RYWWX vs. USPIX

Last updated Jun 23, 2026

RYWWX (Rydex Inverse Emerging Markets 2x Strategy Fund) and USPIX (ProFunds UltraShort NASDAQ-100 Fund) are both Inverse Equities funds. Over the past 10 years, RYWWX returned -27.36%/yr vs -40.33%/yr for USPIX. A 0.69 correlation means they provide meaningful diversification when combined. RYWWX charges 1.87%/yr vs 1.68%/yr for USPIX.

Performance

RYWWX vs. USPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX) and ProFunds UltraShort NASDAQ-100 Fund (USPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYWWX achieves a -11.34% return, which is significantly higher than USPIX's -32.64% return. Over the past 10 years, RYWWX has outperformed USPIX with an annualized return of -27.36%, while USPIX has yielded a comparatively lower -40.33% annualized return.

RYWWX

• 1D: -3.17%
• 1M: 2.18%
• YTD: -11.34%
• 6M: -11.27%
• 1Y: -39.65%
• 3Y*: -30.50%
• 5Y*: -19.49%
• 10Y*: -27.36%

USPIX

• 1D: -4.97%
• 1M: -7.35%
• YTD: -32.64%
• 6M: -31.38%
• 1Y: -49.70%
• 3Y*: -39.40%
• 5Y*: -33.49%
• 10Y*: -40.33%

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

RYWWX vs. USPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYWWX Rydex Inverse Emerging Markets 2x Strategy Fund	-11.34%	-51.31%	-17.03%	-28.06%	2.55%	17.09%	-57.70%	-39.99%	23.02%	-47.98%
USPIX ProFunds UltraShort NASDAQ-100 Fund	-32.64%	-35.26%	-38.20%	-57.06%	61.80%	-46.20%	-70.91%	-50.15%	-9.56%	-44.56%

Correlation

The correlation between RYWWX and USPIX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.69

The correlation between RYWWX and USPIX has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

RYWWX vs. USPIX — Risk / Return Rank

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

RYWWX

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

USPIX

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

RYWWX vs. USPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX) and ProFunds UltraShort NASDAQ-100 Fund (USPIX). 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.

	RYWWX	USPIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-1.40	+0.49
Sortino ratio: Return per unit of downside risk	-1.25	-2.36	+1.11
Omega ratio: Gain probability vs. loss probability	0.86	0.75	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.99	+0.17
Martin ratio: Return relative to average drawdown	-1.14	-1.85	+0.70

RYWWX vs. USPIX - Sharpe Ratio Comparison

The current RYWWX Sharpe Ratio is -0.90, which is higher than the USPIX Sharpe Ratio of -1.40. The chart below compares the historical Sharpe Ratios of RYWWX and USPIX, 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

RYWWX vs. USPIX - Drawdown Comparison

The maximum RYWWX drawdown since its inception was -98.12%, roughly equal to the maximum USPIX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for RYWWX and USPIX.

Drawdown Indicators

	RYWWX	USPIX	Difference
Max Drawdown Largest peak-to-trough decline	-98.12%	-100.00%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-46.32%	-48.95%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-75.97%	-80.96%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-84.06%	-89.53%	+5.47%
Max Drawdown (10Y) Largest decline over 10 years	-96.66%	-99.48%	+2.82%
Current Drawdown Current decline from peak	-97.87%	-100.00%	+2.13%
Average Drawdown Average peak-to-trough decline	-68.68%	-96.43%	+27.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.45%	26.67%	+6.78%

Volatility

RYWWX vs. USPIX - Volatility Comparison

The current volatility for Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX) is 14.58%, while ProFunds UltraShort NASDAQ-100 Fund (USPIX) has a volatility of 16.71%. This indicates that RYWWX experiences smaller price fluctuations and is considered to be less risky than USPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYWWX	USPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.58%	16.71%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	34.57%	28.63%	+5.94%
Volatility (1Y) Calculated over the trailing 1-year period	42.55%	35.34%	+7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.01%	45.65%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.61%	44.61%	+2.00%

RYWWX vs. USPIX - Expense Ratio Comparison

RYWWX has a 1.87% expense ratio, which is higher than USPIX's 1.68% expense ratio.

Dividends

RYWWX vs. USPIX - Dividend Comparison

RYWWX's dividend yield for the trailing twelve months is around 5.64%, more than USPIX's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYWWX Rydex Inverse Emerging Markets 2x Strategy Fund	5.64%	5.00%	5.36%	3.28%	0.00%	0.00%	0.00%	1.06%
USPIX ProFunds UltraShort NASDAQ-100 Fund	4.02%	2.71%	0.00%	5.92%	0.00%	0.00%	0.07%	0.36%

Frequently Asked Questions

Can I hold both RYWWX and USPIX in my portfolio?

RYWWX and USPIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYWWX or USPIX?

USPIX has higher volatility (16.71%) compared to RYWWX (14.58%). In terms of maximum drawdown, RYWWX dropped -98.12% vs USPIX's -100.00%.

Which has better risk-adjusted returns?

RYWWX currently has the higher Sharpe Ratio (-0.90 vs -1.40), 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.