UGPIX vs. SMH

Last updated Jul 14, 2026

UGPIX (ProFunds UltraChina) and SMH (VanEck Semiconductor ETF) are both funds - UGPIX is a Leveraged Equities fund managed by ProFunds, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, UGPIX returned 6.96%/yr vs 35.93%/yr for SMH. At a 0.13 correlation, their price movements are largely independent. UGPIX charges 1.74%/yr vs 0.35%/yr for SMH.

Performance

UGPIX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraChina (UGPIX) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGPIX achieves a -37.93% return, which is significantly lower than SMH's 62.61% return. Over the past 10 years, UGPIX has underperformed SMH with an annualized return of 6.96%, while SMH has yielded a comparatively higher 35.93% annualized return.

UGPIX

• 1D: -0.19%
• 1M: -2.24%
• 6M: -46.85%
• YTD: -37.93%
• 1Y: -28.33%
• 3Y*: -13.55%
• 5Y*: 2.49%
• 10Y*: 6.96%

SMH

• 1D: -4.16%
• 1M: -5.54%
• 6M: 49.91%
• YTD: 62.61%
• 1Y: 104.33%
• 3Y*: 55.82%
• 5Y*: 36.02%
• 10Y*: 35.93%

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

UGPIX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGPIX ProFunds UltraChina	-37.93%	36.28%	-21.79%	785.09%	-53.03%	-73.86%	76.47%	40.07%	-46.51%	105.73%
SMH VanEck Semiconductor ETF	62.61%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between UGPIX and SMH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Aug 7, 2000	0.13

Over the past year, UGPIX and SMH have become more correlated (0.43) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

UGPIX vs. SMH — Risk / Return Rank

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

UGPIX

UGPIX Risk / Return Rank: 1
UGPIX Sharpe Ratio Rank: 1
UGPIX Sortino Ratio Rank: 1
UGPIX Omega Ratio Rank: 2
UGPIX Calmar Ratio Rank: 1
UGPIX Martin Ratio Rank: 1

SMH

SMH Risk / Return Rank: 92
SMH Sharpe Ratio Rank: 94
SMH Sortino Ratio Rank: 87
SMH Omega Ratio Rank: 88
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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.

UGPIX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraChina (UGPIX) and VanEck Semiconductor ETF (SMH). 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.

	UGPIX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	2.86	-3.40
Sortino ratio: Return per unit of downside risk	-0.54	3.14	-3.68
Omega ratio: Gain probability vs. loss probability	0.94	1.43	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.44	7.03	-7.47
Martin ratio: Return relative to average drawdown	-0.84	22.83	-23.66

UGPIX vs. SMH - Sharpe Ratio Comparison

The current UGPIX Sharpe Ratio is -0.54, which is lower than the SMH Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of UGPIX and SMH, 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

UGPIX vs. SMH - Drawdown Comparison

The maximum UGPIX drawdown since its inception was -98.56%, which is greater than SMH's maximum drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for UGPIX and SMH.

Drawdown Indicators

	UGPIX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-98.56%	-84.96%	-13.60%
Max Drawdown (1Y) Largest decline over 1 year	-65.51%	-14.93%	-50.58%
Max Drawdown (3Y) Largest decline over 3 years	-65.51%	-35.74%	-29.77%
Max Drawdown (5Y) Largest decline over 5 years	-91.09%	-45.30%	-45.79%
Max Drawdown (10Y) Largest decline over 10 years	-96.22%	-45.30%	-50.92%
Current Drawdown Current decline from peak	-82.34%	-12.45%	-69.89%
Average Drawdown Average peak-to-trough decline	-79.76%	-40.94%	-38.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.41%	4.59%	+29.82%

Volatility

UGPIX vs. SMH - Volatility Comparison

The current volatility for ProFunds UltraChina (UGPIX) is 15.53%, while VanEck Semiconductor ETF (SMH) has a volatility of 18.45%. This indicates that UGPIX experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGPIX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.53%	18.45%	-2.92%
Volatility (6M) Calculated over the trailing 6-month period	38.06%	31.29%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	53.17%	36.76%	+16.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	387.98%	36.19%	+351.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	276.45%	33.14%	+243.31%

UGPIX vs. SMH - Expense Ratio Comparison

UGPIX has a 1.74% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

UGPIX vs. SMH - Dividend Comparison

UGPIX's dividend yield for the trailing twelve months is around 9.74%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
UGPIX ProFunds UltraChina	9.74%	6.05%	2.91%	3.25%	0.00%	0.00%	0.00%	0.08%	0.00%	0.77%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UGPIX and SMH in my portfolio?

UGPIX and SMH have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGPIX or SMH?

SMH has higher volatility (18.45%) compared to UGPIX (15.53%). In terms of maximum drawdown, UGPIX dropped -98.56% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (2.86 vs -0.54), 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.