RYTNX vs. UAPIX

Last updated Jun 24, 2026

RYTNX (Rydex S&P 500 2x Strategy Fund) and UAPIX (ProFunds UltraSmall Cap Fund) are both Leveraged Equities funds. Over the past 10 years, RYTNX returned 23.22%/yr vs 12.46%/yr for UAPIX. Their correlation of 0.86 suggests significant overlap in exposure. RYTNX charges 1.82%/yr vs 1.60%/yr for UAPIX.

Performance

RYTNX vs. UAPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex S&P 500 2x Strategy Fund (RYTNX) and ProFunds UltraSmall Cap Fund (UAPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYTNX achieves a 15.80% return, which is significantly lower than UAPIX's 41.12% return. Over the past 10 years, RYTNX has outperformed UAPIX with an annualized return of 23.22%, while UAPIX has yielded a comparatively lower 12.46% annualized return.

RYTNX

• 1D: -0.75%
• 1M: -0.47%
• YTD: 15.80%
• 6M: 13.53%
• 1Y: 44.81%
• 3Y*: 33.72%
• 5Y*: 17.30%
• 10Y*: 23.22%

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)

RYTNX vs. UAPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYTNX Rydex S&P 500 2x Strategy Fund	15.80%	24.88%	41.95%	45.20%	-39.32%	55.55%	20.31%	62.29%	-15.06%	42.95%
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 RYTNX and UAPIX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	0.86

The correlation between RYTNX and UAPIX has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

Return for Risk

RYTNX vs. UAPIX — Risk / Return Rank

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

RYTNX

RYTNX Risk / Return Rank: 49
RYTNX Sharpe Ratio Rank: 50
RYTNX Sortino Ratio Rank: 41
RYTNX Omega Ratio Rank: 43
RYTNX Calmar Ratio Rank: 50
RYTNX Martin Ratio Rank: 59

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.

RYTNX vs. UAPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex S&P 500 2x Strategy Fund (RYTNX) 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.

	RYTNX	UAPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.25	-0.33
Sortino ratio: Return per unit of downside risk	2.47	2.80	-0.33
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.59	3.96	-1.37
Martin ratio: Return relative to average drawdown	11.03	13.47	-2.44

RYTNX vs. UAPIX - Sharpe Ratio Comparison

The current RYTNX Sharpe Ratio is 1.92, which is comparable to the UAPIX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of RYTNX 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

RYTNX vs. UAPIX - Drawdown Comparison

The maximum RYTNX drawdown since its inception was -86.64%, roughly equal to the maximum UAPIX drawdown of -88.51%. Use the drawdown chart below to compare losses from any high point for RYTNX and UAPIX.

Drawdown Indicators

	RYTNX	UAPIX	Difference
Max Drawdown Largest peak-to-trough decline	-86.64%	-88.51%	+1.87%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-22.32%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	-35.36%	-49.86%	+14.50%
Max Drawdown (5Y) Largest decline over 5 years	-47.01%	-61.82%	+14.81%
Max Drawdown (10Y) Largest decline over 10 years	-59.23%	-72.18%	+12.95%
Current Drawdown Current decline from peak	-3.91%	0.00%	-3.91%
Average Drawdown Average peak-to-trough decline	-28.49%	-35.98%	+7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	6.55%	-2.22%

Volatility

RYTNX vs. UAPIX - Volatility Comparison

The current volatility for Rydex S&P 500 2x Strategy Fund (RYTNX) is 9.37%, while ProFunds UltraSmall Cap Fund (UAPIX) has a volatility of 12.82%. This indicates that RYTNX experiences smaller price fluctuations and is considered to be less risky than UAPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYTNX	UAPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.37%	12.82%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	28.58%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	24.96%	39.46%	-14.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.93%	45.31%	-11.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.26%	46.63%	-10.37%

RYTNX vs. UAPIX - Expense Ratio Comparison

RYTNX has a 1.82% expense ratio, which is higher than UAPIX's 1.60% expense ratio.

Dividends

RYTNX vs. UAPIX - Dividend Comparison

RYTNX's dividend yield for the trailing twelve months is around 4.14%, more than UAPIX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYTNX Rydex S&P 500 2x Strategy Fund	4.14%	4.79%	5.45%	0.14%	0.00%	0.14%	0.69%	1.84%	0.00%	5.84%	0.16%	1.52%
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 RYTNX and UAPIX in my portfolio?

RYTNX and UAPIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYTNX or UAPIX?

UAPIX has higher volatility (12.82%) compared to RYTNX (9.37%). In terms of maximum drawdown, RYTNX dropped -86.64% vs UAPIX's -88.51%.

Which has better risk-adjusted returns?

UAPIX currently has the higher Sharpe Ratio (2.25 vs 1.92), 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.