UIPIX vs. UKPIX
UIPIX (ProFunds UltraShort Mid Cap Fund) and UKPIX (ProFunds Ultra Short Japan Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, UIPIX returned -6.30%/yr vs -16.76%/yr for UKPIX. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 1.78% expense ratio.
Performance
UIPIX vs. UKPIX - Performance Comparison
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Returns By Period
In the year-to-date period, UIPIX achieves a -24.09% return, which is significantly higher than UKPIX's -51.50% return. Over the past 10 years, UIPIX has outperformed UKPIX with an annualized return of -6.30%, while UKPIX has yielded a comparatively lower -16.76% annualized return.
UIPIX
- 1D
- -0.05%
- 1M
- 1.13%
- 6M
- -14.13%
- YTD
- -24.09%
- 1Y
- -31.25%
- 3Y*
- -21.78%
- 5Y*
- 28.51%
- 10Y*
- -6.30%
UKPIX
- 1D
- 1.18%
- 1M
- 1.67%
- 6M
- -44.16%
- YTD
- -51.50%
- 1Y
- -71.90%
- 3Y*
- 17.90%
- 5Y*
- -0.92%
- 10Y*
- -16.76%
UIPIX vs. UKPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UIPIX ProFunds UltraShort Mid Cap Fund | -24.09% | -13.23% | -22.21% | 668.01% | 11.30% | -42.71% | -53.90% | -38.37% | 21.21% | -27.33% |
UKPIX ProFunds Ultra Short Japan Fund | -51.50% | -44.54% | 554.47% | -43.26% | 9.92% | -20.34% | -47.86% | -35.34% | 13.58% | -34.24% |
Correlation
The correlation between UIPIX and UKPIX is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2006 | 0.66 |
The correlation between UIPIX and UKPIX has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
UIPIX vs. UKPIX — Risk / Return Rank
UIPIX
UKPIX
UIPIX vs. UKPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Mid Cap Fund (UIPIX) and ProFunds Ultra Short Japan Fund (UKPIX). 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 | UKPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.70 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.95 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.63 | -1.48 | -0.15 |
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Drawdowns
UIPIX vs. UKPIX - Drawdown Comparison
The maximum UIPIX drawdown since its inception was -99.84%, roughly equal to the maximum UKPIX drawdown of -99.83%. Use the drawdown chart below to compare losses from any high point for UIPIX and UKPIX.
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Drawdown Indicators
| UIPIX | UKPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.84% | -99.83% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -35.54% | -75.33% | +39.79% |
Max Drawdown (3Y)Largest decline over 3 years | -65.67% | -83.62% | +17.95% |
Max Drawdown (5Y)Largest decline over 5 years | -65.67% | -83.62% | +17.95% |
Max Drawdown (10Y)Largest decline over 10 years | -90.12% | -94.80% | +4.68% |
Current DrawdownCurrent decline from peak | -99.21% | -99.49% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -80.83% | -82.78% | +1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.64% | 48.61% | -28.97% |
Volatility
UIPIX vs. UKPIX - Volatility Comparison
The current volatility for ProFunds UltraShort Mid Cap Fund (UIPIX) is 6.89%, while ProFunds Ultra Short Japan Fund (UKPIX) has a volatility of 21.62%. This indicates that UIPIX experiences smaller price fluctuations and is considered to be less risky than UKPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UIPIX | UKPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.89% | 21.62% | -14.73% |
Volatility (6M)Calculated over the trailing 6-month period | 23.36% | 44.35% | -20.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.47% | 54.45% | -22.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 418.87% | 425.78% | -6.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 297.59% | 302.16% | -4.57% |
UIPIX vs. UKPIX - Expense Ratio Comparison
Both UIPIX and UKPIX have an expense ratio of 1.78%.
Dividends
UIPIX vs. UKPIX - Dividend Comparison
UIPIX's dividend yield for the trailing twelve months is around 3.43%, more than UKPIX's 3.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
UIPIX ProFunds UltraShort Mid Cap Fund | 3.43% | 2.60% | 0.00% | 4.74% | 0.00% | 0.00% | 0.00% | 0.48% |
UKPIX ProFunds Ultra Short Japan Fund | 3.39% | 1.65% | 9.69% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UIPIX and UKPIX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UKPIX has higher volatility (21.62%) compared to UIPIX (6.89%). In terms of maximum drawdown, UIPIX dropped -99.84% vs UKPIX's -99.83%.
UIPIX currently has the higher Sharpe Ratio (-1.02 vs -1.32), 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.
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