UHPIX vs. RYWWX

Last updated Jul 14, 2026

UHPIX (ProFunds UltraShort China) and RYWWX (Rydex Inverse Emerging Markets 2x Strategy Fund) are both Inverse Equities funds. Over the past 10 years, UHPIX returned -30.17%/yr vs -26.62%/yr for RYWWX. Their correlation of 0.84 suggests significant overlap in exposure. UHPIX charges 1.78%/yr vs 1.87%/yr for RYWWX.

Performance

UHPIX vs. RYWWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort China (UHPIX) and Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UHPIX achieves a 38.39% return, which is significantly higher than RYWWX's -13.77% return. Over the past 10 years, UHPIX has underperformed RYWWX with an annualized return of -30.17%, while RYWWX has yielded a comparatively higher -26.62% annualized return.

UHPIX

• 1D: 0.34%
• 1M: -0.00%
• 6M: 64.97%
• YTD: 38.39%
• 1Y: 7.34%
• 3Y*: -24.76%
• 5Y*: -26.47%
• 10Y*: -30.17%

RYWWX

• 1D: -0.89%
• 1M: -2.49%
• 6M: -1.27%
• YTD: -13.77%
• 1Y: -37.77%
• 3Y*: -32.24%
• 5Y*: -20.01%
• 10Y*: -26.62%

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

UHPIX vs. RYWWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UHPIX ProFunds UltraShort China	38.39%	-49.82%	-29.87%	-26.13%	-63.62%	94.89%	-64.76%	-43.34%	39.47%	-57.67%
RYWWX Rydex Inverse Emerging Markets 2x Strategy Fund	-13.77%	-51.31%	-17.03%	-28.06%	2.55%	17.09%	-57.70%	-39.99%	23.02%	-47.98%

Correlation

The correlation between UHPIX and RYWWX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.84

The correlation between UHPIX and RYWWX has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

UHPIX vs. RYWWX — 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: 5
UHPIX Sortino Ratio Rank: 7
UHPIX Omega Ratio Rank: 7
UHPIX Calmar Ratio Rank: 5
UHPIX Martin Ratio Rank: 4

RYWWX

RYWWX Risk / Return Rank: 1
RYWWX Sharpe Ratio Rank: 1
RYWWX Sortino Ratio Rank: 1
RYWWX Omega Ratio Rank: 1
RYWWX Calmar Ratio Rank: 0
RYWWX Martin Ratio Rank: 1

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. RYWWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort China (UHPIX) and Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX). 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	RYWWX	Difference
Sharpe ratio: Return per unit of total volatility	0.15	-0.87	+1.02
Sortino ratio: Return per unit of downside risk	0.57	-1.18	+1.76
Omega ratio: Gain probability vs. loss probability	1.07	0.87	+0.20
Calmar ratio: Return relative to maximum drawdown	0.18	-0.86	+1.04
Martin ratio: Return relative to average drawdown	0.35	-1.20	+1.55

UHPIX vs. RYWWX - Sharpe Ratio Comparison

The current UHPIX Sharpe Ratio is 0.15, which is higher than the RYWWX Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UHPIX and RYWWX, 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. RYWWX - Drawdown Comparison

The maximum UHPIX drawdown since its inception was -99.98%, roughly equal to the maximum RYWWX drawdown of -98.12%. Use the drawdown chart below to compare losses from any high point for UHPIX and RYWWX.

Drawdown Indicators

	UHPIX	RYWWX	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-98.12%	-1.86%
Max Drawdown (1Y) Largest decline over 1 year	-43.77%	-44.07%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-80.64%	-75.97%	-4.67%
Max Drawdown (5Y) Largest decline over 5 years	-96.64%	-84.06%	-12.58%
Max Drawdown (10Y) Largest decline over 10 years	-98.57%	-95.86%	-2.71%
Current Drawdown Current decline from peak	-99.96%	-97.92%	-2.04%
Average Drawdown Average peak-to-trough decline	-93.43%	-68.78%	-24.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.34%	31.37%	-8.03%

Volatility

UHPIX vs. RYWWX - Volatility Comparison

ProFunds UltraShort China (UHPIX) and Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX) have volatilities of 15.69% and 15.30%, 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

	UHPIX	RYWWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.69%	15.30%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	38.78%	35.34%	+3.44%
Volatility (1Y) Calculated over the trailing 1-year period	53.59%	43.63%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.92%	48.10%	+34.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	228.55%	46.50%	+182.05%

UHPIX vs. RYWWX - Expense Ratio Comparison

UHPIX has a 1.78% expense ratio, which is lower than RYWWX's 1.87% expense ratio.

Dividends

UHPIX vs. RYWWX - Dividend Comparison

UHPIX's dividend yield for the trailing twelve months is around 3.10%, less than RYWWX's 5.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYWWX Rydex Inverse Emerging Markets 2x Strategy Fund	5.80%	5.00%	5.36%	3.28%	0.00%	0.00%	0.00%	1.06%
UHPIX ProFunds UltraShort China	3.10%	4.29%	0.00%	3.45%	0.00%	0.00%	0.00%	0.55%

Frequently Asked Questions

Can I hold both UHPIX and RYWWX in my portfolio?

UHPIX and RYWWX 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, UHPIX or RYWWX?

UHPIX has higher volatility (15.69%) compared to RYWWX (15.30%). In terms of maximum drawdown, UHPIX dropped -99.98% vs RYWWX's -98.12%.

Which has better risk-adjusted returns?

UHPIX currently has the higher Sharpe Ratio (0.15 vs -0.87), 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.