UWPIX vs. SPY

Last updated Jun 23, 2026

UWPIX (ProFunds UltraShort Dow 30 Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - UWPIX is a Inverse Equities fund managed by ProFunds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, UWPIX returned -26.10%/yr vs 15.70%/yr for SPY. At a correlation of -0.92, they often move in opposite directions. UWPIX charges 1.78%/yr vs 0.09%/yr for SPY.

Performance

UWPIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds UltraShort Dow 30 Fund (UWPIX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UWPIX achieves a -13.21% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, UWPIX has underperformed SPY with an annualized return of -26.10%, while SPY has yielded a comparatively higher 15.70% annualized return.

UWPIX

• 1D: -0.26%
• 1M: -4.00%
• YTD: -13.21%
• 6M: -11.90%
• 1Y: -31.43%
• 3Y*: -23.16%
• 5Y*: -18.39%
• 10Y*: -26.10%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

UWPIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWPIX ProFunds UltraShort Dow 30 Fund	-13.21%	-23.48%	-20.75%	-18.56%	5.91%	-35.49%	-45.69%	-36.17%	1.45%	-39.01%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between UWPIX and SPY is -0.81, 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	-0.81
Correlation (3Y) Calculated over the trailing 3-year period	-0.81
Correlation (5Y) Calculated over the trailing 5-year period	-0.87
Correlation (10Y) Calculated over the trailing 10-year period	-0.88
Correlation (All Time) Calculated using the full available price history since Jul 22, 2004	-0.92

The correlation between UWPIX and SPY shifts across timeframes, from -0.92 (all time) to -0.81 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

UWPIX vs. SPY — Risk / Return Rank

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

UWPIX

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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

UWPIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraShort Dow 30 Fund (UWPIX) and State Street SPDR S&P 500 ETF (SPY). 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.

	UWPIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.27	2.16	-3.42
Sortino ratio: Return per unit of downside risk	-1.83	2.91	-4.74
Omega ratio: Gain probability vs. loss probability	0.80	1.39	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.97	3.01	-3.98
Martin ratio: Return relative to average drawdown	-1.59	13.54	-15.12

UWPIX vs. SPY - Sharpe Ratio Comparison

The current UWPIX Sharpe Ratio is -1.27, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of UWPIX and SPY, 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

UWPIX vs. SPY - Drawdown Comparison

The maximum UWPIX drawdown since its inception was -99.78%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UWPIX and SPY.

Drawdown Indicators

	UWPIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-99.78%	-55.19%	-44.59%
Max Drawdown (1Y) Largest decline over 1 year	-31.48%	-8.88%	-22.60%
Max Drawdown (3Y) Largest decline over 3 years	-61.34%	-18.76%	-42.58%
Max Drawdown (5Y) Largest decline over 5 years	-68.99%	-24.50%	-44.49%
Max Drawdown (10Y) Largest decline over 10 years	-95.56%	-33.72%	-61.84%
Current Drawdown Current decline from peak	-99.78%	-1.75%	-98.03%
Average Drawdown Average peak-to-trough decline	-77.68%	-9.04%	-68.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.02%	1.97%	+18.05%

Volatility

UWPIX vs. SPY - Volatility Comparison

ProFunds UltraShort Dow 30 Fund (UWPIX) has a higher volatility of 8.83% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that UWPIX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UWPIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.83%	4.64%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	19.85%	9.75%	+10.10%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	12.43%	+12.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.08%	17.14%	+12.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.03%	17.99%	+17.04%

UWPIX vs. SPY - Expense Ratio Comparison

UWPIX has a 1.78% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

UWPIX vs. SPY - Dividend Comparison

UWPIX's dividend yield for the trailing twelve months is around 5.20%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
UWPIX ProFunds UltraShort Dow 30 Fund	5.20%	4.51%	0.00%	2.28%	0.00%	0.00%	0.00%	0.35%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UWPIX and SPY in my portfolio?

UWPIX and SPY have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWPIX or SPY?

UWPIX has higher volatility (8.83%) compared to SPY (4.64%). In terms of maximum drawdown, UWPIX dropped -99.78% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs -1.27), 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.