USPIX vs. BRPIX
USPIX (ProFunds UltraShort NASDAQ-100 Fund) and BRPIX (ProFunds Bear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, USPIX returned -39.42%/yr vs -14.01%/yr for BRPIX. Their correlation of 0.87 suggests significant overlap in exposure. USPIX charges 1.68%/yr vs 1.64%/yr for BRPIX.
Performance
USPIX vs. BRPIX - Performance Comparison
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Returns By Period
In the year-to-date period, USPIX achieves a -28.74% return, which is significantly lower than BRPIX's -8.22% return. Over the past 10 years, USPIX has underperformed BRPIX with an annualized return of -39.42%, while BRPIX has yielded a comparatively higher -14.01% annualized return.
USPIX
- 1D
- 0.62%
- 1M
- 2.53%
- 6M
- -27.23%
- YTD
- -28.74%
- 1Y
- -40.62%
- 3Y*
- -37.05%
- 5Y*
- -31.48%
- 10Y*
- -39.42%
BRPIX
- 1D
- -0.36%
- 1M
- -0.48%
- 6M
- -7.10%
- YTD
- -8.22%
- 1Y
- -14.35%
- 3Y*
- -14.64%
- 5Y*
- -10.75%
- 10Y*
- -14.01%
USPIX vs. BRPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USPIX ProFunds UltraShort NASDAQ-100 Fund | -28.74% | -35.26% | -38.20% | -57.06% | 61.80% | -46.20% | -70.91% | -50.15% | -9.56% | -44.56% |
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 USPIX and BRPIX is 0.93, 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 | 0.93 |
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 USPIX and BRPIX has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.
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Return for Risk
USPIX vs. BRPIX — Risk / Return Rank
USPIX
BRPIX
USPIX vs. BRPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort NASDAQ-100 Fund (USPIX) 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.
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.
| USPIX | BRPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.91 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.68 | -0.07 |
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Drawdowns
USPIX vs. BRPIX - Drawdown Comparison
The maximum USPIX drawdown since its inception was -100.00%, roughly equal to the maximum BRPIX drawdown of -96.76%. Use the drawdown chart below to compare losses from any high point for USPIX and BRPIX.
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Drawdown Indicators
| USPIX | BRPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -96.76% | -3.24% |
Max Drawdown (1Y)Largest decline over 1 year | -45.06% | -16.15% | -28.91% |
Max Drawdown (3Y)Largest decline over 3 years | -80.96% | -44.49% | -36.47% |
Max Drawdown (5Y)Largest decline over 5 years | -89.53% | -50.06% | -39.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.37% | -78.55% | -20.82% |
Current DrawdownCurrent decline from peak | -100.00% | -96.35% | -3.65% |
Average DrawdownAverage peak-to-trough decline | -96.44% | -62.25% | -34.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.30% | 8.71% | +14.59% |
Volatility
USPIX vs. BRPIX - Volatility Comparison
ProFunds UltraShort NASDAQ-100 Fund (USPIX) has a higher volatility of 15.59% compared to ProFunds Bear Fund (BRPIX) at 3.57%. This indicates that USPIX'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
| USPIX | BRPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.59% | 3.57% | +12.02% |
Volatility (6M)Calculated over the trailing 6-month period | 30.47% | 10.07% | +20.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.07% | 12.60% | +24.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.96% | 17.28% | +28.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.63% | 17.87% | +26.76% |
USPIX vs. BRPIX - Expense Ratio Comparison
USPIX has a 1.68% expense ratio, which is higher than BRPIX's 1.64% expense ratio.
Dividends
USPIX vs. BRPIX - Dividend Comparison
USPIX's dividend yield for the trailing twelve months is around 3.80%, 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% |
USPIX ProFunds UltraShort NASDAQ-100 Fund | 3.80% | 2.71% | 0.00% | 5.92% | 0.00% | 0.00% | 0.07% | 0.36% |
Frequently Asked Questions
With a correlation of 0.93, USPIX 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.
USPIX has higher volatility (15.59%) compared to BRPIX (3.57%). In terms of maximum drawdown, USPIX dropped -100.00% vs BRPIX's -96.76%.
USPIX currently has the higher Sharpe Ratio (-1.10 vs -1.16), 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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