URPIX vs. RYAIX

Last updated Jun 5, 2026

URPIX (ProFunds UltraBear Fund) and RYAIX (Rydex Inverse NASDAQ-100 Strategy Fund) are both Inverse Equities funds. Over the past 10 years, URPIX returned -28.74%/yr vs -19.27%/yr for RYAIX. Their correlation of 0.87 suggests significant overlap in exposure. URPIX charges 1.78%/yr vs 1.55%/yr for RYAIX.

Performance

URPIX vs. RYAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraBear Fund (URPIX) and Rydex Inverse NASDAQ-100 Strategy Fund (RYAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with URPIX having a -17.11% return and RYAIX slightly lower at -17.26%. Over the past 10 years, URPIX has underperformed RYAIX with an annualized return of -28.74%, while RYAIX has yielded a comparatively higher -19.27% 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%

RYAIX

• 1D: 0.30%
• 1M: -8.23%
• YTD: -17.26%
• 6M: -15.89%
• 1Y: -26.83%
• 3Y*: -19.19%
• 5Y*: -14.72%
• 10Y*: -19.27%

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

URPIX vs. RYAIX - 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%
RYAIX Rydex Inverse NASDAQ-100 Strategy Fund	-17.26%	-15.63%	-15.64%	-31.71%	35.92%	-24.88%	-40.98%	-27.65%	-2.63%	-24.47%

Correlation

The correlation between URPIX and RYAIX 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	0.92
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 5, 1999	0.87

The correlation between URPIX and RYAIX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

Return for Risk

URPIX vs. RYAIX — Risk / Return Rank

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

URPIX

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

RYAIX

RYAIX Risk / Return Rank: 0
RYAIX Sharpe Ratio Rank: 0
RYAIX Sortino Ratio Rank: 0
RYAIX Omega Ratio Rank: 0
RYAIX Calmar Ratio Rank: 0
RYAIX 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.

URPIX vs. RYAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBear Fund (URPIX) and Rydex Inverse NASDAQ-100 Strategy Fund (RYAIX). 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	RYAIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	-1.68	+0.21
Sortino ratio: Return per unit of downside risk	-2.28	-2.50	+0.22
Omega ratio: Gain probability vs. loss probability	0.75	0.73	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.98	+0.03
Martin ratio: Return relative to average drawdown	-1.68	-2.15	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URPIX vs. RYAIX - Sharpe Ratio Comparison

The current URPIX Sharpe Ratio is -1.47, which is comparable to the RYAIX Sharpe Ratio of -1.68. The chart below compares the historical Sharpe Ratios of URPIX and RYAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	URPIX	RYAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	-1.68	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	-0.65	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.81	-0.85	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	-0.17	-0.39

Drawdowns

URPIX vs. RYAIX - Drawdown Comparison

The maximum URPIX drawdown since its inception was -99.92%, roughly equal to the maximum RYAIX drawdown of -98.93%. Use the drawdown chart below to compare losses from any high point for URPIX and RYAIX.

Drawdown Indicators

	URPIX	RYAIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-98.93%	-0.99%
Max Drawdown (1Y) Largest decline over 1 year	-36.62%	-27.64%	-8.98%
Max Drawdown (3Y) Largest decline over 3 years	-69.89%	-50.13%	-19.76%
Max Drawdown (5Y) Largest decline over 5 years	-76.97%	-61.15%	-15.82%
Max Drawdown (10Y) Largest decline over 10 years	-96.96%	-89.04%	-7.92%
Current Drawdown Current decline from peak	-99.92%	-98.93%	-0.99%
Average Drawdown Average peak-to-trough decline	-79.07%	-73.30%	-5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.84%	12.59%	+8.25%

Volatility

URPIX vs. RYAIX - Volatility Comparison

ProFunds UltraBear Fund (URPIX) has a higher volatility of 5.90% compared to Rydex Inverse NASDAQ-100 Strategy Fund (RYAIX) at 4.53%. This indicates that URPIX's price experiences larger fluctuations and is considered to be riskier than RYAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URPIX	RYAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	4.53%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	18.13%	12.35%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	16.17%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.83%	22.85%	+10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.62%	22.66%	+12.96%

URPIX vs. RYAIX - Expense Ratio Comparison

URPIX has a 1.78% expense ratio, which is higher than RYAIX's 1.55% expense ratio.

Dividends

URPIX vs. RYAIX - Dividend Comparison

URPIX's dividend yield for the trailing twelve months is around 3.29%, more than RYAIX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYAIX Rydex Inverse NASDAQ-100 Strategy Fund	2.69%	2.23%	5.67%	4.81%	0.00%	0.00%	0.09%	0.72%
URPIX ProFunds UltraBear Fund	3.29%	2.73%	0.00%	3.02%	0.00%	0.00%	0.47%	0.00%

Frequently Asked Questions

Can I hold both URPIX and RYAIX in my portfolio?

With a correlation of 0.94, URPIX and RYAIX 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, URPIX or RYAIX?

URPIX has higher volatility (5.90%) compared to RYAIX (4.53%). In terms of maximum drawdown, URPIX dropped -99.92% vs RYAIX's -98.93%.

Which has better risk-adjusted returns?

URPIX currently has the higher Sharpe Ratio (-1.47 vs -1.68), 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.