ULPIX vs. DXSLX

Last updated Jun 23, 2026

ULPIX (ProFunds UltraBull Fund) and DXSLX (Direxion Monthly S&P 500 Bull 1.75X Fund) are both Leveraged Equities funds. Over the past 10 years, ULPIX returned 22.73%/yr vs 27.22%/yr for DXSLX. With a 0.99 correlation, they move nearly in lockstep. ULPIX charges 1.46%/yr vs 1.35%/yr for DXSLX.

Performance

ULPIX vs. DXSLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraBull Fund (ULPIX) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULPIX achieves a 16.93% return, which is significantly higher than DXSLX's 14.48% return. Over the past 10 years, ULPIX has underperformed DXSLX with an annualized return of 22.73%, while DXSLX has yielded a comparatively higher 27.22% annualized return.

ULPIX

• 1D: 2.14%
• 1M: 0.26%
• YTD: 16.93%
• 6M: 15.69%
• 1Y: 49.75%
• 3Y*: 31.92%
• 5Y*: 18.48%
• 10Y*: 22.73%

DXSLX

• 1D: 1.84%
• 1M: 0.31%
• YTD: 14.48%
• 6M: 13.45%
• 1Y: 42.73%
• 3Y*: 30.08%
• 5Y*: 17.53%
• 10Y*: 27.22%

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

ULPIX vs. DXSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULPIX ProFunds UltraBull Fund	16.93%	25.47%	38.03%	45.59%	-39.16%	59.28%	19.12%	62.17%	-15.02%	42.77%
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	14.48%	25.05%	37.66%	39.91%	-37.35%	59.07%	27.52%	61.52%	-14.82%	98.50%

Correlation

The correlation between ULPIX and DXSLX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 May 3, 2006	0.99

The correlation between ULPIX and DXSLX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

ULPIX vs. DXSLX — Risk / Return Rank

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

ULPIX

ULPIX Risk / Return Rank: 51
ULPIX Sharpe Ratio Rank: 53
ULPIX Sortino Ratio Rank: 42
ULPIX Omega Ratio Rank: 46
ULPIX Calmar Ratio Rank: 54
ULPIX Martin Ratio Rank: 62

DXSLX

DXSLX Risk / Return Rank: 50
DXSLX Sharpe Ratio Rank: 51
DXSLX Sortino Ratio Rank: 42
DXSLX Omega Ratio Rank: 45
DXSLX Calmar Ratio Rank: 50
DXSLX Martin Ratio Rank: 61

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.

ULPIX vs. DXSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBull Fund (ULPIX) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). 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	DXSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.93	+0.05
Sortino ratio: Return per unit of downside risk	2.54	2.52	+0.02
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.69	2.59	+0.10
Martin ratio: Return relative to average drawdown	11.49	11.37	+0.12

ULPIX vs. DXSLX - Sharpe Ratio Comparison

The current ULPIX Sharpe Ratio is 1.98, which is comparable to the DXSLX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of ULPIX and DXSLX, 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

ULPIX vs. DXSLX - Drawdown Comparison

The maximum ULPIX drawdown since its inception was -89.68%, roughly equal to the maximum DXSLX drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for ULPIX and DXSLX.

Drawdown Indicators

	ULPIX	DXSLX	Difference
Max Drawdown Largest peak-to-trough decline	-89.68%	-91.80%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-18.30%	-16.30%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-36.59%	-31.90%	-4.69%
Max Drawdown (5Y) Largest decline over 5 years	-46.92%	-44.67%	-2.25%
Max Drawdown (10Y) Largest decline over 10 years	-59.41%	-61.09%	+1.68%
Current Drawdown Current decline from peak	-3.18%	-2.69%	-0.49%
Average Drawdown Average peak-to-trough decline	-33.78%	-21.51%	-12.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	3.71%	+0.57%

Volatility

ULPIX vs. DXSLX - Volatility Comparison

ProFunds UltraBull Fund (ULPIX) has a higher volatility of 9.53% compared to Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) at 8.43%. This indicates that ULPIX's price experiences larger fluctuations and is considered to be riskier than DXSLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULPIX	DXSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	8.43%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	19.79%	17.43%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	24.90%	21.90%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.10%	31.45%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.53%	38.65%	-3.12%

ULPIX vs. DXSLX - Expense Ratio Comparison

ULPIX has a 1.46% expense ratio, which is higher than DXSLX's 1.35% expense ratio.

Dividends

ULPIX vs. DXSLX - Dividend Comparison

ULPIX's dividend yield for the trailing twelve months is around 7.79%, more than DXSLX's 6.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	6.66%	7.93%	10.57%	0.00%	0.00%	7.89%	2.42%	4.41%	7.21%	34.95%	0.00%	25.71%
ULPIX ProFunds UltraBull Fund	7.79%	9.11%	0.00%	0.02%	10.36%	5.62%	12.74%	0.42%	0.58%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULPIX and DXSLX in my portfolio?

With a correlation of 1.00, ULPIX and DXSLX 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, ULPIX or DXSLX?

ULPIX has higher volatility (9.53%) compared to DXSLX (8.43%). In terms of maximum drawdown, ULPIX dropped -89.68% vs DXSLX's -91.80%.

Which has better risk-adjusted returns?

ULPIX currently has the higher Sharpe Ratio (1.98 vs 1.93), 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.