ULPIX vs. OTPIX

Last updated Jun 24, 2026

ULPIX (ProFunds UltraBull Fund) and OTPIX (ProFunds NASDAQ-100 Fund) are both mutual funds - ULPIX is a Leveraged Equities fund managed by ProFunds, while OTPIX is a Large Cap Growth Equities fund managed by ProFunds. Over the past 10 years, ULPIX returned 23.21%/yr vs 6.24%/yr for OTPIX. Their correlation of 0.88 suggests significant overlap in exposure. ULPIX charges 1.46%/yr vs 1.48%/yr for OTPIX.

Performance

ULPIX vs. OTPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraBull Fund (ULPIX) and ProFunds NASDAQ-100 Fund (OTPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULPIX achieves a 16.02% return, which is significantly lower than OTPIX's 19.41% return. Over the past 10 years, ULPIX has outperformed OTPIX with an annualized return of 23.21%, while OTPIX has yielded a comparatively lower 6.24% annualized return.

ULPIX

• 1D: -0.78%
• 1M: -0.52%
• YTD: 16.02%
• 6M: 13.77%
• 1Y: 45.84%
• 3Y*: 32.87%
• 5Y*: 17.45%
• 10Y*: 23.21%

OTPIX

• 1D: -0.21%
• 1M: 2.80%
• YTD: 19.41%
• 6M: 17.80%
• 1Y: 37.09%
• 3Y*: -21.30%
• 5Y*: -10.16%
• 10Y*: 6.24%

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

ULPIX vs. OTPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULPIX ProFunds UltraBull Fund	16.02%	25.47%	38.03%	45.59%	-39.16%	59.28%	19.12%	62.17%	-15.02%	42.77%
OTPIX ProFunds NASDAQ-100 Fund	19.41%	18.08%	-69.20%	51.66%	-34.36%	48.75%	45.00%	36.58%	-1.75%	29.45%

Correlation

The correlation between ULPIX and OTPIX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 7, 2000	0.88

The correlation between ULPIX and OTPIX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

ULPIX vs. OTPIX — 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: 52
ULPIX Sortino Ratio Rank: 42
ULPIX Omega Ratio Rank: 45
ULPIX Calmar Ratio Rank: 53
ULPIX Martin Ratio Rank: 61

OTPIX

OTPIX Risk / Return Rank: 62
OTPIX Sharpe Ratio Rank: 67
OTPIX Sortino Ratio Rank: 55
OTPIX Omega Ratio Rank: 57
OTPIX Calmar Ratio Rank: 70
OTPIX Martin Ratio Rank: 60

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. OTPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBull Fund (ULPIX) and ProFunds NASDAQ-100 Fund (OTPIX). 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	OTPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.19	-0.23
Sortino ratio: Return per unit of downside risk	2.52	2.87	-0.35
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	2.67	3.09	-0.42
Martin ratio: Return relative to average drawdown	11.36	11.29	+0.08

ULPIX vs. OTPIX - Sharpe Ratio Comparison

The current ULPIX Sharpe Ratio is 1.96, which is comparable to the OTPIX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ULPIX and OTPIX, 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. OTPIX - Drawdown Comparison

The maximum ULPIX drawdown since its inception was -89.68%, which is greater than OTPIX's maximum drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for ULPIX and OTPIX.

Drawdown Indicators

	ULPIX	OTPIX	Difference
Max Drawdown Largest peak-to-trough decline	-89.68%	-79.55%	-10.13%
Max Drawdown (1Y) Largest decline over 1 year	-18.30%	-12.53%	-5.77%
Max Drawdown (3Y) Largest decline over 3 years	-36.59%	-79.55%	+42.96%
Max Drawdown (5Y) Largest decline over 5 years	-46.92%	-79.55%	+32.63%
Max Drawdown (10Y) Largest decline over 10 years	-59.41%	-79.55%	+20.14%
Current Drawdown Current decline from peak	-3.93%	-64.41%	+60.48%
Average Drawdown Average peak-to-trough decline	-33.78%	-22.88%	-10.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	3.42%	+0.87%

Volatility

ULPIX vs. OTPIX - Volatility Comparison

ProFunds UltraBull Fund (ULPIX) has a higher volatility of 9.35% compared to ProFunds NASDAQ-100 Fund (OTPIX) at 8.32%. This indicates that ULPIX's price experiences larger fluctuations and is considered to be riskier than OTPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULPIX	OTPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.35%	8.32%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	14.17%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	24.96%	17.69%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.09%	41.89%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.54%	33.31%	+2.23%

ULPIX vs. OTPIX - Expense Ratio Comparison

ULPIX has a 1.46% expense ratio, which is lower than OTPIX's 1.48% expense ratio.

Dividends

ULPIX vs. OTPIX - Dividend Comparison

ULPIX's dividend yield for the trailing twelve months is around 7.85%, more than OTPIX's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OTPIX ProFunds NASDAQ-100 Fund	1.44%	1.72%	0.76%	0.00%	0.00%	18.31%	1.10%	0.87%	0.00%
ULPIX ProFunds UltraBull Fund	7.85%	9.11%	0.00%	0.02%	10.36%	5.62%	12.74%	0.42%	0.58%

Frequently Asked Questions

Can I hold both ULPIX and OTPIX in my portfolio?

With a correlation of 0.94, ULPIX and OTPIX 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 OTPIX?

ULPIX has higher volatility (9.35%) compared to OTPIX (8.32%). In terms of maximum drawdown, ULPIX dropped -89.68% vs OTPIX's -79.55%.

Which has better risk-adjusted returns?

OTPIX currently has the higher Sharpe Ratio (2.19 vs 1.96), 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.