UVPIX vs. RYWWX

Last updated Jun 5, 2026

UVPIX (ProFunds Ultra Short Emerging Market Fund) and RYWWX (Rydex Inverse Emerging Markets 2x Strategy Fund) are both Inverse Equities funds. Over the past 10 years, UVPIX returned -27.78%/yr vs -27.68%/yr for RYWWX. With a 0.99 correlation, they move nearly in lockstep. UVPIX charges 1.78%/yr vs 1.87%/yr for RYWWX.

Performance

UVPIX vs. RYWWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Ultra Short Emerging Market Fund (UVPIX) and Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UVPIX having a -14.97% return and RYWWX slightly lower at -15.21%. Both investments have delivered pretty close results over the past 10 years, with UVPIX having a -27.78% annualized return and RYWWX not far ahead at -27.68%.

UVPIX

• 1D: 3.93%
• 1M: -0.33%
• YTD: -14.97%
• 6M: -12.89%
• 1Y: -41.95%
• 3Y*: -33.54%
• 5Y*: -18.84%
• 10Y*: -27.78%

RYWWX

• 1D: 3.99%
• 1M: -0.82%
• YTD: -15.21%
• 6M: -13.53%
• 1Y: -42.46%
• 3Y*: -34.20%
• 5Y*: -19.20%
• 10Y*: -27.68%

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

UVPIX vs. RYWWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UVPIX ProFunds Ultra Short Emerging Market Fund	-14.97%	-49.90%	-17.67%	-27.06%	1.35%	15.70%	-57.91%	-39.81%	20.65%	-48.37%
RYWWX Rydex Inverse Emerging Markets 2x Strategy Fund	-15.21%	-51.31%	-17.03%	-28.06%	2.55%	17.09%	-57.70%	-39.99%	23.02%	-47.98%

Correlation

The correlation between UVPIX and RYWWX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.99

The correlation between UVPIX and RYWWX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

UVPIX vs. RYWWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UVPIX

UVPIX Risk / Return Rank: 0
UVPIX Sharpe Ratio Rank: 1
UVPIX Sortino Ratio Rank: 0
UVPIX Omega Ratio Rank: 1
UVPIX Calmar Ratio Rank: 0
UVPIX Martin Ratio Rank: 1

RYWWX

RYWWX Risk / Return Rank: 0
RYWWX Sharpe Ratio Rank: 0
RYWWX Sortino Ratio Rank: 0
RYWWX Omega Ratio Rank: 0
RYWWX Calmar Ratio Rank: 0
RYWWX Martin Ratio Rank: 1

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.

UVPIX vs. RYWWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Ultra Short Emerging Market Fund (UVPIX) and Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX). 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.

	UVPIX	RYWWX	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-1.07	+0.02
Sortino ratio: Return per unit of downside risk	-1.55	-1.60	+0.05
Omega ratio: Gain probability vs. loss probability	0.82	0.82	0.00
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.94	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.35	-0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVPIX vs. RYWWX - Sharpe Ratio Comparison

The current UVPIX Sharpe Ratio is -1.05, which is comparable to the RYWWX Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of UVPIX and RYWWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UVPIX	RYWWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	-1.07	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	-0.40	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	-0.60	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.45	+0.44

Drawdowns

UVPIX vs. RYWWX - Drawdown Comparison

The maximum UVPIX drawdown since its inception was -99.86%, roughly equal to the maximum RYWWX drawdown of -98.12%. Use the drawdown chart below to compare losses from any high point for UVPIX and RYWWX.

Drawdown Indicators

	UVPIX	RYWWX	Difference
Max Drawdown Largest peak-to-trough decline	-99.86%	-98.12%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-46.59%	-46.94%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-75.41%	-75.97%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-83.54%	-84.06%	+0.52%
Max Drawdown (10Y) Largest decline over 10 years	-96.71%	-96.66%	-0.05%
Current Drawdown Current decline from peak	-99.85%	-97.96%	-1.89%
Average Drawdown Average peak-to-trough decline	-89.49%	-68.61%	-20.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.76%	34.31%	-0.55%

Volatility

UVPIX vs. RYWWX - Volatility Comparison

ProFunds Ultra Short Emerging Market Fund (UVPIX) and Rydex Inverse Emerging Markets 2x Strategy Fund (RYWWX) have volatilities of 14.23% and 13.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVPIX	RYWWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.23%	13.89%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	33.17%	32.62%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	41.59%	41.18%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.90%	47.75%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.47%	46.50%	-0.03%

UVPIX vs. RYWWX - Expense Ratio Comparison

UVPIX has a 1.78% expense ratio, which is lower than RYWWX's 1.87% expense ratio.

Dividends

UVPIX vs. RYWWX - Dividend Comparison

UVPIX's dividend yield for the trailing twelve months is around 10.57%, more than RYWWX's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
RYWWX Rydex Inverse Emerging Markets 2x Strategy Fund	5.90%	5.00%	5.36%	3.28%	0.00%	0.00%	0.00%	1.06%
UVPIX ProFunds Ultra Short Emerging Market Fund	10.57%	8.99%	0.00%	7.25%	0.00%	0.00%	0.00%	0.49%

Frequently Asked Questions

Can I hold both UVPIX and RYWWX in my portfolio?

With a correlation of 1.00, UVPIX and RYWWX 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.

Which is riskier, UVPIX or RYWWX?

UVPIX has higher volatility (14.23%) compared to RYWWX (13.89%). In terms of maximum drawdown, UVPIX dropped -99.86% vs RYWWX's -98.12%.

Which has better risk-adjusted returns?

UVPIX currently has the higher Sharpe Ratio (-1.05 vs -1.07), 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.