URPIX vs. USPIX
URPIX (ProFunds UltraBear Fund) and USPIX (ProFunds UltraShort NASDAQ-100 Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, URPIX returned -28.77%/yr vs -40.20%/yr for USPIX. Their correlation of 0.87 suggests significant overlap in exposure. URPIX charges 1.78%/yr vs 1.68%/yr for USPIX.
Performance
URPIX vs. USPIX - Performance Comparison
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Returns By Period
In the year-to-date period, URPIX achieves a -12.93% return, which is significantly higher than USPIX's -27.80% return. Over the past 10 years, URPIX has outperformed USPIX with an annualized return of -28.77%, while USPIX has yielded a comparatively lower -40.20% 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%
USPIX
- 1D
- 6.59%
- 1M
- -0.69%
- YTD
- -27.80%
- 6M
- -25.33%
- 1Y
- -43.25%
- 3Y*
- -38.54%
- 5Y*
- -31.94%
- 10Y*
- -40.20%
URPIX vs. USPIX - 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% |
USPIX ProFunds UltraShort NASDAQ-100 Fund | -27.80% | -35.26% | -38.20% | -57.06% | 61.80% | -46.20% | -70.91% | -50.15% | -9.56% | -44.56% |
Correlation
The correlation between URPIX and USPIX 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 | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 1998 | 0.87 |
The correlation between URPIX and USPIX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.
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Return for Risk
URPIX vs. USPIX — Risk / Return Rank
URPIX
USPIX
URPIX vs. USPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBear Fund (URPIX) and ProFunds UltraShort NASDAQ-100 Fund (USPIX). 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 | USPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.78 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.95 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.64 | -1.90 | +0.26 |
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Drawdowns
URPIX vs. USPIX - Drawdown Comparison
The maximum URPIX drawdown since its inception was -99.92%, roughly equal to the maximum USPIX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for URPIX and USPIX.
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Drawdown Indicators
| URPIX | USPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -100.00% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -33.47% | -47.13% | +13.66% |
Max Drawdown (3Y)Largest decline over 3 years | -69.89% | -80.96% | +11.07% |
Max Drawdown (5Y)Largest decline over 5 years | -76.97% | -89.53% | +12.56% |
Max Drawdown (10Y)Largest decline over 10 years | -96.96% | -99.48% | +2.52% |
Current DrawdownCurrent decline from peak | -99.92% | -100.00% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -79.10% | -96.43% | +17.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.26% | 25.69% | -5.43% |
Volatility
URPIX vs. USPIX - Volatility Comparison
The current volatility for ProFunds UltraBear Fund (URPIX) is 9.79%, while ProFunds UltraShort NASDAQ-100 Fund (USPIX) has a volatility of 17.82%. This indicates that URPIX experiences smaller price fluctuations and is considered to be less risky than USPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URPIX | USPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 17.82% | -8.03% |
Volatility (6M)Calculated over the trailing 6-month period | 20.00% | 29.00% | -9.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.22% | 35.99% | -10.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.04% | 45.76% | -11.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.65% | 44.59% | -8.94% |
URPIX vs. USPIX - Expense Ratio Comparison
URPIX has a 1.78% expense ratio, which is higher than USPIX's 1.68% expense ratio.
Dividends
URPIX vs. USPIX - Dividend Comparison
URPIX's dividend yield for the trailing twelve months is around 3.13%, less than USPIX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
URPIX ProFunds UltraBear Fund | 3.13% | 2.73% | 0.00% | 3.02% | 0.00% | 0.00% | 0.47% | 0.00% |
USPIX ProFunds UltraShort NASDAQ-100 Fund | 3.75% | 2.71% | 0.00% | 5.92% | 0.00% | 0.00% | 0.07% | 0.36% |
Frequently Asked Questions
With a correlation of 0.94, URPIX and USPIX 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.
USPIX has higher volatility (17.82%) compared to URPIX (9.79%). In terms of maximum drawdown, URPIX dropped -99.92% vs USPIX's -100.00%.
URPIX currently has the higher Sharpe Ratio (-1.22 vs -1.25), 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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