8 Worst Performing Mutual Funds in 2024

2. Ultra Short Japan ProFunds Investor Class (UKPIX)

Mutual Fund’s 2024 Return: -34.79%

Ultra Short Japan ProFunds Investor Class (UKPIX) is a mutual fund for gaining exposure into the Japanese equity markets. Unlike other mutual funds, the fund seeks daily investment returns before fees that are -2X the return of the Nikkei 225 Stock Average. The prices of the 225 TSE First Section stocks chosen to reflect a wide range of Japanese industries and the general performance of the Japanese equity market are used to calculate the Index.

Given that the fund tries to generate -2X returns of the Nikkei 225 stock index, it tends to underperform whenever the overall market is bullish and Nikkei is edging higher. That has been the case over the past two years as Japan’s equity market has been bullish. Ultra Short Japan ProFunds Investor Class was down by 43.26% in 2023 and lost 34.79% in 2024 as the overall equity market remains bullish.