UIPIX vs. SHPIX

Last updated Jun 24, 2026

UIPIX (ProFunds UltraShort Mid Cap Fund) and SHPIX (ProFunds Short Small Cap ProFund) are both Inverse Equities funds from ProFunds. Over the past 10 years, UIPIX returned -7.60%/yr vs 8.80%/yr for SHPIX. With a 0.95 correlation, they move nearly in lockstep. Both charge a 1.78% expense ratio.

Performance

UIPIX vs. SHPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort Mid Cap Fund (UIPIX) and ProFunds Short Small Cap ProFund (SHPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UIPIX achieves a -25.34% return, which is significantly lower than SHPIX's -17.55% return. Over the past 10 years, UIPIX has underperformed SHPIX with an annualized return of -7.60%, while SHPIX has yielded a comparatively higher 8.80% annualized return.

UIPIX

• 1D: -0.70%
• 1M: -6.97%
• YTD: -25.34%
• 6M: -22.47%
• 1Y: -36.05%
• 3Y*: -25.29%
• 5Y*: 29.03%
• 10Y*: -7.60%

SHPIX

• 1D: -0.80%
• 1M: -4.52%
• YTD: -17.55%
• 6M: -15.52%
• 1Y: -28.47%
• 3Y*: 7.61%
• 5Y*: 47.49%
• 10Y*: 8.80%

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

UIPIX vs. SHPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UIPIX ProFunds UltraShort Mid Cap Fund	-25.34%	-13.23%	-22.21%	668.01%	11.30%	-42.71%	-53.90%	-38.37%	21.21%	-27.33%
SHPIX ProFunds Short Small Cap ProFund	-17.55%	-9.61%	83.27%	344.97%	16.39%	-19.78%	-31.60%	-20.89%	9.96%	-14.49%

Correlation

The correlation between UIPIX and SHPIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.95

The correlation between UIPIX and SHPIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

UIPIX vs. SHPIX — Risk / Return Rank

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

UIPIX

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

SHPIX

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

UIPIX vs. SHPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Mid Cap Fund (UIPIX) and ProFunds Short Small Cap ProFund (SHPIX). 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.

	UIPIX	SHPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.18	-1.49	+0.31
Sortino ratio: Return per unit of downside risk	-1.72	-2.17	+0.45
Omega ratio: Gain probability vs. loss probability	0.81	0.77	+0.04
Calmar ratio: Return relative to maximum drawdown	-1.03	-1.03	0.00
Martin ratio: Return relative to average drawdown	-1.86	-1.83	-0.03

UIPIX vs. SHPIX - Sharpe Ratio Comparison

The current UIPIX Sharpe Ratio is -1.18, which is comparable to the SHPIX Sharpe Ratio of -1.49. The chart below compares the historical Sharpe Ratios of UIPIX and SHPIX, 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

UIPIX vs. SHPIX - Drawdown Comparison

The maximum UIPIX drawdown since its inception was -99.84%, roughly equal to the maximum SHPIX drawdown of -96.86%. Use the drawdown chart below to compare losses from any high point for UIPIX and SHPIX.

Drawdown Indicators

	UIPIX	SHPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.84%	-96.86%	-2.98%
Max Drawdown (1Y) Largest decline over 1 year	-35.97%	-28.36%	-7.61%
Max Drawdown (3Y) Largest decline over 3 years	-64.88%	-41.16%	-23.72%
Max Drawdown (5Y) Largest decline over 5 years	-64.88%	-41.16%	-23.72%
Max Drawdown (10Y) Largest decline over 10 years	-91.19%	-70.45%	-20.74%
Current Drawdown Current decline from peak	-99.22%	-76.09%	-23.13%
Average Drawdown Average peak-to-trough decline	-80.78%	-74.99%	-5.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.02%	16.78%	+4.24%

Volatility

UIPIX vs. SHPIX - Volatility Comparison

ProFunds UltraShort Mid Cap Fund (UIPIX) has a higher volatility of 9.12% compared to ProFunds Short Small Cap ProFund (SHPIX) at 6.34%. This indicates that UIPIX's price experiences larger fluctuations and is considered to be riskier than SHPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UIPIX	SHPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.12%	6.34%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	14.32%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	31.55%	19.70%	+11.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	418.87%	189.02%	+229.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	297.67%	134.69%	+162.98%

UIPIX vs. SHPIX - Expense Ratio Comparison

Both UIPIX and SHPIX have an expense ratio of 1.78%.

Dividends

UIPIX vs. SHPIX - Dividend Comparison

UIPIX's dividend yield for the trailing twelve months is around 3.49%, less than SHPIX's 33.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
SHPIX ProFunds Short Small Cap ProFund	33.57%	5.70%	0.00%	17.01%	0.00%	0.00%	0.00%	0.85%
UIPIX ProFunds UltraShort Mid Cap Fund	3.49%	2.60%	0.00%	4.74%	0.00%	0.00%	0.00%	0.48%

Frequently Asked Questions

Can I hold both UIPIX and SHPIX in my portfolio?

With a correlation of 0.92, UIPIX and SHPIX 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, UIPIX or SHPIX?

UIPIX has higher volatility (9.12%) compared to SHPIX (6.34%). In terms of maximum drawdown, UIPIX dropped -99.84% vs SHPIX's -96.86%.

Which has better risk-adjusted returns?

UIPIX currently has the higher Sharpe Ratio (-1.18 vs -1.49), 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.