SOPIX vs. URPIX
SOPIX (ProFunds Short NASDAQ-100 Fund) and URPIX (ProFunds UltraBear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, SOPIX returned -21.08%/yr vs -28.98%/yr for URPIX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 1.78% expense ratio.
Performance
SOPIX vs. URPIX - Performance Comparison
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Returns By Period
In the year-to-date period, SOPIX achieves a -16.41% return, which is significantly lower than URPIX's -15.44% return. Over the past 10 years, SOPIX has outperformed URPIX with an annualized return of -21.08%, while URPIX has yielded a comparatively lower -28.98% annualized return.
SOPIX
- 1D
- 0.25%
- 1M
- -3.06%
- YTD
- -16.41%
- 6M
- -15.19%
- 1Y
- -26.08%
- 3Y*
- -21.30%
- 5Y*
- -15.98%
- 10Y*
- -21.08%
URPIX
- 1D
- 0.83%
- 1M
- 0.00%
- YTD
- -15.44%
- 6M
- -13.64%
- 1Y
- -32.58%
- 3Y*
- -29.03%
- 5Y*
- -22.65%
- 10Y*
- -28.98%
SOPIX vs. URPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOPIX ProFunds Short NASDAQ-100 Fund | -16.41% | -15.80% | -23.82% | -31.85% | 34.73% | -25.69% | -42.92% | -28.29% | -3.07% | -25.24% |
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 SOPIX and URPIX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
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 URPIX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
SOPIX vs. URPIX — Risk / Return Rank
SOPIX
URPIX
SOPIX vs. URPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Short NASDAQ-100 Fund (SOPIX) 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.
| SOPIX | URPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.77 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.97 | -0.04 |
| Martin ratioReturn relative to average drawdown | -2.07 | -1.68 | -0.39 |
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Drawdowns
SOPIX vs. URPIX - Drawdown Comparison
The maximum SOPIX drawdown since its inception was -99.07%, roughly equal to the maximum URPIX drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for SOPIX and URPIX.
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Drawdown Indicators
| SOPIX | URPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -99.92% | +0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -25.45% | -33.47% | +8.02% |
Max Drawdown (3Y)Largest decline over 3 years | -54.87% | -69.89% | +15.02% |
Max Drawdown (5Y)Largest decline over 5 years | -65.00% | -76.97% | +11.97% |
Max Drawdown (10Y)Largest decline over 10 years | -90.86% | -96.96% | +6.10% |
Current DrawdownCurrent decline from peak | -99.06% | -99.92% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -76.17% | -79.10% | +2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.73% | 21.49% | -7.76% |
Volatility
SOPIX vs. URPIX - Volatility Comparison
The current volatility for ProFunds Short NASDAQ-100 Fund (SOPIX) is 8.28%, while ProFunds UltraBear Fund (URPIX) has a volatility of 9.34%. This indicates that SOPIX 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
| SOPIX | URPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 9.34% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 14.14% | 19.81% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 25.08% | -7.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.62% | 34.01% | -10.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.62% | 35.72% | -13.10% |
SOPIX vs. URPIX - Expense Ratio Comparison
Both SOPIX and URPIX have an expense ratio of 1.78%.
Dividends
SOPIX vs. URPIX - Dividend Comparison
SOPIX's dividend yield for the trailing twelve months is around 2.56%, less than URPIX's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SOPIX ProFunds Short NASDAQ-100 Fund | 2.56% | 2.14% | 0.00% | 6.71% | 0.00% | 0.00% | 0.00% | 0.29% |
URPIX ProFunds UltraBear Fund | 3.23% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, SOPIX and URPIX 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.
URPIX has higher volatility (9.34%) compared to SOPIX (8.28%). In terms of maximum drawdown, SOPIX dropped -99.07% vs URPIX's -99.92%.
URPIX currently has the higher Sharpe Ratio (-1.35 vs -1.53), 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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