SHPIX vs. BLPIX

Last updated Jun 25, 2026

SHPIX (ProFunds Short Small Cap ProFund) and BLPIX (ProFunds Bull Investor Fund) are both mutual funds - SHPIX is a Inverse Equities fund managed by ProFunds, while BLPIX is a Leveraged Equities fund managed by ProFunds. Over the past 10 years, SHPIX returned 8.91%/yr vs 12.94%/yr for BLPIX. At a correlation of -0.86, they often move in opposite directions. SHPIX charges 1.78%/yr vs 1.50%/yr for BLPIX.

Performance

SHPIX vs. BLPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SHPIX achieves a -16.70% return, which is significantly lower than BLPIX's 7.33% return. Over the past 10 years, SHPIX has underperformed BLPIX with an annualized return of 8.91%, while BLPIX has yielded a comparatively higher 12.94% annualized return.

SHPIX

• 1D: 1.03%
• 1M: -3.54%
• YTD: -16.70%
• 6M: -14.43%
• 1Y: -26.76%
• 3Y*: 7.98%
• 5Y*: 48.24%
• 10Y*: 8.91%

BLPIX

• 1D: -1.43%
• 1M: -1.46%
• YTD: 7.33%
• 6M: 5.98%
• 1Y: 20.21%
• 3Y*: 17.62%
• 5Y*: 10.02%
• 10Y*: 12.94%

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

SHPIX vs. BLPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHPIX ProFunds Short Small Cap ProFund	-16.70%	-9.61%	83.27%	344.97%	16.39%	-19.78%	-31.60%	-20.89%	9.96%	-14.49%
BLPIX ProFunds Bull Investor Fund	7.33%	15.01%	20.24%	24.13%	-19.81%	23.73%	16.04%	28.97%	-6.09%	19.51%

Correlation

The correlation between SHPIX and BLPIX is -0.80, 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	-0.80
Correlation (3Y) Calculated over the trailing 3-year period	-0.78
Correlation (5Y) Calculated over the trailing 5-year period	-0.82
Correlation (10Y) Calculated over the trailing 10-year period	-0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	-0.86

The correlation between SHPIX and BLPIX has been stable across timeframes, ranging from -0.86 to -0.78 - a consistent structural relationship.

Return for Risk

SHPIX vs. BLPIX — 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

BLPIX

BLPIX Risk / Return Rank: 45
BLPIX Sharpe Ratio Rank: 43
BLPIX Sortino Ratio Rank: 39
BLPIX Omega Ratio Rank: 42
BLPIX Calmar Ratio Rank: 44
BLPIX Martin Ratio Rank: 56

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. BLPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) and ProFunds Bull Investor Fund (BLPIX). 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.

	SHPIX	BLPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.41	1.73	-3.14
Sortino ratio: Return per unit of downside risk	-2.04	2.37	-4.40
Omega ratio: Gain probability vs. loss probability	0.78	1.31	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.98	2.35	-3.33
Martin ratio: Return relative to average drawdown	-1.74	10.41	-12.15

SHPIX vs. BLPIX - Sharpe Ratio Comparison

The current SHPIX Sharpe Ratio is -1.41, which is lower than the BLPIX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SHPIX and BLPIX, 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

SHPIX vs. BLPIX - Drawdown Comparison

The maximum SHPIX drawdown since its inception was -96.86%, which is greater than BLPIX's maximum drawdown of -57.98%. Use the drawdown chart below to compare losses from any high point for SHPIX and BLPIX.

Drawdown Indicators

	SHPIX	BLPIX	Difference
Max Drawdown Largest peak-to-trough decline	-96.86%	-57.98%	-38.88%
Max Drawdown (1Y) Largest decline over 1 year	-28.36%	-9.21%	-19.15%
Max Drawdown (3Y) Largest decline over 3 years	-41.16%	-18.98%	-22.18%
Max Drawdown (5Y) Largest decline over 5 years	-41.16%	-26.11%	-15.05%
Max Drawdown (10Y) Largest decline over 10 years	-70.45%	-33.93%	-36.52%
Current Drawdown Current decline from peak	-75.84%	-3.21%	-72.63%
Average Drawdown Average peak-to-trough decline	-74.99%	-13.85%	-61.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.08%	2.08%	+14.00%

Volatility

SHPIX vs. BLPIX - Volatility Comparison

ProFunds Short Small Cap ProFund (SHPIX) has a higher volatility of 6.44% compared to ProFunds Bull Investor Fund (BLPIX) at 4.88%. This indicates that SHPIX's price experiences larger fluctuations and is considered to be riskier than BLPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHPIX	BLPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.44%	4.88%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	14.36%	9.93%	+4.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	12.56%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	189.02%	17.04%	+171.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	134.68%	17.76%	+116.92%

SHPIX vs. BLPIX - Expense Ratio Comparison

SHPIX has a 1.78% expense ratio, which is higher than BLPIX's 1.50% expense ratio.

Dividends

SHPIX vs. BLPIX - Dividend Comparison

SHPIX's dividend yield for the trailing twelve months is around 33.23%, more than BLPIX's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BLPIX ProFunds Bull Investor Fund	1.47%	1.58%	0.00%	0.03%	0.98%	6.68%	5.79%	1.64%	0.62%
SHPIX ProFunds Short Small Cap ProFund	33.23%	5.70%	0.00%	17.01%	0.00%	0.00%	0.00%	0.85%	0.00%

Frequently Asked Questions

Can I hold both SHPIX and BLPIX in my portfolio?

SHPIX and BLPIX 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, SHPIX or BLPIX?

SHPIX has higher volatility (6.44%) compared to BLPIX (4.88%). In terms of maximum drawdown, SHPIX dropped -96.86% vs BLPIX's -57.98%.

Which has better risk-adjusted returns?

BLPIX currently has the higher Sharpe Ratio (1.73 vs -1.41), 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.