RYURX vs. URPIX
RYURX (Rydex Inverse S&P 500 Strategy Fund) and URPIX (ProFunds UltraBear Fund) are both Inverse Equities funds. Over the past 10 years, RYURX returned -12.77%/yr vs -28.36%/yr for URPIX. With a 0.99 correlation, they move nearly in lockstep. RYURX charges 1.49%/yr vs 1.78%/yr for URPIX.
Performance
RYURX vs. URPIX - Performance Comparison
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Returns By Period
In the year-to-date period, RYURX achieves a -7.65% return, which is significantly higher than URPIX's -16.83% return. Over the past 10 years, RYURX has outperformed URPIX with an annualized return of -12.77%, while URPIX has yielded a comparatively lower -28.36% annualized return.
RYURX
- 1D
- -0.79%
- 1M
- -1.22%
- 6M
- -6.19%
- YTD
- -7.65%
- 1Y
- -13.47%
- 3Y*
- -12.03%
- 5Y*
- -8.45%
- 10Y*
- -12.77%
URPIX
- 1D
- -1.64%
- 1M
- -2.76%
- 6M
- -13.96%
- YTD
- -16.83%
- 1Y
- -28.67%
- 3Y*
- -28.85%
- 5Y*
- -21.94%
- 10Y*
- -28.36%
RYURX vs. URPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RYURX Rydex Inverse S&P 500 Strategy Fund | -7.65% | -11.41% | -13.04% | -14.56% | 17.56% | -24.19% | -24.90% | -22.65% | 4.33% | -17.38% |
URPIX ProFunds UltraBear Fund | -16.83% | -27.06% | -32.89% | -31.77% | 29.74% | -43.61% | -51.10% | -42.03% | 4.20% | -32.58% |
Correlation
The correlation between RYURX and URPIX 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 Dec 22, 1997 | 0.99 |
The correlation between RYURX and URPIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
RYURX vs. URPIX — Risk / Return Rank
RYURX
URPIX
RYURX vs. URPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse S&P 500 Strategy Fund (RYURX) and ProFunds UltraBear Fund (URPIX). 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.
| RYURX | URPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.93 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.70 | +0.08 |
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Drawdowns
RYURX vs. URPIX - Drawdown Comparison
The maximum RYURX drawdown since its inception was -96.72%, roughly equal to the maximum URPIX drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for RYURX and URPIX.
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Drawdown Indicators
| RYURX | URPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.72% | -99.92% | +3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -16.08% | -30.79% | +14.71% |
Max Drawdown (3Y)Largest decline over 3 years | -38.48% | -69.89% | +31.41% |
Max Drawdown (5Y)Largest decline over 5 years | -44.10% | -76.97% | +32.87% |
Max Drawdown (10Y)Largest decline over 10 years | -75.17% | -96.59% | +21.42% |
Current DrawdownCurrent decline from peak | -96.68% | -99.92% | +3.24% |
Average DrawdownAverage peak-to-trough decline | -69.00% | -79.13% | +10.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 16.87% | -8.59% |
Volatility
RYURX vs. URPIX - Volatility Comparison
The current volatility for Rydex Inverse S&P 500 Strategy Fund (RYURX) is 4.28%, while ProFunds UltraBear Fund (URPIX) has a volatility of 8.57%. This indicates that RYURX experiences smaller price fluctuations and is considered to be less risky than URPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RYURX | URPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 8.57% | -4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 20.04% | -10.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.47% | 25.12% | -12.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.10% | 34.04% | -16.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 35.58% | -17.50% |
RYURX vs. URPIX - Expense Ratio Comparison
RYURX has a 1.49% expense ratio, which is lower than URPIX's 1.78% expense ratio.
Dividends
RYURX vs. URPIX - Dividend Comparison
RYURX's dividend yield for the trailing twelve months is around 4.13%, more than URPIX's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
RYURX Rydex Inverse S&P 500 Strategy Fund | 4.13% | 3.82% | 6.78% | 2.79% | 0.00% | 0.00% | 0.42% | 0.86% |
URPIX ProFunds UltraBear Fund | 3.28% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, RYURX and URPIX 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.
URPIX has higher volatility (8.57%) compared to RYURX (4.28%). In terms of maximum drawdown, RYURX dropped -96.72% vs URPIX's -99.92%.
RYURX currently has the higher Sharpe Ratio (-1.08 vs -1.14), 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.
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