USPIX vs. URPIX
USPIX (ProFunds UltraShort NASDAQ-100 Fund) and URPIX (ProFunds UltraBear Fund) are both Inverse Equities funds from ProFunds. Over the past 10 years, USPIX returned -40.20%/yr vs -28.77%/yr for URPIX. Their correlation of 0.87 suggests significant overlap in exposure. USPIX charges 1.68%/yr vs 1.78%/yr for URPIX.
Performance
USPIX vs. URPIX - Performance Comparison
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Returns By Period
In the year-to-date period, USPIX achieves a -27.80% return, which is significantly lower than URPIX's -12.93% return. Over the past 10 years, USPIX has underperformed URPIX with an annualized return of -40.20%, while URPIX has yielded a comparatively higher -28.77% annualized return.
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
- 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 vs. URPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
URPIX ProFunds UltraBear Fund | -12.93% | -27.06% | -32.89% | -31.77% | 29.74% | -43.61% | -51.10% | -42.03% | 4.20% | -32.58% |
Correlation
The correlation between USPIX and URPIX 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 USPIX and URPIX 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. URPIX — Risk / Return Rank
USPIX
URPIX
USPIX vs. URPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort NASDAQ-100 Fund (USPIX) and ProFunds UltraBear Fund (URPIX). 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 | URPIX | 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 | 0.78 | 0.80 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.92 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.90 | -1.64 | -0.26 |
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Drawdowns
USPIX vs. URPIX - Drawdown Comparison
The maximum USPIX drawdown since its inception was -100.00%, roughly equal to the maximum URPIX drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for USPIX and URPIX.
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Drawdown Indicators
| USPIX | URPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.92% | -0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -47.13% | -33.47% | -13.66% |
Max Drawdown (3Y)Largest decline over 3 years | -80.96% | -69.89% | -11.07% |
Max Drawdown (5Y)Largest decline over 5 years | -89.53% | -76.97% | -12.56% |
Max Drawdown (10Y)Largest decline over 10 years | -99.48% | -96.96% | -2.52% |
Current DrawdownCurrent decline from peak | -100.00% | -99.92% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -96.43% | -79.10% | -17.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.69% | 20.26% | +5.43% |
Volatility
USPIX vs. URPIX - Volatility Comparison
ProFunds UltraShort NASDAQ-100 Fund (USPIX) has a higher volatility of 17.82% compared to ProFunds UltraBear Fund (URPIX) at 9.79%. This indicates that USPIX's price experiences larger fluctuations and is considered to be riskier than URPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USPIX | URPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.82% | 9.79% | +8.03% |
Volatility (6M)Calculated over the trailing 6-month period | 29.00% | 20.00% | +9.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.99% | 25.22% | +10.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.76% | 34.04% | +11.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.59% | 35.65% | +8.94% |
USPIX vs. URPIX - Expense Ratio Comparison
USPIX has a 1.68% expense ratio, which is lower than URPIX's 1.78% expense ratio.
Dividends
USPIX vs. URPIX - Dividend Comparison
USPIX's dividend yield for the trailing twelve months is around 3.75%, more than URPIX's 3.13% 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, USPIX and URPIX 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, USPIX dropped -100.00% vs URPIX's -99.92%.
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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