RYTPX vs. UCPIX

Last updated Jun 25, 2026

RYTPX (Rydex Inverse S&P 500 2x Strategy Fund) and UCPIX (ProFunds UltraShort Small Cap Fund) are both Inverse Equities funds. Over the past 10 years, RYTPX returned -17.50%/yr vs -10.66%/yr for UCPIX. Their correlation of 0.82 suggests significant overlap in exposure. RYTPX charges 2.16%/yr vs 1.78%/yr for UCPIX.

Performance

RYTPX vs. UCPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, RYTPX achieves a -12.39% return, which is significantly higher than UCPIX's -32.32% return. Over the past 10 years, RYTPX has underperformed UCPIX with an annualized return of -17.50%, while UCPIX has yielded a comparatively higher -10.66% annualized return.

RYTPX

• 1D: 2.90%
• 1M: 4.28%
• YTD: -12.39%
• 6M: -10.07%
• 1Y: -28.37%
• 3Y*: -26.98%
• 5Y*: -21.19%
• 10Y*: -17.50%

UCPIX

• 1D: 1.88%
• 1M: -7.62%
• YTD: -32.32%
• 6M: -28.57%
• 1Y: -49.33%
• 3Y*: 48.01%
• 5Y*: 30.45%
• 10Y*: -10.66%

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

RYTPX vs. UCPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYTPX Rydex Inverse S&P 500 2x Strategy Fund	-12.39%	-27.24%	-29.24%	-31.96%	29.31%	-43.38%	-50.05%	-41.84%	4.42%	-32.54%
UCPIX ProFunds UltraShort Small Cap Fund	-32.32%	-25.76%	707.30%	-26.54%	28.08%	-36.02%	-60.58%	-38.99%	17.86%	-27.19%

Correlation

The correlation between RYTPX and UCPIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.82

The correlation between RYTPX and UCPIX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

RYTPX vs. UCPIX — Risk / Return Rank

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

RYTPX

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

UCPIX

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

RYTPX vs. UCPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse S&P 500 2x Strategy Fund (RYTPX) and ProFunds UltraShort Small Cap Fund (UCPIX). 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.

	RYTPX	UCPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	-1.29	+0.09
Sortino ratio: Return per unit of downside risk	-1.80	-2.09	+0.29
Omega ratio: Gain probability vs. loss probability	0.80	0.78	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.99	+0.07
Martin ratio: Return relative to average drawdown	-1.62	-1.64	+0.03

RYTPX vs. UCPIX - Sharpe Ratio Comparison

The current RYTPX Sharpe Ratio is -1.20, which is comparable to the UCPIX Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of RYTPX and UCPIX, 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

RYTPX vs. UCPIX - Drawdown Comparison

The maximum RYTPX drawdown since its inception was -99.92%, roughly equal to the maximum UCPIX drawdown of -99.90%. Use the drawdown chart below to compare losses from any high point for RYTPX and UCPIX.

Drawdown Indicators

	RYTPX	UCPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-99.90%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-32.67%	-51.41%	+18.74%
Max Drawdown (3Y) Largest decline over 3 years	-68.03%	-68.50%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-75.66%	-68.50%	-7.16%
Max Drawdown (10Y) Largest decline over 10 years	-96.56%	-94.03%	-2.53%
Current Drawdown Current decline from peak	-99.91%	-99.47%	-0.44%
Average Drawdown Average peak-to-trough decline	-82.33%	-83.99%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.16%	31.06%	-10.90%

Volatility

RYTPX vs. UCPIX - Volatility Comparison

The current volatility for Rydex Inverse S&P 500 2x Strategy Fund (RYTPX) is 9.58%, while ProFunds UltraShort Small Cap Fund (UCPIX) has a volatility of 12.94%. This indicates that RYTPX experiences smaller price fluctuations and is considered to be less risky than UCPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYTPX	UCPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.58%	12.94%	-3.36%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	28.84%	-8.99%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	39.45%	-14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.95%	400.24%	-366.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	290.09%	284.82%	+5.27%

RYTPX vs. UCPIX - Expense Ratio Comparison

RYTPX has a 2.16% expense ratio, which is higher than UCPIX's 1.78% expense ratio.

Dividends

RYTPX vs. UCPIX - Dividend Comparison

RYTPX's dividend yield for the trailing twelve months is around 5.87%, less than UCPIX's 6.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYTPX Rydex Inverse S&P 500 2x Strategy Fund	5.87%	5.15%	6.90%	3.35%	0.00%	0.00%	0.00%	0.23%
UCPIX ProFunds UltraShort Small Cap Fund	6.82%	4.61%	4.24%	4.77%	0.00%	0.00%	0.00%	0.30%

Frequently Asked Questions

Can I hold both RYTPX and UCPIX in my portfolio?

RYTPX and UCPIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYTPX or UCPIX?

UCPIX has higher volatility (12.94%) compared to RYTPX (9.58%). In terms of maximum drawdown, RYTPX dropped -99.92% vs UCPIX's -99.90%.

Which has better risk-adjusted returns?

RYTPX currently has the higher Sharpe Ratio (-1.20 vs -1.29), 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.