SHPIX vs. RYCLX

Last updated Jul 11, 2026

SHPIX (ProFunds Short Small Cap ProFund) and RYCLX (Rydex Inverse Mid-Cap Strategy Fund) are both Inverse Equities funds. Over the past 10 years, SHPIX returned 9.50%/yr vs -11.01%/yr for RYCLX. Their correlation of 0.95 suggests significant overlap in exposure. SHPIX charges 1.78%/yr vs 2.39%/yr for RYCLX.

Performance

SHPIX vs. RYCLX - Performance Comparison

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

Returns By Period

In the year-to-date period, SHPIX achieves a -17.07% return, which is significantly lower than RYCLX's -12.01% return. Over the past 10 years, SHPIX has outperformed RYCLX with an annualized return of 9.50%, while RYCLX has yielded a comparatively lower -11.01% annualized return.

SHPIX

• 1D: -1.20%
• 1M: -1.42%
• 6M: -12.36%
• YTD: -17.07%
• 1Y: -24.71%
• 3Y*: 9.19%
• 5Y*: 47.40%
• 10Y*: 9.50%

RYCLX

• 1D: -1.24%
• 1M: 1.13%
• 6M: -7.72%
• YTD: -12.01%
• 1Y: -12.21%
• 3Y*: -7.16%
• 5Y*: -5.52%
• 10Y*: -11.01%

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

SHPIX vs. RYCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHPIX ProFunds Short Small Cap ProFund	-17.07%	-9.61%	83.27%	344.97%	16.39%	-19.78%	-31.60%	-20.89%	9.96%	-14.49%
RYCLX Rydex Inverse Mid-Cap Strategy Fund	-12.01%	-1.04%	-5.59%	-8.75%	8.93%	-24.21%	-25.53%	-21.03%	11.39%	-14.94%

Correlation

The correlation between SHPIX and RYCLX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.95

The correlation between SHPIX and RYCLX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

SHPIX vs. RYCLX — 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

RYCLX

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

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. RYCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) and Rydex Inverse Mid-Cap Strategy Fund (RYCLX). 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	RYCLX	Difference
Sharpe ratio: Return per unit of total volatility	-1.24	-0.75	-0.49
Sortino ratio: Return per unit of downside risk	-1.74	-0.96	-0.78
Omega ratio: Gain probability vs. loss probability	0.81	0.89	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.64	-0.22
Martin ratio: Return relative to average drawdown	-1.49	-1.25	-0.25

SHPIX vs. RYCLX - Sharpe Ratio Comparison

The current SHPIX Sharpe Ratio is -1.24, which is lower than the RYCLX Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of SHPIX and RYCLX, 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. RYCLX - Drawdown Comparison

The maximum SHPIX drawdown since its inception was -96.86%, roughly equal to the maximum RYCLX drawdown of -95.66%. Use the drawdown chart below to compare losses from any high point for SHPIX and RYCLX.

Drawdown Indicators

	SHPIX	RYCLX	Difference
Max Drawdown Largest peak-to-trough decline	-96.86%	-95.66%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-27.97%	-18.50%	-9.47%
Max Drawdown (3Y) Largest decline over 3 years	-41.50%	-32.43%	-9.07%
Max Drawdown (5Y) Largest decline over 5 years	-41.50%	-34.96%	-6.54%
Max Drawdown (10Y) Largest decline over 10 years	-68.01%	-71.12%	+3.11%
Current Drawdown Current decline from peak	-75.95%	-95.55%	+19.60%
Average Drawdown Average peak-to-trough decline	-74.99%	-70.29%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.14%	9.54%	+6.60%

Volatility

SHPIX vs. RYCLX - Volatility Comparison

ProFunds Short Small Cap ProFund (SHPIX) and Rydex Inverse Mid-Cap Strategy Fund (RYCLX) have volatilities of 4.89% and 4.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHPIX	RYCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	4.89%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	11.78%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	15.88%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	189.01%	20.56%	+168.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	134.62%	21.41%	+113.21%

SHPIX vs. RYCLX - Expense Ratio Comparison

SHPIX has a 1.78% expense ratio, which is lower than RYCLX's 2.39% expense ratio.

Dividends

SHPIX vs. RYCLX - Dividend Comparison

SHPIX's dividend yield for the trailing twelve months is around 33.38%, less than RYCLX's 37.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYCLX Rydex Inverse Mid-Cap Strategy Fund	37.51%	33.01%	25.75%	9.12%	0.00%	0.00%	0.76%	0.89%
SHPIX ProFunds Short Small Cap ProFund	33.38%	5.70%	0.00%	17.01%	0.00%	0.00%	0.00%	0.85%

Frequently Asked Questions

Can I hold both SHPIX and RYCLX in my portfolio?

With a correlation of 0.90, SHPIX and RYCLX 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.

Which is riskier, SHPIX or RYCLX?

RYCLX has higher volatility (4.89%) compared to SHPIX (4.89%). In terms of maximum drawdown, SHPIX dropped -96.86% vs RYCLX's -95.66%.

Which has better risk-adjusted returns?

RYCLX currently has the higher Sharpe Ratio (-0.75 vs -1.24), 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.