SHPIX vs. UHPIX
SHPIX (ProFunds Short Small Cap ProFund) and UHPIX (ProFunds UltraShort China) are both Inverse Equities funds from ProFunds. Over the past 10 years, SHPIX returned 9.98%/yr vs -30.64%/yr for UHPIX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. Both charge a 1.78% expense ratio.
Performance
SHPIX vs. UHPIX - Performance Comparison
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Returns By Period
In the year-to-date period, SHPIX achieves a -15.64% return, which is significantly lower than UHPIX's 25.12% return. Over the past 10 years, SHPIX has outperformed UHPIX with an annualized return of 9.98%, while UHPIX has yielded a comparatively lower -30.64% annualized return.
SHPIX
- 1D
- -1.37%
- 1M
- 1.92%
- 6M
- -11.34%
- YTD
- -15.64%
- 1Y
- -25.87%
- 3Y*
- 11.75%
- 5Y*
- 47.30%
- 10Y*
- 9.98%
- ALL TIME*
- -5.32%
UHPIX
- 1D
- -1.12%
- 1M
- -18.27%
- 6M
- 34.01%
- YTD
- 25.12%
- 1Y
- 2.46%
- 3Y*
- -19.47%
- 5Y*
- -30.70%
- 10Y*
- -30.64%
- ALL TIME*
- -30.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SHPIX vs. UHPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | -15.64% | -9.61% | 83.27% | 344.97% | 16.39% | -19.78% | -31.60% | -20.89% | 9.96% | -14.49% |
UHPIX ProFunds UltraShort China | 25.12% | -49.82% | -29.87% | -26.13% | -63.62% | 94.89% | -64.76% | -43.34% | 39.47% | -57.67% |
Correlation
The correlation between SHPIX and UHPIX is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2008 | 0.59 |
Over the past year, the correlation between SHPIX and UHPIX has dropped to 0.39 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
SHPIX vs. UHPIX — Risk / Return Rank
SHPIX
UHPIX
SHPIX vs. UHPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) and ProFunds UltraShort China (UHPIX). 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 | UHPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.21 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.06 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 0.13 | -0.97 |
| Martin ratioReturn relative to average drawdown | -1.36 | 0.25 | -1.61 |
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Drawdowns
SHPIX vs. UHPIX - Drawdown Comparison
The maximum SHPIX drawdown since its inception was -96.86%, roughly equal to the maximum UHPIX drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SHPIX and UHPIX.
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Drawdown Indicators
| SHPIX | UHPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.86% | -99.98% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -27.97% | -41.26% | +13.29% |
Max Drawdown (3Y)Largest decline over 3 years | -41.50% | -80.64% | +39.14% |
Max Drawdown (5Y)Largest decline over 5 years | -41.50% | -96.64% | +55.14% |
Max Drawdown (10Y)Largest decline over 10 years | -68.01% | -98.49% | +30.48% |
Current DrawdownCurrent decline from peak | -75.54% | -99.96% | +24.42% |
Average DrawdownAverage peak-to-trough decline | -74.99% | -93.45% | +18.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 21.10% | -3.75% |
Volatility
SHPIX vs. UHPIX - Volatility Comparison
The current volatility for ProFunds Short Small Cap ProFund (SHPIX) is 3.81%, while ProFunds UltraShort China (UHPIX) has a volatility of 14.43%. This indicates that SHPIX experiences smaller price fluctuations and is considered to be less risky than UHPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHPIX | UHPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.81% | 14.43% | -10.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 38.13% | -23.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.37% | 53.45% | -34.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 189.00% | 82.02% | +106.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.62% | 228.56% | -93.94% |
SHPIX vs. UHPIX - Expense Ratio Comparison
Both SHPIX and UHPIX have an expense ratio of 1.78%.
Dividends
SHPIX vs. UHPIX - Dividend Comparison
SHPIX's dividend yield for the trailing twelve months is around 32.81%, more than UHPIX's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | 32.81% | 5.70% | 0.00% | 17.01% | 0.00% | 0.00% | 0.00% | 0.85% |
UHPIX ProFunds UltraShort China | 3.43% | 4.29% | 0.00% | 3.45% | 0.00% | 0.00% | 0.00% | 0.55% |
Frequently Asked Questions
SHPIX and UHPIX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UHPIX has higher volatility (14.43%) compared to SHPIX (3.81%). In terms of maximum drawdown, SHPIX dropped -96.86% vs UHPIX's -99.98%.
UHPIX currently has the higher Sharpe Ratio (0.10 vs -1.23), 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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