UAPIX vs. UMPIX

Last updated Jul 11, 2026

UAPIX (ProFunds UltraSmall Cap Fund) and UMPIX (ProFunds UltraMid Cap Fund) are both Leveraged Equities funds from ProFunds. Over the past 10 years, UAPIX returned 11.17%/yr vs 12.78%/yr for UMPIX. With a 0.95 correlation, they move nearly in lockstep. UAPIX charges 1.60%/yr vs 1.51%/yr for UMPIX.

Performance

UAPIX vs. UMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraSmall Cap Fund (UAPIX) and ProFunds UltraMid Cap Fund (UMPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAPIX achieves a 39.71% return, which is significantly higher than UMPIX's 26.69% return. Over the past 10 years, UAPIX has underperformed UMPIX with an annualized return of 11.17%, while UMPIX has yielded a comparatively higher 12.78% annualized return.

UAPIX

• 1D: 2.46%
• 1M: 2.92%
• 6M: 25.26%
• YTD: 39.71%
• 1Y: 66.43%
• 3Y*: 24.17%
• 5Y*: 2.60%
• 10Y*: 11.17%

UMPIX

• 1D: 2.50%
• 1M: -1.09%
• 6M: 15.83%
• YTD: 26.69%
• 1Y: 34.01%
• 3Y*: 18.24%
• 5Y*: 7.99%
• 10Y*: 12.78%

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

UAPIX vs. UMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UAPIX ProFunds UltraSmall Cap Fund	39.71%	12.77%	10.42%	22.26%	-43.78%	23.06%	13.86%	46.81%	-26.88%	24.36%
UMPIX ProFunds UltraMid Cap Fund	26.69%	3.62%	16.80%	22.37%	-32.05%	55.65%	5.21%	48.88%	-26.37%	23.77%

Correlation

The correlation between UAPIX and UMPIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 7, 2000	0.95

The correlation between UAPIX and UMPIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

UAPIX vs. UMPIX — Risk / Return Rank

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

UAPIX

UAPIX Risk / Return Rank: 58
UAPIX Sharpe Ratio Rank: 54
UAPIX Sortino Ratio Rank: 50
UAPIX Omega Ratio Rank: 42
UAPIX Calmar Ratio Rank: 78
UAPIX Martin Ratio Rank: 65

UMPIX

UMPIX Risk / Return Rank: 30
UMPIX Sharpe Ratio Rank: 24
UMPIX Sortino Ratio Rank: 27
UMPIX Omega Ratio Rank: 24
UMPIX Calmar Ratio Rank: 39
UMPIX Martin Ratio Rank: 37

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.

UAPIX vs. UMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraSmall Cap Fund (UAPIX) and ProFunds UltraMid Cap Fund (UMPIX). 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.

	UAPIX	UMPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.05	+0.59
Sortino ratio: Return per unit of downside risk	2.25	1.63	+0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	2.87	1.87	+1.00
Martin ratio: Return relative to average drawdown	9.74	6.40	+3.33

UAPIX vs. UMPIX - Sharpe Ratio Comparison

The current UAPIX Sharpe Ratio is 1.64, which is higher than the UMPIX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of UAPIX and UMPIX, 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

UAPIX vs. UMPIX - Drawdown Comparison

The maximum UAPIX drawdown since its inception was -88.51%, roughly equal to the maximum UMPIX drawdown of -85.51%. Use the drawdown chart below to compare losses from any high point for UAPIX and UMPIX.

Drawdown Indicators

	UAPIX	UMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-88.51%	-85.51%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	-22.32%	-17.70%	-4.62%
Max Drawdown (3Y) Largest decline over 3 years	-49.86%	-44.93%	-4.93%
Max Drawdown (5Y) Largest decline over 5 years	-61.82%	-44.93%	-16.89%
Max Drawdown (10Y) Largest decline over 10 years	-72.18%	-69.51%	-2.67%
Current Drawdown Current decline from peak	-2.27%	-3.84%	+1.57%
Average Drawdown Average peak-to-trough decline	-35.92%	-21.96%	-13.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	5.16%	+1.40%

Volatility

UAPIX vs. UMPIX - Volatility Comparison

ProFunds UltraSmall Cap Fund (UAPIX) and ProFunds UltraMid Cap Fund (UMPIX) have volatilities of 9.56% and 9.27%, 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.

Volatility by Period

	UAPIX	UMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	9.27%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	28.35%	23.27%	+5.08%
Volatility (1Y) Calculated over the trailing 1-year period	39.04%	31.55%	+7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.25%	39.57%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.43%	41.82%	+4.61%

UAPIX vs. UMPIX - Expense Ratio Comparison

UAPIX has a 1.60% expense ratio, which is higher than UMPIX's 1.51% expense ratio.

Dividends

UAPIX vs. UMPIX - Dividend Comparison

UAPIX's dividend yield for the trailing twelve months is around 0.34%, more than UMPIX's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UAPIX ProFunds UltraSmall Cap Fund	0.34%	0.47%	1.06%	0.73%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%
UMPIX ProFunds UltraMid Cap Fund	0.15%	0.19%	0.96%	0.59%	0.00%	9.49%	0.00%	2.07%	0.14%	2.33%

Frequently Asked Questions

Can I hold both UAPIX and UMPIX in my portfolio?

With a correlation of 0.92, UAPIX and UMPIX 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.

Which is riskier, UAPIX or UMPIX?

UAPIX has higher volatility (9.56%) compared to UMPIX (9.27%). In terms of maximum drawdown, UAPIX dropped -88.51% vs UMPIX's -85.51%.

Which has better risk-adjusted returns?

UAPIX currently has the higher Sharpe Ratio (1.64 vs 1.05), 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.