SMPIX vs. USPIX

Last updated Jul 14, 2026

SMPIX (ProFunds Semiconductor UltraSector Fund Investor Class) and USPIX (ProFunds UltraShort NASDAQ-100 Fund) are both mutual funds - SMPIX is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (150% Daily), while USPIX is a Inverse Equities fund managed by ProFunds. Over the past 10 years, SMPIX returned 18.34%/yr vs -39.58%/yr for USPIX. At a correlation of -0.85, they often move in opposite directions. SMPIX charges 1.52%/yr vs 1.68%/yr for USPIX.

Performance

SMPIX vs. USPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) and ProFunds UltraShort NASDAQ-100 Fund (USPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMPIX achieves a 64.41% return, which is significantly higher than USPIX's -30.25% return. Over the past 10 years, SMPIX has outperformed USPIX with an annualized return of 18.34%, while USPIX has yielded a comparatively lower -39.58% annualized return.

SMPIX

• 1D: 2.31%
• 1M: 0.19%
• 6M: 57.17%
• YTD: 64.41%
• 1Y: 110.00%
• 3Y*: -10.32%
• 5Y*: -0.68%
• 10Y*: 18.34%

USPIX

• 1D: -0.63%
• 1M: -2.12%
• 6M: -27.42%
• YTD: -30.25%
• 1Y: -42.41%
• 3Y*: -38.71%
• 5Y*: -31.51%
• 10Y*: -39.58%

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

SMPIX vs. USPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	64.41%	56.35%	-77.32%	155.37%	-54.31%	80.17%	60.77%	77.97%	-17.56%	42.78%
USPIX ProFunds UltraShort NASDAQ-100 Fund	-30.25%	-35.26%	-38.20%	-57.06%	61.80%	-46.20%	-70.91%	-50.15%	-9.56%	-44.56%

Correlation

The correlation between SMPIX and USPIX is -0.83, 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	-0.83
Correlation (3Y) Calculated over the trailing 3-year period	-0.84
Correlation (5Y) Calculated over the trailing 5-year period	-0.87
Correlation (10Y) Calculated over the trailing 10-year period	-0.84
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	-0.85

The correlation between SMPIX and USPIX has been stable across timeframes, ranging from -0.87 to -0.83 - a consistent structural relationship.

Return for Risk

SMPIX vs. USPIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMPIX

SMPIX Risk / Return Rank: 77
SMPIX Sharpe Ratio Rank: 81
SMPIX Sortino Ratio Rank: 59
SMPIX Omega Ratio Rank: 62
SMPIX Calmar Ratio Rank: 96
SMPIX Martin Ratio Rank: 89

USPIX

USPIX Risk / Return Rank: 0
USPIX Sharpe Ratio Rank: 0
USPIX Sortino Ratio Rank: 0
USPIX Omega Ratio Rank: 0
USPIX Calmar Ratio Rank: 0
USPIX Martin Ratio Rank: 0

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.

SMPIX vs. USPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) and ProFunds UltraShort NASDAQ-100 Fund (USPIX). 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.

	SMPIX	USPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	-1.15	+3.24
Sortino ratio: Return per unit of downside risk	2.43	-1.81	+4.25
Omega ratio: Gain probability vs. loss probability	1.32	0.80	+0.52
Calmar ratio: Return relative to maximum drawdown	4.90	-0.94	+5.83
Martin ratio: Return relative to average drawdown	13.34	-1.85	+15.19

SMPIX vs. USPIX - Sharpe Ratio Comparison

The current SMPIX Sharpe Ratio is 2.09, which is higher than the USPIX Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of SMPIX and USPIX, 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

SMPIX vs. USPIX - Drawdown Comparison

The maximum SMPIX drawdown since its inception was -94.52%, smaller than the maximum USPIX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMPIX and USPIX.

Drawdown Indicators

	SMPIX	USPIX	Difference
Max Drawdown Largest peak-to-trough decline	-94.52%	-100.00%	+5.48%
Max Drawdown (1Y) Largest decline over 1 year	-22.72%	-45.06%	+22.34%
Max Drawdown (3Y) Largest decline over 3 years	-94.52%	-80.96%	-13.56%
Max Drawdown (5Y) Largest decline over 5 years	-94.52%	-89.53%	-4.99%
Max Drawdown (10Y) Largest decline over 10 years	-94.52%	-99.37%	+4.85%
Current Drawdown Current decline from peak	-75.18%	-100.00%	+24.82%
Average Drawdown Average peak-to-trough decline	-57.68%	-96.44%	+38.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.32%	22.87%	-14.55%

Volatility

SMPIX vs. USPIX - Volatility Comparison

ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) has a higher volatility of 24.20% compared to ProFunds UltraShort NASDAQ-100 Fund (USPIX) at 16.92%. This indicates that SMPIX's price experiences larger fluctuations and is considered to be riskier than USPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMPIX	USPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.20%	16.92%	+7.28%
Volatility (6M) Calculated over the trailing 6-month period	43.31%	30.22%	+13.09%
Volatility (1Y) Calculated over the trailing 1-year period	53.25%	36.80%	+16.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.81%	45.90%	+25.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.76%	44.60%	+15.16%

SMPIX vs. USPIX - Expense Ratio Comparison

SMPIX has a 1.52% expense ratio, which is lower than USPIX's 1.68% expense ratio.

Dividends

SMPIX vs. USPIX - Dividend Comparison

SMPIX's dividend yield for the trailing twelve months is around 7.92%, more than USPIX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	7.92%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%
USPIX ProFunds UltraShort NASDAQ-100 Fund	3.88%	2.71%	0.00%	5.92%	0.00%	0.00%	0.07%	0.36%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMPIX and USPIX in my portfolio?

SMPIX and USPIX have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMPIX or USPIX?

SMPIX has higher volatility (24.20%) compared to USPIX (16.92%). In terms of maximum drawdown, SMPIX dropped -94.52% vs USPIX's -100.00%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (2.09 vs -1.15), 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.