UOPIX vs. UAPIX

Last updated Jun 25, 2026

UOPIX (ProFunds UltraNASDAQ-100 Fund) and UAPIX (ProFunds UltraSmall Cap Fund) are both Leveraged Equities funds from ProFunds. Over the past 10 years, UOPIX returned 34.74%/yr vs 12.24%/yr for UAPIX. A 0.78 correlation means they provide meaningful diversification when combined. UOPIX charges 1.47%/yr vs 1.60%/yr for UAPIX.

Performance

UOPIX vs. UAPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraNASDAQ-100 Fund (UOPIX) and ProFunds UltraSmall Cap Fund (UAPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOPIX achieves a 29.15% return, which is significantly lower than UAPIX's 38.41% return. Over the past 10 years, UOPIX has outperformed UAPIX with an annualized return of 34.74%, while UAPIX has yielded a comparatively lower 12.24% annualized return.

UOPIX

• 1D: -6.59%
• 1M: -2.12%
• YTD: 29.15%
• 6M: 24.98%
• 1Y: 61.70%
• 3Y*: 42.75%
• 5Y*: 19.97%
• 10Y*: 34.74%

UAPIX

• 1D: -1.93%
• 1M: 6.90%
• YTD: 38.41%
• 6M: 31.22%
• 1Y: 75.71%
• 3Y*: 26.94%
• 5Y*: 1.43%
• 10Y*: 12.24%

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

UOPIX vs. UAPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UOPIX ProFunds UltraNASDAQ-100 Fund	29.15%	30.26%	41.75%	115.97%	-60.70%	48.28%	86.57%	80.53%	-9.41%	68.58%
UAPIX ProFunds UltraSmall Cap Fund	38.41%	12.77%	10.42%	22.26%	-43.78%	23.06%	13.86%	46.81%	-26.88%	24.36%

Correlation

The correlation between UOPIX and UAPIX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 7, 2000	0.78

The correlation between UOPIX and UAPIX shifts across timeframes, from 0.66 (3 years) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UOPIX vs. UAPIX — Risk / Return Rank

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

UOPIX

UOPIX Risk / Return Rank: 45
UOPIX Sharpe Ratio Rank: 48
UOPIX Sortino Ratio Rank: 37
UOPIX Omega Ratio Rank: 39
UOPIX Calmar Ratio Rank: 55
UOPIX Martin Ratio Rank: 47

UAPIX

UAPIX Risk / Return Rank: 65
UAPIX Sharpe Ratio Rank: 66
UAPIX Sortino Ratio Rank: 54
UAPIX Omega Ratio Rank: 44
UAPIX Calmar Ratio Rank: 85
UAPIX Martin Ratio Rank: 74

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.

UOPIX vs. UAPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraNASDAQ-100 Fund (UOPIX) and ProFunds UltraSmall Cap Fund (UAPIX). 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.

	UOPIX	UAPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.05	-0.19
Sortino ratio: Return per unit of downside risk	2.32	2.63	-0.30
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.68	3.62	-0.94
Martin ratio: Return relative to average drawdown	9.17	12.30	-3.12

UOPIX vs. UAPIX - Sharpe Ratio Comparison

The current UOPIX Sharpe Ratio is 1.86, which is comparable to the UAPIX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of UOPIX and UAPIX, 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

UOPIX vs. UAPIX - Drawdown Comparison

The maximum UOPIX drawdown since its inception was -99.00%, which is greater than UAPIX's maximum drawdown of -88.51%. Use the drawdown chart below to compare losses from any high point for UOPIX and UAPIX.

Drawdown Indicators

	UOPIX	UAPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.00%	-88.51%	-10.49%
Max Drawdown (1Y) Largest decline over 1 year	-24.97%	-22.32%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-42.52%	-49.86%	+7.34%
Max Drawdown (5Y) Largest decline over 5 years	-65.01%	-61.82%	-3.19%
Max Drawdown (10Y) Largest decline over 10 years	-65.01%	-72.18%	+7.17%
Current Drawdown Current decline from peak	-9.31%	-1.93%	-7.38%
Average Drawdown Average peak-to-trough decline	-67.58%	-35.98%	-31.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.28%	6.55%	+0.73%

Volatility

UOPIX vs. UAPIX - Volatility Comparison

ProFunds UltraNASDAQ-100 Fund (UOPIX) has a higher volatility of 18.24% compared to ProFunds UltraSmall Cap Fund (UAPIX) at 12.99%. This indicates that UOPIX's price experiences larger fluctuations and is considered to be riskier than UAPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOPIX	UAPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.24%	12.99%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	29.17%	28.65%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	36.01%	39.44%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.69%	45.32%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.40%	46.56%	-2.16%

UOPIX vs. UAPIX - Expense Ratio Comparison

UOPIX has a 1.47% expense ratio, which is lower than UAPIX's 1.60% expense ratio.

Dividends

UOPIX vs. UAPIX - Dividend Comparison

UOPIX's dividend yield for the trailing twelve months is around 14.15%, more than UAPIX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
UAPIX ProFunds UltraSmall Cap Fund	0.34%	0.47%	1.06%	0.73%	0.00%	0.00%	0.00%	0.00%	0.13%
UOPIX ProFunds UltraNASDAQ-100 Fund	14.15%	18.27%	0.41%	0.00%	5.64%	11.03%	9.78%	5.78%	6.73%

Frequently Asked Questions

Can I hold both UOPIX and UAPIX in my portfolio?

UOPIX and UAPIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UOPIX or UAPIX?

UOPIX has higher volatility (18.24%) compared to UAPIX (12.99%). In terms of maximum drawdown, UOPIX dropped -99.00% vs UAPIX's -88.51%.

Which has better risk-adjusted returns?

UAPIX currently has the higher Sharpe Ratio (2.05 vs 1.86), 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.