5 Worst Performing Mutual Funds in 2023

3. Ultra Short Japan ProFunds Investor Class (NASDAQ:UKPIX)

Year to Date Return: -36.68%

Ultra Short Japan ProFunds Investor Class (NASDAQ:UKPIX) is part of the ProFunds fund family. The mutual fund was set up in 2006 and it has net assets of $780,430. The fund invests primarily in companies traded on the Tokyo Stock Exchange, and it seeks to deliver twice the opposite returns of Japan’s flagship Nikkei 225 index. This means that the Ultra Short Japan ProFunds Investor Class (NASDAQ:UKPIX) is a short fund since it delivers returns when the Nikkei 225 is dropping. Since the index is up by 21.47% to date in price terms, the mutual fund is one of the worst performing funds of 2023.