UHPIX vs. RYCLX

Last updated Jun 24, 2026

UHPIX (ProFunds UltraShort China) and RYCLX (Rydex Inverse Mid-Cap Strategy Fund) are both Inverse Equities funds. Over the past 10 years, UHPIX returned -30.50%/yr vs -11.59%/yr for RYCLX. A 0.59 correlation means they provide meaningful diversification when combined. UHPIX charges 1.78%/yr vs 2.39%/yr for RYCLX.

Performance

UHPIX vs. RYCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort China (UHPIX) 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, UHPIX achieves a 51.66% return, which is significantly higher than RYCLX's -13.20% return. Over the past 10 years, UHPIX has underperformed RYCLX with an annualized return of -30.50%, while RYCLX has yielded a comparatively higher -11.59% annualized return.

UHPIX

• 1D: 1.27%
• 1M: 23.55%
• YTD: 51.66%
• 6M: 55.38%
• 1Y: 15.20%
• 3Y*: -26.17%
• 5Y*: -23.80%
• 10Y*: -30.50%

RYCLX

• 1D: -0.38%
• 1M: -3.41%
• YTD: -13.20%
• 6M: -11.65%
• 1Y: -16.11%
• 3Y*: -8.94%
• 5Y*: -6.04%
• 10Y*: -11.59%

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

UHPIX vs. RYCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UHPIX ProFunds UltraShort China	51.66%	-49.82%	-29.87%	-26.13%	-63.62%	94.89%	-64.76%	-43.34%	39.47%	-57.67%
RYCLX Rydex Inverse Mid-Cap Strategy Fund	-13.20%	-1.04%	-5.59%	-8.75%	8.93%	-24.21%	-25.53%	-21.03%	11.39%	-14.94%

Correlation

The correlation between UHPIX and RYCLX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 4, 2008	0.59

Over the past year, the correlation between UHPIX and RYCLX has dropped to 0.36 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

UHPIX vs. RYCLX — Risk / Return Rank

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

UHPIX

UHPIX Risk / Return Rank: 5
UHPIX Sharpe Ratio Rank: 4
UHPIX Sortino Ratio Rank: 6
UHPIX Omega Ratio Rank: 6
UHPIX Calmar Ratio Rank: 4
UHPIX Martin Ratio Rank: 4

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.

UHPIX vs. RYCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort China (UHPIX) 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.

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.

	UHPIX	RYCLX	Difference
Sharpe ratio: Return per unit of total volatility	0.23	-1.06	+1.30
Sortino ratio: Return per unit of downside risk	0.67	-1.43	+2.10
Omega ratio: Gain probability vs. loss probability	1.08	0.84	+0.25
Calmar ratio: Return relative to maximum drawdown	0.27	-0.96	+1.23
Martin ratio: Return relative to average drawdown	0.50	-1.90	+2.39

UHPIX vs. RYCLX - Sharpe Ratio Comparison

The current UHPIX Sharpe Ratio is 0.23, which is higher than the RYCLX Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of UHPIX 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.

Drawdowns

UHPIX vs. RYCLX - Drawdown Comparison

The maximum UHPIX drawdown since its inception was -99.98%, roughly equal to the maximum RYCLX drawdown of -95.61%. Use the drawdown chart below to compare losses from any high point for UHPIX and RYCLX.

Drawdown Indicators

	UHPIX	RYCLX	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-95.61%	-4.37%
Max Drawdown (1Y) Largest decline over 1 year	-44.95%	-17.57%	-27.38%
Max Drawdown (3Y) Largest decline over 3 years	-80.96%	-31.65%	-49.31%
Max Drawdown (5Y) Largest decline over 5 years	-96.64%	-34.22%	-62.42%
Max Drawdown (10Y) Largest decline over 10 years	-98.81%	-71.64%	-27.17%
Current Drawdown Current decline from peak	-99.95%	-95.61%	-4.34%
Average Drawdown Average peak-to-trough decline	-93.42%	-70.23%	-23.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.07%	9.04%	+17.03%

Volatility

UHPIX vs. RYCLX - Volatility Comparison

ProFunds UltraShort China (UHPIX) has a higher volatility of 11.67% compared to Rydex Inverse Mid-Cap Strategy Fund (RYCLX) at 4.58%. This indicates that UHPIX'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

	UHPIX	RYCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	4.58%	+7.09%
Volatility (6M) Calculated over the trailing 6-month period	37.96%	11.73%	+26.23%
Volatility (1Y) Calculated over the trailing 1-year period	52.67%	15.89%	+36.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.99%	20.57%	+62.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	228.63%	21.49%	+207.14%

UHPIX vs. RYCLX - Expense Ratio Comparison

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

Dividends

UHPIX vs. RYCLX - Dividend Comparison

UHPIX's dividend yield for the trailing twelve months is around 2.83%, less than RYCLX's 38.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYCLX Rydex Inverse Mid-Cap Strategy Fund	38.03%	33.01%	25.75%	9.12%	0.00%	0.00%	0.76%	0.89%
UHPIX ProFunds UltraShort China	2.83%	4.29%	0.00%	3.45%	0.00%	0.00%	0.00%	0.55%

Frequently Asked Questions

Can I hold both UHPIX and RYCLX in my portfolio?

UHPIX and RYCLX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UHPIX or RYCLX?

UHPIX has higher volatility (11.67%) compared to RYCLX (4.58%). In terms of maximum drawdown, UHPIX dropped -99.98% vs RYCLX's -95.61%.

Which has better risk-adjusted returns?

UHPIX currently has the higher Sharpe Ratio (0.23 vs -1.06), 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.