SOPIX vs. BRPIX
SOPIX (ProFunds Short NASDAQ-100 Fund) and BRPIX (ProFunds Bear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, SOPIX returned -20.40%/yr vs -14.06%/yr for BRPIX. Their correlation of 0.89 suggests significant overlap in exposure. SOPIX charges 1.78%/yr vs 1.64%/yr for BRPIX.
Performance
SOPIX vs. BRPIX - Performance Comparison
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Returns By Period
In the year-to-date period, SOPIX achieves a -15.00% return, which is significantly lower than BRPIX's -8.33% return. Over the past 10 years, SOPIX has underperformed BRPIX with an annualized return of -20.40%, while BRPIX has yielded a comparatively higher -14.06% annualized return.
SOPIX
- 1D
- -0.31%
- 1M
- -0.75%
- 6M
- -13.33%
- YTD
- -15.00%
- 1Y
- -21.88%
- 3Y*
- -20.54%
- 5Y*
- -15.02%
- 10Y*
- -20.40%
BRPIX
- 1D
- -0.48%
- 1M
- -1.65%
- 6M
- -6.70%
- YTD
- -8.33%
- 1Y
- -14.45%
- 3Y*
- -15.07%
- 5Y*
- -10.61%
- 10Y*
- -14.06%
SOPIX vs. BRPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOPIX ProFunds Short NASDAQ-100 Fund | -15.00% | -15.80% | -23.82% | -31.85% | 34.73% | -25.69% | -42.92% | -28.29% | -3.07% | -25.24% |
BRPIX ProFunds Bear Fund | -8.33% | -12.27% | -20.40% | -15.39% | 17.31% | -24.68% | -25.63% | -23.18% | 4.03% | -18.03% |
Correlation
The correlation between SOPIX and BRPIX is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003 | 0.89 |
The correlation between SOPIX and BRPIX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
SOPIX vs. BRPIX — Risk / Return Rank
SOPIX
BRPIX
SOPIX vs. BRPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Short NASDAQ-100 Fund (SOPIX) and ProFunds Bear Fund (BRPIX). 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.
| SOPIX | BRPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.82 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.88 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.65 | -0.17 |
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Drawdowns
SOPIX vs. BRPIX - Drawdown Comparison
The maximum SOPIX drawdown since its inception was -99.07%, roughly equal to the maximum BRPIX drawdown of -96.76%. Use the drawdown chart below to compare losses from any high point for SOPIX and BRPIX.
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Drawdown Indicators
| SOPIX | BRPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -96.76% | -2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -24.87% | -16.15% | -8.72% |
Max Drawdown (3Y)Largest decline over 3 years | -54.87% | -44.49% | -10.38% |
Max Drawdown (5Y)Largest decline over 5 years | -65.00% | -50.06% | -14.94% |
Max Drawdown (10Y)Largest decline over 10 years | -89.99% | -78.55% | -11.44% |
Current DrawdownCurrent decline from peak | -99.05% | -96.35% | -2.70% |
Average DrawdownAverage peak-to-trough decline | -76.22% | -62.24% | -13.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.91% | 8.55% | +3.36% |
Volatility
SOPIX vs. BRPIX - Volatility Comparison
ProFunds Short NASDAQ-100 Fund (SOPIX) has a higher volatility of 8.45% compared to ProFunds Bear Fund (BRPIX) at 4.22%. This indicates that SOPIX's price experiences larger fluctuations and is considered to be riskier than BRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOPIX | BRPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.45% | 4.22% | +4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 15.09% | 10.04% | +5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.36% | 12.57% | +5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 17.27% | +6.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 17.86% | +4.75% |
SOPIX vs. BRPIX - Expense Ratio Comparison
SOPIX has a 1.78% expense ratio, which is higher than BRPIX's 1.64% expense ratio.
Dividends
SOPIX vs. BRPIX - Dividend Comparison
SOPIX's dividend yield for the trailing twelve months is around 2.52%, less than BRPIX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRPIX ProFunds Bear Fund | 4.74% | 4.35% | 0.00% | 5.58% | 0.00% | 0.00% | 0.06% | 0.27% |
SOPIX ProFunds Short NASDAQ-100 Fund | 2.52% | 2.14% | 0.00% | 6.71% | 0.00% | 0.00% | 0.00% | 0.29% |
Frequently Asked Questions
With a correlation of 0.93, SOPIX and BRPIX 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.
SOPIX has higher volatility (8.45%) compared to BRPIX (4.22%). In terms of maximum drawdown, SOPIX dropped -99.07% vs BRPIX's -96.76%.
BRPIX currently has the higher Sharpe Ratio (-1.13 vs -1.19), 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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