UCPIX vs. VIIIX

Last updated Aug 4, 2026

UCPIX (ProFunds UltraShort Small Cap Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - UCPIX is a Inverse Equities fund managed by ProFunds, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, UCPIX returned -9.05%/yr vs 15.23%/yr for VIIIX. Their -0.85 correlation means they have often moved in opposite directions in the past. UCPIX charges 1.78%/yr vs 0.02%/yr for VIIIX.

Performance

UCPIX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort Small Cap Fund (UCPIX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCPIX achieves a -30.00% return, which is significantly lower than VIIIX's 10.12% return. Over the past 10 years, UCPIX has underperformed VIIIX with an annualized return of -9.05%, while VIIIX has yielded a comparatively higher 15.23% annualized return.

UCPIX

• 1D: 1.01%
• 1M: 4.75%
• 6M: -20.81%
• YTD: -30.00%
• 1Y: -47.36%
• 3Y*: 58.84%
• 5Y*: 29.32%
• 10Y*: -9.05%
• ALL TIME*: -20.02%

VIIIX

• 1D: 0.71%
• 1M: 0.14%
• 6M: 7.96%
• YTD: 10.12%
• 1Y: 21.48%
• 3Y*: 19.82%
• 5Y*: 12.98%
• 10Y*: 15.23%
• ALL TIME*: 9.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UCPIX ProFunds UltraShort Small Cap Fund	$0.00	$0.00	$0.00
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

UCPIX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UCPIX ProFunds UltraShort Small Cap Fund	-30.00%	-25.76%	707.30%	-26.54%	28.08%	-36.02%	-60.58%	-38.99%	17.86%	-27.19%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	10.12%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between UCPIX and VIIIX is -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.79
Correlation (3Y) Balances recent behavior with more history.	-0.77
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.82
Correlation (10Y) Provides a long-term view across more market conditions.	-0.80
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	-0.85

The correlation between UCPIX and VIIIX has been stable across timeframes, ranging from -0.85 to -0.77 - a consistent structural relationship.

Return for Risk

UCPIX vs. VIIIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

VIIIX

VIIIX Risk / Return Rank: 59
VIIIX Sharpe Ratio Rank: 56
VIIIX Sortino Ratio Rank: 52
VIIIX Omega Ratio Rank: 52
VIIIX Calmar Ratio Rank: 61
VIIIX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UCPIX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Small Cap Fund (UCPIX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	UCPIX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	1.53	-2.70
Sortino ratio: Return per unit of downside risk	-1.78	2.12	-3.90
Omega ratio: Gain probability vs. loss probability	0.80	1.27	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.89	2.21	-3.10
Martin ratio: Return relative to average drawdown	-1.36	9.47	-10.84

UCPIX vs. VIIIX - Sharpe Ratio Comparison

The current UCPIX Sharpe Ratio is -1.17, which is lower than the VIIIX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of UCPIX and VIIIX, 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

UCPIX vs. VIIIX - Drawdown Comparison

The maximum UCPIX drawdown since its inception was -99.90%, which is greater than VIIIX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for UCPIX and VIIIX.

Drawdown Indicators

	UCPIX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.90%	-55.18%	-44.72%
Max Drawdown (1Y) Largest decline over 1 year	-48.54%	-8.90%	-39.64%
Max Drawdown (3Y) Largest decline over 3 years	-68.91%	-18.75%	-50.16%
Max Drawdown (5Y) Largest decline over 5 years	-68.91%	-24.50%	-44.41%
Max Drawdown (10Y) Largest decline over 10 years	-92.98%	-33.79%	-59.19%
Current Drawdown Current decline from peak	-99.46%	-1.42%	-98.04%
Average Drawdown Average peak-to-trough decline	-84.07%	-9.97%	-74.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.19%	2.07%	+31.12%

Volatility

UCPIX vs. VIIIX - Volatility Comparison

ProFunds UltraShort Small Cap Fund (UCPIX) has a higher volatility of 7.70% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 3.52%. This indicates that UCPIX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCPIX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.70%	3.52%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	28.42%	10.11%	+18.31%
Volatility (1Y) Calculated over the trailing 1-year period	38.81%	12.87%	+25.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	400.06%	17.00%	+383.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	284.69%	18.07%	+266.62%

UCPIX vs. VIIIX - Expense Ratio Comparison

UCPIX has a 1.78% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

UCPIX vs. VIIIX - Dividend Comparison

UCPIX's dividend yield for the trailing twelve months is around 6.59%, more than VIIIX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UCPIX ProFunds UltraShort Small Cap Fund	6.59%	4.61%	4.24%	4.77%	0.00%	0.00%	0.00%	0.30%	0.00%	0.00%	0.00%	0.00%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.49%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both UCPIX and VIIIX in my portfolio?

UCPIX and VIIIX have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCPIX or VIIIX?

UCPIX has higher volatility (7.70%) compared to VIIIX (3.52%). In terms of maximum drawdown, UCPIX dropped -99.90% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (1.53 vs -1.17), 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.