UKPIX vs. BIPIX

Last updated Jun 3, 2026

UKPIX (ProFunds Ultra Short Japan Fund) and BIPIX (ProFunds Biotechnology UltraSector Fund) are both mutual funds - UKPIX is a Inverse Equities fund managed by ProFunds, while BIPIX is a Leveraged Equities fund managed by ProFunds. Over the past 10 years, UKPIX returned -33.97%/yr vs 6.09%/yr for BIPIX. At a correlation of -0.48, they often move in opposite directions. UKPIX charges 1.78%/yr vs 1.49%/yr for BIPIX.

Performance

UKPIX vs. BIPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Ultra Short Japan Fund (UKPIX) and ProFunds Biotechnology UltraSector Fund (BIPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UKPIX achieves a -48.64% return, which is significantly lower than BIPIX's 4.28% return. Over the past 10 years, UKPIX has underperformed BIPIX with an annualized return of -33.97%, while BIPIX has yielded a comparatively higher 6.09% annualized return.

UKPIX

• 1D: -3.19%
• 1M: -23.08%
• YTD: -48.64%
• 6M: -50.45%
• 1Y: -72.81%
• 3Y*: -44.75%
• 5Y*: -35.96%
• 10Y*: -33.97%

BIPIX

• 1D: -6.59%
• 1M: -6.97%
• YTD: 4.28%
• 6M: 4.61%
• 1Y: 83.18%
• 3Y*: 4.78%
• 5Y*: 0.73%
• 10Y*: 6.09%

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

UKPIX vs. BIPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UKPIX ProFunds Ultra Short Japan Fund	-48.64%	-44.54%	-34.55%	-43.26%	9.92%	-20.34%	-47.86%	-35.34%	13.58%	-34.24%
BIPIX ProFunds Biotechnology UltraSector Fund	4.28%	47.99%	-25.91%	9.55%	-13.43%	5.00%	19.94%	23.65%	-12.15%	34.71%

Correlation

The correlation between UKPIX and BIPIX is -0.40, 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	-0.40
Correlation (3Y) Calculated over the trailing 3-year period	-0.41
Correlation (5Y) Calculated over the trailing 5-year period	-0.44
Correlation (10Y) Calculated over the trailing 10-year period	-0.46
Correlation (All Time) Calculated using the full available price history since Mar 29, 2006	-0.48

Return for Risk

UKPIX vs. BIPIX — Risk / Return Rank

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

UKPIX

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

BIPIX

BIPIX Risk / Return Rank: 67
BIPIX Sharpe Ratio Rank: 60
BIPIX Sortino Ratio Rank: 49
BIPIX Omega Ratio Rank: 43
BIPIX Calmar Ratio Rank: 95
BIPIX Martin Ratio Rank: 88

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.

UKPIX vs. BIPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Ultra Short Japan Fund (UKPIX) and ProFunds Biotechnology UltraSector Fund (BIPIX). 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.

	UKPIX	BIPIX	Difference
Sharpe ratio Return per unit of total volatility	-1.51	2.28	-3.79
Sortino ratio Return per unit of downside risk	-3.01	2.96	-5.97
Omega ratio Gain probability vs. loss probability	0.65	1.35	-0.70
Calmar ratio Return relative to maximum drawdown	-0.99	5.75	-6.74
Martin ratio Return relative to average drawdown	-1.56	17.49	-19.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UKPIX vs. BIPIX - Sharpe Ratio Comparison

The current UKPIX Sharpe Ratio is -1.51, which is lower than the BIPIX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of UKPIX and BIPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UKPIX	BIPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.51	2.28	-3.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.02	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	0.17	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.15	-0.28

Drawdowns

UKPIX vs. BIPIX - Drawdown Comparison

The maximum UKPIX drawdown since its inception was -99.98%, which is greater than BIPIX's maximum drawdown of -84.51%. Use the drawdown chart below to compare losses from any high point for UKPIX and BIPIX.

Drawdown Indicators

	UKPIX	BIPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-84.51%	-15.47%
Max Drawdown (1Y) Largest decline over 1 year	-73.28%	-15.15%	-58.13%
Max Drawdown (3Y) Largest decline over 3 years	-94.60%	-59.50%	-35.10%
Max Drawdown (5Y) Largest decline over 5 years	-96.97%	-63.86%	-33.11%
Max Drawdown (10Y) Largest decline over 10 years	-99.51%	-63.86%	-35.65%
Current Drawdown Current decline from peak	-99.95%	-16.45%	-83.50%
Average Drawdown Average peak-to-trough decline	-82.80%	-37.22%	-45.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.55%	4.97%	+41.58%

Volatility

UKPIX vs. BIPIX - Volatility Comparison

ProFunds Ultra Short Japan Fund (UKPIX) and ProFunds Biotechnology UltraSector Fund (BIPIX) have volatilities of 13.62% and 14.22%, 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

	UKPIX	BIPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.62%	14.22%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	37.51%	30.38%	+7.13%
Volatility (1Y) Calculated over the trailing 1-year period	48.41%	38.37%	+10.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	427.40%	39.70%	+387.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	303.49%	36.37%	+267.12%

UKPIX vs. BIPIX - Expense Ratio Comparison

UKPIX has a 1.78% expense ratio, which is higher than BIPIX's 1.49% expense ratio.

Dividends

UKPIX vs. BIPIX - Dividend Comparison

UKPIX's dividend yield for the trailing twelve months is around 3.20%, more than BIPIX's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIPIX ProFunds Biotechnology UltraSector Fund	0.35%	0.37%	0.23%	6.69%	0.00%	0.79%	12.09%	3.26%	5.52%	7.19%
UKPIX ProFunds Ultra Short Japan Fund	3.20%	1.65%	9.69%	1.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UKPIX and BIPIX in my portfolio?

UKPIX and BIPIX have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UKPIX or BIPIX?

BIPIX has higher volatility (14.22%) compared to UKPIX (13.62%). In terms of maximum drawdown, UKPIX dropped -99.98% vs BIPIX's -84.51%.

Which has better risk-adjusted returns?

BIPIX currently has the higher Sharpe Ratio (2.28 vs -1.51), 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.