URPIX vs. SHPIX
URPIX (ProFunds UltraBear Fund) and SHPIX (ProFunds Short Small Cap ProFund) are both Inverse Equities funds from ProFunds. Over the past 10 years, URPIX returned -28.12%/yr vs 9.97%/yr for SHPIX. Their correlation of 0.85 means they have usually moved in the same direction. Both charge a 1.78% expense ratio.
Performance
URPIX vs. SHPIX - Performance Comparison
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Returns By Period
In the year-to-date period, URPIX achieves a -17.94% return, which is significantly lower than SHPIX's -16.62% return. Over the past 10 years, URPIX has underperformed SHPIX with an annualized return of -28.12%, while SHPIX has yielded a comparatively higher 9.97% annualized return.
URPIX
- 1D
- -2.96%
- 1M
- -2.80%
- 6M
- -16.55%
- YTD
- -17.94%
- 1Y
- -28.38%
- 3Y*
- -28.60%
- 5Y*
- -21.83%
- 10Y*
- -28.12%
- ALL TIME*
- -21.54%
SHPIX
- 1D
- -1.69%
- 1M
- 0.74%
- 6M
- -11.20%
- YTD
- -16.62%
- 1Y
- -25.19%
- 3Y*
- 10.45%
- 5Y*
- 46.58%
- 10Y*
- 9.97%
- ALL TIME*
- -5.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
URPIX vs. SHPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URPIX ProFunds UltraBear Fund | -17.94% | -27.06% | -32.89% | -31.77% | 29.74% | -43.61% | -51.10% | -42.03% | 4.20% | -32.58% |
SHPIX ProFunds Short Small Cap ProFund | -16.62% | -9.61% | 83.27% | 344.97% | 16.39% | -19.78% | -31.60% | -20.89% | 9.96% | -14.49% |
Correlation
The correlation between URPIX and SHPIX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003 | 0.85 |
The correlation between URPIX and SHPIX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.
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Return for Risk
URPIX vs. SHPIX — Risk / Return Rank
URPIX
SHPIX
URPIX vs. SHPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBear Fund (URPIX) and ProFunds Short Small Cap ProFund (SHPIX). 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.
| URPIX | SHPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.78 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.74 | -1.68 | -0.07 |
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Drawdowns
URPIX vs. SHPIX - Drawdown Comparison
The maximum URPIX drawdown since its inception was -99.92%, roughly equal to the maximum SHPIX drawdown of -96.86%. Use the drawdown chart below to compare losses from any high point for URPIX and SHPIX.
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Drawdown Indicators
| URPIX | SHPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -96.86% | -3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -30.37% | -26.40% | -3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -69.89% | -41.50% | -28.39% |
Max Drawdown (5Y)Largest decline over 5 years | -76.97% | -41.50% | -35.47% |
Max Drawdown (10Y)Largest decline over 10 years | -96.59% | -68.01% | -28.58% |
Current DrawdownCurrent decline from peak | -99.92% | -75.82% | -24.10% |
Average DrawdownAverage peak-to-trough decline | -79.18% | -74.99% | -4.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.38% | 17.51% | +0.87% |
Volatility
URPIX vs. SHPIX - Volatility Comparison
ProFunds UltraBear Fund (URPIX) has a higher volatility of 7.57% compared to ProFunds Short Small Cap ProFund (SHPIX) at 4.21%. This indicates that URPIX's price experiences larger fluctuations and is considered to be riskier than SHPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URPIX | SHPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.57% | 4.21% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 20.49% | 14.15% | +6.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.77% | 19.32% | +6.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.08% | 189.01% | -154.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.65% | 134.68% | -99.03% |
URPIX vs. SHPIX - Expense Ratio Comparison
Both URPIX and SHPIX have an expense ratio of 1.78%.
Dividends
URPIX vs. SHPIX - Dividend Comparison
URPIX's dividend yield for the trailing twelve months is around 3.32%, less than SHPIX's 33.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | 33.20% | 5.70% | 0.00% | 17.01% | 0.00% | 0.00% | 0.00% | 0.85% |
URPIX ProFunds UltraBear Fund | 3.32% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
Frequently Asked Questions
URPIX and SHPIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URPIX has higher volatility (7.57%) compared to SHPIX (4.21%). In terms of maximum drawdown, URPIX dropped -99.92% vs SHPIX's -96.86%.
URPIX currently has the higher Sharpe Ratio (-1.19 vs -1.39), 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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