UIPIX vs. SMPIX

Last updated Jun 24, 2026

UIPIX (ProFunds UltraShort Mid Cap Fund) and SMPIX (ProFunds Semiconductor UltraSector Fund Investor Class) are both mutual funds - UIPIX is a Inverse Equities fund managed by ProFunds, while SMPIX is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (150% Daily). Over the past 10 years, UIPIX returned -7.60%/yr vs 20.71%/yr for SMPIX. At a correlation of -0.69, they often move in opposite directions. UIPIX charges 1.78%/yr vs 1.52%/yr for SMPIX.

Performance

UIPIX vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort Mid Cap Fund (UIPIX) and ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX). 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 SMPIX's 80.13% return. Over the past 10 years, UIPIX has underperformed SMPIX with an annualized return of -7.60%, while SMPIX has yielded a comparatively higher 20.71% 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%

SMPIX

• 1D: 1.05%
• 1M: 13.00%
• YTD: 80.13%
• 6M: 76.63%
• 1Y: 170.88%
• 3Y*: -6.27%
• 5Y*: 2.00%
• 10Y*: 20.71%

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

UIPIX vs. SMPIX - 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%
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	80.13%	56.35%	-77.32%	155.37%	-54.31%	80.17%	60.77%	77.97%	-17.56%	42.78%

Correlation

The correlation between UIPIX and SMPIX is -0.44, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.49
Correlation (5Y) Calculated over the trailing 5-year period	-0.60
Correlation (10Y) Calculated over the trailing 10-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	-0.69

Over the past year, the inverse relationship between UIPIX and SMPIX has weakened: their correlation has moved from -0.69 to -0.44, meaning they move in opposite directions less often than they have historically.

Return for Risk

UIPIX vs. SMPIX — 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

SMPIX

SMPIX Risk / Return Rank: 89
SMPIX Sharpe Ratio Rank: 97
SMPIX Sortino Ratio Rank: 77
SMPIX Omega Ratio Rank: 78
SMPIX Calmar Ratio Rank: 98
SMPIX Martin Ratio Rank: 96

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. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Mid Cap Fund (UIPIX) and ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX). 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	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.18	3.42	-4.60
Sortino ratio: Return per unit of downside risk	-1.72	3.37	-5.10
Omega ratio: Gain probability vs. loss probability	0.81	1.46	-0.65
Calmar ratio: Return relative to maximum drawdown	-1.03	7.67	-8.69
Martin ratio: Return relative to average drawdown	-1.86	22.13	-23.99

UIPIX vs. SMPIX - Sharpe Ratio Comparison

The current UIPIX Sharpe Ratio is -1.18, which is lower than the SMPIX Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of UIPIX and SMPIX, 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. SMPIX - Drawdown Comparison

The maximum UIPIX drawdown since its inception was -99.84%, which is greater than SMPIX's maximum drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for UIPIX and SMPIX.

Drawdown Indicators

	UIPIX	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.84%	-94.52%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-35.97%	-22.72%	-13.25%
Max Drawdown (3Y) Largest decline over 3 years	-64.88%	-94.52%	+29.64%
Max Drawdown (5Y) Largest decline over 5 years	-64.88%	-94.52%	+29.64%
Max Drawdown (10Y) Largest decline over 10 years	-91.19%	-94.52%	+3.33%
Current Drawdown Current decline from peak	-99.22%	-72.81%	-26.41%
Average Drawdown Average peak-to-trough decline	-80.78%	-57.64%	-23.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.02%	7.85%	+13.17%

Volatility

UIPIX vs. SMPIX - Volatility Comparison

The current volatility for ProFunds UltraShort Mid Cap Fund (UIPIX) is 9.12%, while ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) has a volatility of 23.65%. This indicates that UIPIX experiences smaller price fluctuations and is considered to be less risky than SMPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UIPIX	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.12%	23.65%	-14.53%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	40.05%	-16.58%
Volatility (1Y) Calculated over the trailing 1-year period	31.55%	50.99%	-19.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	418.87%	71.47%	+347.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	297.67%	59.64%	+238.03%

UIPIX vs. SMPIX - Expense Ratio Comparison

UIPIX has a 1.78% expense ratio, which is higher than SMPIX's 1.52% expense ratio.

Dividends

UIPIX vs. SMPIX - Dividend Comparison

UIPIX's dividend yield for the trailing twelve months is around 3.49%, less than SMPIX's 7.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	7.23%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%
UIPIX ProFunds UltraShort Mid Cap Fund	3.49%	2.60%	0.00%	4.74%	0.00%	0.00%	0.00%	0.48%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UIPIX and SMPIX in my portfolio?

UIPIX and SMPIX have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UIPIX or SMPIX?

SMPIX has higher volatility (23.65%) compared to UIPIX (9.12%). In terms of maximum drawdown, UIPIX dropped -99.84% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (3.42 vs -1.18), 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.