SHPIX vs. BIPIX

Last updated Jun 4, 2026

SHPIX (ProFunds Short Small Cap ProFund) and BIPIX (ProFunds Biotechnology UltraSector Fund) are both mutual funds - SHPIX is a Inverse Equities fund managed by ProFunds, while BIPIX is a Leveraged Equities fund managed by ProFunds. Over the past 10 years, SHPIX returned -13.12%/yr vs 6.09%/yr for BIPIX. At a correlation of -0.65, they often move in opposite directions. SHPIX charges 1.78%/yr vs 1.49%/yr for BIPIX.

Performance

SHPIX vs. BIPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Short Small Cap ProFund (SHPIX) and ProFunds Biotechnology UltraSector Fund (BIPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHPIX achieves a -15.40% return, which is significantly lower than BIPIX's 4.28% return. Over the past 10 years, SHPIX has underperformed BIPIX with an annualized return of -13.12%, while BIPIX has yielded a comparatively higher 6.09% annualized return.

SHPIX

• 1D: -0.87%
• 1M: -4.60%
• YTD: -15.40%
• 6M: -14.13%
• 1Y: -27.48%
• 3Y*: -13.66%
• 5Y*: -6.76%
• 10Y*: -13.12%

BIPIX

• 1D: -6.59%
• 1M: -6.97%
• YTD: 4.28%
• 6M: 4.61%
• 1Y: 83.18%
• 3Y*: 4.78%
• 5Y*: 0.73%
• 10Y*: 6.09%

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

SHPIX vs. BIPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHPIX ProFunds Short Small Cap ProFund	-15.40%	-9.61%	-8.36%	-11.01%	16.39%	-19.78%	-31.60%	-20.89%	9.96%	-14.49%
BIPIX ProFunds Biotechnology UltraSector Fund	4.28%	47.99%	-25.91%	9.55%	-13.43%	5.00%	19.94%	23.65%	-12.15%	34.71%

Correlation

The correlation between SHPIX and BIPIX is -0.63, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.63
Correlation (3Y) Calculated over the trailing 3-year period	-0.70
Correlation (5Y) Calculated over the trailing 5-year period	-0.67
Correlation (10Y) Calculated over the trailing 10-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	-0.65

The correlation between SHPIX and BIPIX has been stable across timeframes, ranging from -0.70 to -0.63 - a consistent structural relationship.

Return for Risk

SHPIX vs. BIPIX — Risk / Return Rank

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

SHPIX

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

BIPIX

BIPIX Risk / Return Rank: 67
BIPIX Sharpe Ratio Rank: 60
BIPIX Sortino Ratio Rank: 49
BIPIX Omega Ratio Rank: 43
BIPIX Calmar Ratio Rank: 95
BIPIX Martin Ratio Rank: 88

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.

SHPIX vs. BIPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) and ProFunds Biotechnology UltraSector Fund (BIPIX). 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.

	SHPIX	BIPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.50	2.28	-3.79
Sortino ratio: Return per unit of downside risk	-2.17	2.96	-5.14
Omega ratio: Gain probability vs. loss probability	0.77	1.35	-0.58
Calmar ratio: Return relative to maximum drawdown	-1.03	5.75	-6.78
Martin ratio: Return relative to average drawdown	-1.80	17.49	-19.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHPIX vs. BIPIX - Sharpe Ratio Comparison

The current SHPIX Sharpe Ratio is -1.50, which is lower than the BIPIX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SHPIX and BIPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHPIX	BIPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.50	2.28	-3.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.02	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.17	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.15	-0.31

Drawdowns

SHPIX vs. BIPIX - Drawdown Comparison

The maximum SHPIX drawdown since its inception was -99.27%, which is greater than BIPIX's maximum drawdown of -84.51%. Use the drawdown chart below to compare losses from any high point for SHPIX and BIPIX.

Drawdown Indicators

	SHPIX	BIPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.27%	-84.51%	-14.76%
Max Drawdown (1Y) Largest decline over 1 year	-27.83%	-15.15%	-12.68%
Max Drawdown (3Y) Largest decline over 3 years	-63.17%	-59.50%	-3.67%
Max Drawdown (5Y) Largest decline over 5 years	-83.16%	-63.86%	-19.30%
Max Drawdown (10Y) Largest decline over 10 years	-93.11%	-63.86%	-29.25%
Current Drawdown Current decline from peak	-97.55%	-16.45%	-81.10%
Average Drawdown Average peak-to-trough decline	-77.92%	-37.22%	-40.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.91%	4.97%	+11.94%

Volatility

SHPIX vs. BIPIX - Volatility Comparison

The current volatility for ProFunds Short Small Cap ProFund (SHPIX) is 5.58%, while ProFunds Biotechnology UltraSector Fund (BIPIX) has a volatility of 14.22%. This indicates that SHPIX experiences smaller price fluctuations and is considered to be less risky than BIPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHPIX	BIPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	14.22%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	30.38%	-16.76%
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	38.37%	-19.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	193.64%	39.70%	+153.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	137.94%	36.37%	+101.57%

SHPIX vs. BIPIX - Expense Ratio Comparison

SHPIX has a 1.78% expense ratio, which is higher than BIPIX's 1.49% expense ratio.

Dividends

SHPIX vs. BIPIX - Dividend Comparison

SHPIX's dividend yield for the trailing twelve months is around 32.72%, more than BIPIX's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIPIX ProFunds Biotechnology UltraSector Fund	0.35%	0.37%	0.23%	6.69%	0.00%	0.79%	12.09%	3.26%	5.52%	7.19%
SHPIX ProFunds Short Small Cap ProFund	32.72%	5.70%	0.00%	17.01%	0.00%	0.00%	0.00%	0.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHPIX and BIPIX in my portfolio?

SHPIX and BIPIX have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHPIX or BIPIX?

BIPIX has higher volatility (14.22%) compared to SHPIX (5.58%). In terms of maximum drawdown, SHPIX dropped -99.27% vs BIPIX's -84.51%.

Which has better risk-adjusted returns?

BIPIX currently has the higher Sharpe Ratio (2.28 vs -1.50), 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.