URPIX vs. BRPIX
URPIX (ProFunds UltraBear Fund) and BRPIX (ProFunds Bear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, URPIX returned -28.74%/yr vs -14.31%/yr for BRPIX. With a 0.99 correlation, they move nearly in lockstep. URPIX charges 1.78%/yr vs 1.64%/yr for BRPIX.
Performance
URPIX vs. BRPIX - Performance Comparison
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Returns By Period
In the year-to-date period, URPIX achieves a -17.11% return, which is significantly lower than BRPIX's -8.22% return. Over the past 10 years, URPIX has underperformed BRPIX with an annualized return of -28.74%, while BRPIX has yielded a comparatively higher -14.31% annualized return.
URPIX
- 1D
- 1.53%
- 1M
- -7.45%
- YTD
- -17.11%
- 6M
- -16.41%
- 1Y
- -34.90%
- 3Y*
- -30.11%
- 5Y*
- -23.10%
- 10Y*
- -28.74%
BRPIX
- 1D
- 0.72%
- 1M
- -3.68%
- YTD
- -8.22%
- 6M
- -7.79%
- 1Y
- -17.82%
- 3Y*
- -15.87%
- 5Y*
- -11.24%
- 10Y*
- -14.31%
URPIX vs. BRPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URPIX ProFunds UltraBear Fund | -17.11% | -27.06% | -32.89% | -31.77% | 29.74% | -43.61% | -51.10% | -42.03% | 4.20% | -32.58% |
BRPIX ProFunds Bear Fund | -8.22% | -12.27% | -20.40% | -15.39% | 17.31% | -24.68% | -25.63% | -23.18% | 4.03% | -18.03% |
Correlation
The correlation between URPIX and BRPIX 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 | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997 | 0.99 |
The correlation between URPIX and BRPIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
URPIX vs. BRPIX — Risk / Return Rank
URPIX
BRPIX
URPIX vs. BRPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBear Fund (URPIX) 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.
| URPIX | BRPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.77 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.95 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.74 | +0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| URPIX | BRPIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | -1.50 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | -0.66 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.81 | -0.80 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.00 | -0.56 |
Drawdowns
URPIX vs. BRPIX - Drawdown Comparison
The maximum URPIX drawdown since its inception was -99.92%, roughly equal to the maximum BRPIX drawdown of -96.76%. Use the drawdown chart below to compare losses from any high point for URPIX and BRPIX.
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Drawdown Indicators
| URPIX | BRPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -96.76% | -3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -36.62% | -18.86% | -17.76% |
Max Drawdown (3Y)Largest decline over 3 years | -69.89% | -44.49% | -25.40% |
Max Drawdown (5Y)Largest decline over 5 years | -76.97% | -50.06% | -26.91% |
Max Drawdown (10Y)Largest decline over 10 years | -96.96% | -79.74% | -17.22% |
Current DrawdownCurrent decline from peak | -99.92% | -96.35% | -3.57% |
Average DrawdownAverage peak-to-trough decline | -79.07% | -62.11% | -16.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.84% | 10.28% | +10.56% |
Volatility
URPIX vs. BRPIX - Volatility Comparison
ProFunds UltraBear Fund (URPIX) has a higher volatility of 5.90% compared to ProFunds Bear Fund (BRPIX) at 3.05%. This indicates that URPIX'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
| URPIX | BRPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 3.05% | +2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 18.13% | 9.12% | +9.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.82% | 11.96% | +11.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.83% | 17.18% | +16.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.62% | 17.88% | +17.74% |
URPIX vs. BRPIX - Expense Ratio Comparison
URPIX has a 1.78% expense ratio, which is higher than BRPIX's 1.64% expense ratio.
Dividends
URPIX vs. BRPIX - Dividend Comparison
URPIX's dividend yield for the trailing twelve months is around 3.29%, less than BRPIX's 4.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRPIX ProFunds Bear Fund | 4.73% | 4.35% | 0.00% | 5.58% | 0.00% | 0.00% | 0.06% | 0.27% |
URPIX ProFunds UltraBear Fund | 3.29% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, URPIX and BRPIX 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.
URPIX has higher volatility (5.90%) compared to BRPIX (3.05%). In terms of maximum drawdown, URPIX dropped -99.92% vs BRPIX's -96.76%.
URPIX currently has the higher Sharpe Ratio (-1.47 vs -1.50), 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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