ULPIX vs. BRPIX
ULPIX (ProFunds UltraBull Fund) and BRPIX (ProFunds Bear Fund) are both mutual funds - ULPIX is a Leveraged Equities fund managed by ProFunds, while BRPIX is a Inverse Equities fund managed by ProFunds. Over the past 10 years, ULPIX returned 22.16%/yr vs -14.06%/yr for BRPIX. At a correlation of -0.99, they often move in opposite directions. ULPIX charges 1.46%/yr vs 1.64%/yr for BRPIX.
Performance
ULPIX vs. BRPIX - Performance Comparison
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Returns By Period
In the year-to-date period, ULPIX achieves a 18.89% return, which is significantly higher than BRPIX's -8.33% return. Over the past 10 years, ULPIX has outperformed BRPIX with an annualized return of 22.16%, while BRPIX has yielded a comparatively lower -14.06% annualized return.
ULPIX
- 1D
- 0.85%
- 1M
- 3.47%
- 6M
- 14.61%
- YTD
- 18.89%
- 1Y
- 38.84%
- 3Y*
- 32.25%
- 5Y*
- 16.63%
- 10Y*
- 22.16%
BRPIX
- 1D
- -0.48%
- 1M
- -1.65%
- 6M
- -6.70%
- YTD
- -8.33%
- 1Y
- -14.45%
- 3Y*
- -15.07%
- 5Y*
- -10.61%
- 10Y*
- -14.06%
ULPIX vs. BRPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULPIX ProFunds UltraBull Fund | 18.89% | 25.47% | 38.03% | 45.59% | -39.16% | 59.28% | 19.12% | 62.17% | -15.02% | 42.77% |
BRPIX ProFunds Bear Fund | -8.33% | -12.27% | -20.40% | -15.39% | 17.31% | -24.68% | -25.63% | -23.18% | 4.03% | -18.03% |
Correlation
The correlation between ULPIX and BRPIX is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998 | -0.99 |
The correlation between ULPIX and BRPIX has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
ULPIX vs. BRPIX — Risk / Return Rank
ULPIX
BRPIX
ULPIX vs. BRPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBull Fund (ULPIX) and ProFunds Bear Fund (BRPIX). 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.
| ULPIX | BRPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.82 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | -0.88 | +2.96 |
| Martin ratioReturn relative to average drawdown | 8.60 | -1.65 | +10.25 |
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Drawdowns
ULPIX vs. BRPIX - Drawdown Comparison
The maximum ULPIX drawdown since its inception was -89.68%, smaller than the maximum BRPIX drawdown of -96.76%. Use the drawdown chart below to compare losses from any high point for ULPIX and BRPIX.
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Drawdown Indicators
| ULPIX | BRPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.68% | -96.76% | +7.08% |
Max Drawdown (1Y)Largest decline over 1 year | -18.30% | -16.15% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -36.59% | -44.49% | +7.90% |
Max Drawdown (5Y)Largest decline over 5 years | -46.92% | -50.06% | +3.14% |
Max Drawdown (10Y)Largest decline over 10 years | -59.41% | -78.55% | +19.14% |
Current DrawdownCurrent decline from peak | -1.55% | -96.35% | +94.80% |
Average DrawdownAverage peak-to-trough decline | -33.72% | -62.24% | +28.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.42% | 8.55% | -4.13% |
Volatility
ULPIX vs. BRPIX - Volatility Comparison
ProFunds UltraBull Fund (ULPIX) has a higher volatility of 8.54% compared to ProFunds Bear Fund (BRPIX) at 4.22%. This indicates that ULPIX's price experiences larger fluctuations and is considered to be riskier than BRPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULPIX | BRPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.54% | 4.22% | +4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 19.90% | 10.04% | +9.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.01% | 12.57% | +12.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.11% | 17.27% | +16.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.41% | 17.86% | +17.55% |
ULPIX vs. BRPIX - Expense Ratio Comparison
ULPIX has a 1.46% expense ratio, which is lower than BRPIX's 1.64% expense ratio.
Dividends
ULPIX vs. BRPIX - Dividend Comparison
ULPIX's dividend yield for the trailing twelve months is around 7.66%, more than BRPIX's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRPIX ProFunds Bear Fund | 4.74% | 4.35% | 0.00% | 5.58% | 0.00% | 0.00% | 0.06% | 0.27% | 0.00% |
ULPIX ProFunds UltraBull Fund | 7.66% | 9.11% | 0.00% | 0.02% | 10.36% | 5.62% | 12.74% | 0.42% | 0.58% |
Frequently Asked Questions
ULPIX and BRPIX have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULPIX has higher volatility (8.54%) compared to BRPIX (4.22%). In terms of maximum drawdown, ULPIX dropped -89.68% vs BRPIX's -96.76%.
ULPIX currently has the higher Sharpe Ratio (1.52 vs -1.13), 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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