UCPIX vs. RYCLX

Last updated Jun 4, 2026

UCPIX (ProFunds UltraShort Small Cap Fund) and RYCLX (Rydex Inverse Mid-Cap Strategy Fund) are both Inverse Equities funds. Over the past 10 years, UCPIX returned -28.39%/yr vs -11.25%/yr for RYCLX. Their correlation of 0.95 suggests significant overlap in exposure. UCPIX charges 1.78%/yr vs 2.39%/yr for RYCLX.

Performance

UCPIX vs. RYCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort Small Cap Fund (UCPIX) and Rydex Inverse Mid-Cap Strategy Fund (RYCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCPIX achieves a -29.75% return, which is significantly lower than RYCLX's -12.06% return. Over the past 10 years, UCPIX has underperformed RYCLX with an annualized return of -28.39%, while RYCLX has yielded a comparatively higher -11.25% annualized return.

UCPIX

• 1D: -1.75%
• 1M: -9.37%
• YTD: -29.75%
• 6M: -27.91%
• 1Y: -50.18%
• 3Y*: -30.24%
• 5Y*: -17.99%
• 10Y*: -28.39%

RYCLX

• 1D: -0.83%
• 1M: -3.50%
• YTD: -12.06%
• 6M: -11.00%
• 1Y: -15.41%
• 3Y*: -8.55%
• 5Y*: -5.59%
• 10Y*: -11.25%

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

UCPIX vs. RYCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCPIX ProFunds UltraShort Small Cap Fund	-29.75%	-25.76%	-19.27%	-26.54%	28.08%	-36.02%	-60.58%	-38.99%	17.86%	-27.19%
RYCLX Rydex Inverse Mid-Cap Strategy Fund	-12.06%	-1.04%	-5.59%	-8.75%	8.93%	-24.21%	-25.53%	-21.03%	11.39%	-14.94%

Correlation

The correlation between UCPIX and RYCLX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 4, 2005	0.95

The correlation between UCPIX and RYCLX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

UCPIX vs. RYCLX — Risk / Return Rank

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

UCPIX

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

RYCLX

RYCLX Risk / Return Rank: 0
RYCLX Sharpe Ratio Rank: 0
RYCLX Sortino Ratio Rank: 0
RYCLX Omega Ratio Rank: 1
RYCLX Calmar Ratio Rank: 0
RYCLX 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.

UCPIX vs. RYCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Small Cap Fund (UCPIX) and Rydex Inverse Mid-Cap Strategy Fund (RYCLX). 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.

	UCPIX	RYCLX	Difference
Sharpe ratio: Return per unit of total volatility	-1.36	-1.06	-0.29
Sortino ratio: Return per unit of downside risk	-2.23	-1.43	-0.80
Omega ratio: Gain probability vs. loss probability	0.76	0.84	-0.08
Calmar ratio: Return relative to maximum drawdown	-1.02	-1.00	-0.02
Martin ratio: Return relative to average drawdown	-1.68	-1.97	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCPIX vs. RYCLX - Sharpe Ratio Comparison

The current UCPIX Sharpe Ratio is -1.36, which is comparable to the RYCLX Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of UCPIX and RYCLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UCPIX	RYCLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.36	-1.06	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	-0.27	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	-0.53	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	-0.55	+0.42

Drawdowns

UCPIX vs. RYCLX - Drawdown Comparison

The maximum UCPIX drawdown since its inception was -99.99%, roughly equal to the maximum RYCLX drawdown of -95.55%. Use the drawdown chart below to compare losses from any high point for UCPIX and RYCLX.

Drawdown Indicators

	UCPIX	RYCLX	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-95.55%	-4.44%
Max Drawdown (1Y) Largest decline over 1 year	-50.67%	-16.44%	-34.23%
Max Drawdown (3Y) Largest decline over 3 years	-94.79%	-30.72%	-64.07%
Max Drawdown (5Y) Largest decline over 5 years	-95.26%	-33.32%	-61.94%
Max Drawdown (10Y) Largest decline over 10 years	-99.39%	-71.25%	-28.14%
Current Drawdown Current decline from peak	-99.95%	-95.55%	-4.40%
Average Drawdown Average peak-to-trough decline	-84.03%	-70.18%	-13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.46%	8.42%	+24.04%

Volatility

UCPIX vs. RYCLX - Volatility Comparison

ProFunds UltraShort Small Cap Fund (UCPIX) has a higher volatility of 11.20% compared to Rydex Inverse Mid-Cap Strategy Fund (RYCLX) at 4.43%. This indicates that UCPIX's price experiences larger fluctuations and is considered to be riskier than RYCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCPIX	RYCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	4.43%	+6.77%
Volatility (6M) Calculated over the trailing 6-month period	27.33%	11.40%	+15.93%
Volatility (1Y) Calculated over the trailing 1-year period	38.25%	15.54%	+22.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	402.12%	20.55%	+381.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	286.19%	21.46%	+264.73%

UCPIX vs. RYCLX - Expense Ratio Comparison

UCPIX has a 1.78% expense ratio, which is lower than RYCLX's 2.39% expense ratio.

Dividends

UCPIX vs. RYCLX - Dividend Comparison

UCPIX's dividend yield for the trailing twelve months is around 6.57%, less than RYCLX's 37.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYCLX Rydex Inverse Mid-Cap Strategy Fund	37.53%	33.01%	25.75%	9.12%	0.00%	0.00%	0.76%	0.89%
UCPIX ProFunds UltraShort Small Cap Fund	6.57%	4.61%	4.24%	4.77%	0.00%	0.00%	0.00%	0.30%

Frequently Asked Questions

Can I hold both UCPIX and RYCLX in my portfolio?

With a correlation of 0.91, UCPIX and RYCLX 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, UCPIX or RYCLX?

UCPIX has higher volatility (11.20%) compared to RYCLX (4.43%). In terms of maximum drawdown, UCPIX dropped -99.99% vs RYCLX's -95.55%.

Which has better risk-adjusted returns?

RYCLX currently has the higher Sharpe Ratio (-1.06 vs -1.36), 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.