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 9.89%/yr vs -28.09%/yr for URPIX. Their correlation of 0.85 means they have usually moved in the same direction. Both charge a 1.78% expense ratio.
Performance
SHPIX vs. URPIX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SHPIX having a -15.19% return and URPIX slightly lower at -15.44%. Over the past 10 years, SHPIX has outperformed URPIX with an annualized return of 9.89%, while URPIX has yielded a comparatively lower -28.09% annualized return.
SHPIX
- 1D
- 0.53%
- 1M
- 2.47%
- 6M
- -9.96%
- YTD
- -15.19%
- 1Y
- -25.47%
- 3Y*
- 11.78%
- 5Y*
- 47.46%
- 10Y*
- 9.89%
- ALL TIME*
- -5.30%
URPIX
- 1D
- -1.30%
- 1M
- 0.16%
- 6M
- -12.52%
- YTD
- -15.44%
- 1Y
- -28.31%
- 3Y*
- -26.81%
- 5Y*
- -21.42%
- 10Y*
- -28.09%
- ALL TIME*
- -21.46%
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. URPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | -15.19% | -9.61% | 83.27% | 344.97% | 16.39% | -19.78% | -31.60% | -20.89% | 9.96% | -14.49% |
URPIX ProFunds UltraBear Fund | -15.44% | -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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.84 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.85 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.38 | -1.43 | +0.05 |
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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 | -26.45% | -30.37% | +3.92% |
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 | -75.40% | -99.92% | +24.52% |
Average DrawdownAverage peak-to-trough decline | -74.99% | -79.18% | +4.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.43% | 18.28% | -0.85% |
Volatility
SHPIX vs. URPIX - Volatility Comparison
The current volatility for ProFunds Short Small Cap ProFund (SHPIX) is 3.82%, while ProFunds UltraBear Fund (URPIX) has a volatility of 6.95%. 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 | 3.82% | 6.95% | -3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 14.15% | 20.31% | -6.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.37% | 25.79% | -6.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 188.93% | 34.05% | +154.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.62% | 35.62% | +99.00% |
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 32.64%, more than URPIX's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | 32.64% | 5.70% | 0.00% | 17.01% | 0.00% | 0.00% | 0.00% | 0.85% |
URPIX ProFunds UltraBear Fund | 3.23% | 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 (6.95%) compared to SHPIX (3.82%). In terms of maximum drawdown, SHPIX dropped -96.86% vs URPIX's -99.92%.
URPIX currently has the higher Sharpe Ratio (-1.01 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.
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