ULPIX vs. SOPIX

Last updated Jul 14, 2026

ULPIX (ProFunds UltraBull Fund) and SOPIX (ProFunds Short NASDAQ-100 Fund) are both mutual funds - ULPIX is a Leveraged Equities fund managed by ProFunds, while SOPIX is a Inverse Equities fund managed by ProFunds. Over the past 10 years, ULPIX returned 22.16%/yr vs -20.40%/yr for SOPIX. At a correlation of -0.89, they often move in opposite directions. ULPIX charges 1.46%/yr vs 1.78%/yr for SOPIX.

Performance

ULPIX vs. SOPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, ULPIX achieves a 18.89% return, which is significantly higher than SOPIX's -15.00% return. Over the past 10 years, ULPIX has outperformed SOPIX with an annualized return of 22.16%, while SOPIX has yielded a comparatively lower -20.40% 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%

SOPIX

• 1D: -0.31%
• 1M: -0.75%
• 6M: -13.33%
• YTD: -15.00%
• 1Y: -21.88%
• 3Y*: -20.54%
• 5Y*: -15.02%
• 10Y*: -20.40%

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

ULPIX vs. SOPIX - 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%
SOPIX ProFunds Short NASDAQ-100 Fund	-15.00%	-15.80%	-23.82%	-31.85%	34.73%	-25.69%	-42.92%	-28.29%	-3.07%	-25.24%

Correlation

The correlation between ULPIX and SOPIX is -0.93, 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	-0.93
Correlation (3Y) Calculated over the trailing 3-year period	-0.93
Correlation (5Y) Calculated over the trailing 5-year period	-0.93
Correlation (10Y) Calculated over the trailing 10-year period	-0.90
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	-0.89

The correlation between ULPIX and SOPIX has been stable across timeframes, ranging from -0.93 to -0.89 - a consistent structural relationship.

Return for Risk

ULPIX vs. SOPIX — Risk / Return Rank

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

ULPIX

ULPIX Risk / Return Rank: 46
ULPIX Sharpe Ratio Rank: 46
ULPIX Sortino Ratio Rank: 40
ULPIX Omega Ratio Rank: 43
ULPIX Calmar Ratio Rank: 46
ULPIX Martin Ratio Rank: 54

SOPIX

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

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. SOPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBull Fund (ULPIX) and ProFunds Short NASDAQ-100 Fund (SOPIX). 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	SOPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.52	-1.19	+2.71
Sortino ratio: Return per unit of downside risk	2.05	-1.73	+3.78
Omega ratio: Gain probability vs. loss probability	1.27	0.81	+0.46
Calmar ratio: Return relative to maximum drawdown	2.08	-0.88	+2.96
Martin ratio: Return relative to average drawdown	8.60	-1.82	+10.42

ULPIX vs. SOPIX - Sharpe Ratio Comparison

The current ULPIX Sharpe Ratio is 1.52, which is higher than the SOPIX Sharpe Ratio of -1.19. The chart below compares the historical Sharpe Ratios of ULPIX and SOPIX, 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. SOPIX - Drawdown Comparison

The maximum ULPIX drawdown since its inception was -89.68%, smaller than the maximum SOPIX drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for ULPIX and SOPIX.

Drawdown Indicators

	ULPIX	SOPIX	Difference
Max Drawdown Largest peak-to-trough decline	-89.68%	-99.07%	+9.39%
Max Drawdown (1Y) Largest decline over 1 year	-18.30%	-24.87%	+6.57%
Max Drawdown (3Y) Largest decline over 3 years	-36.59%	-54.87%	+18.28%
Max Drawdown (5Y) Largest decline over 5 years	-46.92%	-65.00%	+18.08%
Max Drawdown (10Y) Largest decline over 10 years	-59.41%	-89.99%	+30.58%
Current Drawdown Current decline from peak	-1.55%	-99.05%	+97.50%
Average Drawdown Average peak-to-trough decline	-33.72%	-76.22%	+42.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	11.91%	-7.49%

Volatility

ULPIX vs. SOPIX - Volatility Comparison

ProFunds UltraBull Fund (ULPIX) and ProFunds Short NASDAQ-100 Fund (SOPIX) have volatilities of 8.54% and 8.45%, 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

	ULPIX	SOPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	8.45%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	19.90%	15.09%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	25.01%	18.36%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.11%	23.73%	+10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.41%	22.61%	+12.80%

ULPIX vs. SOPIX - Expense Ratio Comparison

ULPIX has a 1.46% expense ratio, which is lower than SOPIX's 1.78% expense ratio.

Dividends

ULPIX vs. SOPIX - Dividend Comparison

ULPIX's dividend yield for the trailing twelve months is around 7.66%, more than SOPIX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SOPIX ProFunds Short NASDAQ-100 Fund	2.52%	2.14%	0.00%	6.71%	0.00%	0.00%	0.00%	0.29%	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

Can I hold both ULPIX and SOPIX in my portfolio?

ULPIX and SOPIX have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULPIX or SOPIX?

ULPIX has higher volatility (8.54%) compared to SOPIX (8.45%). In terms of maximum drawdown, ULPIX dropped -89.68% vs SOPIX's -99.07%.

Which has better risk-adjusted returns?

ULPIX currently has the higher Sharpe Ratio (1.52 vs -1.19), 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.