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 -20.40%/yr vs -28.32%/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 -15.00% return, which is significantly higher than URPIX's -17.52% return. Over the past 10 years, SOPIX has outperformed URPIX with an annualized return of -20.40%, while URPIX has yielded a comparatively lower -28.32% 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%
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%
SOPIX vs. URPIX - 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% |
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 SOPIX and URPIX 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 | 0.94 |
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 | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.81 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.94 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.70 | -0.13 |
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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 | -24.87% | -30.79% | +5.92% |
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 | -89.99% | -96.59% | +6.60% |
Current DrawdownCurrent decline from peak | -99.05% | -99.92% | +0.87% |
Average DrawdownAverage peak-to-trough decline | -76.22% | -79.13% | +2.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.91% | 16.98% | -5.07% |
Volatility
SOPIX vs. URPIX - Volatility Comparison
ProFunds Short NASDAQ-100 Fund (SOPIX) and ProFunds UltraBear Fund (URPIX) have volatilities of 8.45% and 8.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 8.45% | 8.55% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 15.09% | 20.03% | -4.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.36% | 25.11% | -6.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.73% | 34.03% | -10.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.61% | 35.58% | -12.97% |
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 2.52%, less than URPIX's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SOPIX ProFunds Short NASDAQ-100 Fund | 2.52% | 2.14% | 0.00% | 6.71% | 0.00% | 0.00% | 0.00% | 0.29% |
URPIX ProFunds UltraBear Fund | 3.31% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, 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 (8.55%) compared to SOPIX (8.45%). In terms of maximum drawdown, SOPIX dropped -99.07% vs URPIX's -99.92%.
URPIX currently has the higher Sharpe Ratio (-1.15 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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