URPIX vs. SMPIX

Last updated Jun 25, 2026

URPIX (ProFunds UltraBear Fund) and SMPIX (ProFunds Semiconductor UltraSector Fund Investor Class) are both mutual funds - URPIX is a Inverse Equities fund managed by ProFunds, while SMPIX is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (150% Daily). Over the past 10 years, URPIX returned -28.77%/yr vs 19.54%/yr for SMPIX. At a correlation of -0.76, they often move in opposite directions. URPIX charges 1.78%/yr vs 1.52%/yr for SMPIX.

Performance

URPIX vs. SMPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraBear Fund (URPIX) and ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URPIX achieves a -12.93% return, which is significantly lower than SMPIX's 63.31% return. Over the past 10 years, URPIX has underperformed SMPIX with an annualized return of -28.77%, while SMPIX has yielded a comparatively higher 19.54% annualized return.

URPIX

• 1D: 2.96%
• 1M: 2.96%
• YTD: -12.93%
• 6M: -10.44%
• 1Y: -29.05%
• 3Y*: -28.34%
• 5Y*: -22.01%
• 10Y*: -28.77%

SMPIX

• 1D: -9.33%
• 1M: 2.45%
• YTD: 63.31%
• 6M: 60.03%
• 1Y: 134.32%
• 3Y*: -9.28%
• 5Y*: -0.44%
• 10Y*: 19.54%

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

URPIX vs. SMPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URPIX ProFunds UltraBear Fund	-12.93%	-27.06%	-32.89%	-31.77%	29.74%	-43.61%	-51.10%	-42.03%	4.20%	-32.58%
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	63.31%	56.35%	-77.32%	155.37%	-54.31%	80.17%	60.77%	77.97%	-17.56%	42.78%

Correlation

The correlation between URPIX and SMPIX is -0.72, 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	-0.72
Correlation (3Y) Calculated over the trailing 3-year period	-0.74
Correlation (5Y) Calculated over the trailing 5-year period	-0.78
Correlation (10Y) Calculated over the trailing 10-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Jan 2, 2001	-0.76

The correlation between URPIX and SMPIX has been stable across timeframes, ranging from -0.78 to -0.72 - a consistent structural relationship.

Return for Risk

URPIX vs. SMPIX — 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

SMPIX

SMPIX Risk / Return Rank: 81
SMPIX Sharpe Ratio Rank: 91
SMPIX Sortino Ratio Rank: 60
SMPIX Omega Ratio Rank: 64
SMPIX Calmar Ratio Rank: 97
SMPIX Martin Ratio Rank: 93

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. SMPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBear Fund (URPIX) and ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX). 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	SMPIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	2.83	-4.05
Sortino ratio: Return per unit of downside risk	-1.85	2.96	-4.81
Omega ratio: Gain probability vs. loss probability	0.80	1.40	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.92	6.45	-7.36
Martin ratio: Return relative to average drawdown	-1.64	18.55	-20.19

URPIX vs. SMPIX - Sharpe Ratio Comparison

The current URPIX Sharpe Ratio is -1.22, which is lower than the SMPIX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of URPIX and SMPIX, 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

URPIX vs. SMPIX - Drawdown Comparison

The maximum URPIX drawdown since its inception was -99.92%, which is greater than SMPIX's maximum drawdown of -94.52%. Use the drawdown chart below to compare losses from any high point for URPIX and SMPIX.

Drawdown Indicators

	URPIX	SMPIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-94.52%	-5.40%
Max Drawdown (1Y) Largest decline over 1 year	-33.47%	-22.72%	-10.75%
Max Drawdown (3Y) Largest decline over 3 years	-69.89%	-94.52%	+24.63%
Max Drawdown (5Y) Largest decline over 5 years	-76.97%	-94.52%	+17.55%
Max Drawdown (10Y) Largest decline over 10 years	-96.96%	-94.52%	-2.44%
Current Drawdown Current decline from peak	-99.92%	-75.35%	-24.57%
Average Drawdown Average peak-to-trough decline	-79.10%	-57.65%	-21.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.26%	7.88%	+12.38%

Volatility

URPIX vs. SMPIX - Volatility Comparison

The current volatility for ProFunds UltraBear Fund (URPIX) is 9.79%, while ProFunds Semiconductor UltraSector Fund Investor Class (SMPIX) has a volatility of 25.81%. This indicates that URPIX experiences smaller price fluctuations and is considered to be less risky than SMPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URPIX	SMPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	25.81%	-16.02%
Volatility (6M) Calculated over the trailing 6-month period	20.00%	41.29%	-21.29%
Volatility (1Y) Calculated over the trailing 1-year period	25.22%	51.82%	-26.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.04%	71.60%	-37.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.65%	59.66%	-24.01%

URPIX vs. SMPIX - Expense Ratio Comparison

URPIX has a 1.78% expense ratio, which is higher than SMPIX's 1.52% expense ratio.

Dividends

URPIX vs. SMPIX - Dividend Comparison

URPIX's dividend yield for the trailing twelve months is around 3.13%, less than SMPIX's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMPIX ProFunds Semiconductor UltraSector Fund Investor Class	7.97%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%
URPIX ProFunds UltraBear Fund	3.13%	2.73%	0.00%	3.02%	0.00%	0.00%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both URPIX and SMPIX in my portfolio?

URPIX and SMPIX have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URPIX or SMPIX?

SMPIX has higher volatility (25.81%) compared to URPIX (9.79%). In terms of maximum drawdown, URPIX dropped -99.92% vs SMPIX's -94.52%.

Which has better risk-adjusted returns?

SMPIX currently has the higher Sharpe Ratio (2.83 vs -1.22), 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.