund (UAPIX). 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.

	RYRUX	UAPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.25	-0.02
Sortino ratio: Return per unit of downside risk	2.77	2.80	-0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	3.91	3.96	-0.05
Martin ratio: Return relative to average drawdown	13.28	13.47	-0.18

RYRUX vs. UAPIX - Sharpe Ratio Comparison

The current RYRUX Sharpe Ratio is 2.22, which is comparable to the UAPIX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of RYRUX and UAPIX, 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

RYRUX vs. UAPIX - Drawdown Comparison

The maximum RYRUX drawdown since its inception was -88.49%, roughly equal to the maximum UAPIX drawdown of -88.51%. Use the drawdown chart below to compare losses from any high point for RYRUX and UAPIX.

Drawdown Indicators

	RYRUX	UAPIX	Difference
Max Drawdown Largest peak-to-trough decline	-88.49%	-88.51%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-22.39%	-22.32%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-49.91%	-49.86%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-62.41%	-61.82%	-0.59%
Max Drawdown (10Y) Largest decline over 10 years	-71.68%	-72.18%	+0.50%
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-31.23%	-35.98%	+4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	6.55%	+0.03%

Volatility

RYRUX vs. UAPIX - Volatility Comparison

Rydex Russell 2000 2x Strategy Fund (RYRUX) and ProFunds UltraSmall Cap Fund (UAPIX) have volatilities of 12.89% and 12.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYRUX	UAPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.89%	12.82%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	28.60%	28.58%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	39.46%	39.46%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.27%	45.31%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.97%	46.63%	+0.34%

RYRUX vs. UAPIX - Expense Ratio Comparison

RYRUX has a 1.86% expense ratio, which is higher than UAPIX's 1.60% expense ratio.

Dividends

RYRUX vs. UAPIX - Dividend Comparison

RYRUX's dividend yield for the trailing twelve months is around 2.61%, more than UAPIX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYRUX Rydex Russell 2000 2x Strategy Fund	2.61%	3.68%	2.93%	0.35%	0.00%	0.20%	0.00%	0.27%	0.00%	2.57%	0.00%	28.79%
UAPIX ProFunds UltraSmall Cap Fund	0.33%	0.47%	1.06%	0.73%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RYRUX and UAPIX in my portfolio?

With a correlation of 1.00, RYRUX and UAPIX 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, RYRUX or UAPIX?

RYRUX has higher volatility (12.89%) compared to UAPIX (12.82%). In terms of maximum drawdown, RYRUX dropped -88.49% vs UAPIX's -88.51%.

Which has better risk-adjusted returns?

UAPIX currently has the higher Sharpe Ratio (2.25 vs 2.22), 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.