SHPIX vs. URPIX
SHPIX (ProFunds Short Small Cap ProFund) and URPIX (ProFunds UltraBear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, SHPIX returned 9.70%/yr vs -28.32%/yr for URPIX. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 1.78% expense ratio.
Performance
SHPIX vs. URPIX - Performance Comparison
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Returns By Period
In the year-to-date period, SHPIX achieves a -16.67% return, which is significantly higher than URPIX's -17.52% return. Over the past 10 years, SHPIX has outperformed URPIX with an annualized return of 9.70%, while URPIX has yielded a comparatively lower -28.32% annualized return.
SHPIX
- 1D
- 0.48%
- 1M
- -0.95%
- 6M
- -11.60%
- YTD
- -16.67%
- 1Y
- -24.34%
- 3Y*
- 9.71%
- 5Y*
- 47.54%
- 10Y*
- 9.70%
URPIX
- 1D
- -0.84%
- 1M
- -3.58%
- 6M
- -14.43%
- YTD
- -17.52%
- 1Y
- -29.27%
- 3Y*
- -28.74%
- 5Y*
- -22.07%
- 10Y*
- -28.32%
SHPIX vs. URPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | -16.67% | -9.61% | 83.27% | 344.97% | 16.39% | -19.78% | -31.60% | -20.89% | 9.96% | -14.49% |
URPIX ProFunds UltraBear Fund | -17.52% | -27.06% | -32.89% | -31.77% | 29.74% | -43.61% | -51.10% | -42.03% | 4.20% | -32.58% |
Correlation
The correlation between SHPIX and URPIX is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003 | 0.85 |
The correlation between SHPIX and URPIX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.
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Return for Risk
SHPIX vs. URPIX — Risk / Return Rank
SHPIX
URPIX
SHPIX vs. URPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) and ProFunds UltraBear Fund (URPIX). 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 | URPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.94 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.70 | +0.25 |
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Drawdowns
SHPIX vs. URPIX - Drawdown Comparison
The maximum SHPIX drawdown since its inception was -96.86%, roughly equal to the maximum URPIX drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for SHPIX and URPIX.
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Drawdown Indicators
| SHPIX | URPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.86% | -99.92% | +3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -27.97% | -30.79% | +2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -41.50% | -69.89% | +28.39% |
Max Drawdown (5Y)Largest decline over 5 years | -41.50% | -76.97% | +35.47% |
Max Drawdown (10Y)Largest decline over 10 years | -68.01% | -96.59% | +28.58% |
Current DrawdownCurrent decline from peak | -75.84% | -99.92% | +24.08% |
Average DrawdownAverage peak-to-trough decline | -74.99% | -79.13% | +4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.23% | 16.98% | -0.75% |
Volatility
SHPIX vs. URPIX - Volatility Comparison
The current volatility for ProFunds Short Small Cap ProFund (SHPIX) is 4.93%, while ProFunds UltraBear Fund (URPIX) has a volatility of 8.55%. This indicates that SHPIX experiences smaller price fluctuations and is considered to be less risky than URPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHPIX | URPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 8.55% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.21% | 20.03% | -5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.47% | 25.11% | -5.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 188.94% | 34.03% | +154.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.62% | 35.58% | +99.04% |
SHPIX vs. URPIX - Expense Ratio Comparison
Both SHPIX and URPIX have an expense ratio of 1.78%.
Dividends
SHPIX vs. URPIX - Dividend Comparison
SHPIX's dividend yield for the trailing twelve months is around 33.22%, more than URPIX's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | 33.22% | 5.70% | 0.00% | 17.01% | 0.00% | 0.00% | 0.00% | 0.85% |
URPIX ProFunds UltraBear Fund | 3.31% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
SHPIX and URPIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URPIX has higher volatility (8.55%) compared to SHPIX (4.93%). In terms of maximum drawdown, SHPIX dropped -96.86% vs URPIX's -99.92%.
URPIX currently has the higher Sharpe Ratio (-1.15 vs -1.21), 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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