Any investors hoping to find an Index fund could think about starting with ProFunds UltraNASDAQ-100 Fund Investor (UOPIX Quick QuoteUOPIX - Free Report) . UOPIX possesses a Zacks Mutual Fund Rank of 1 (Strong Buy), which is based on various forecasting factors like size, cost, and past performance.

History of Fund/Manager

ProFunds is based in Columbus, OH, and is the manager of UOPIX. Since ProFunds UltraNASDAQ-100 Fund Investor made its debut in December of 1997, UOPIX has garnered more than $832.19 million in assets. The fund is currently managed by Michael Neches who has been in charge of the fund since October of 2013.

Performance

Of course, investors look for strong performance in funds. This fund has delivered a 5-year annualized total return of 32.13%, and is in the top third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 10.97%, which places it in the middle third during this time-frame.

It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. UOPIX's standard deviation over the past three years is 44.74% compared to the category average of 26.09%. Over the past 5 years, the standard deviation of the fund is 43.97% compared to the category average of 27.24%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. UOPIX has a 5-year beta of 2.25, which means it is likely to be more volatile than the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. UOPIX has generated a positive alpha over the past five years of 3.53, demonstrating that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, UOPIX is a no load fund. It has an expense ratio of 1.52% compared to the category average of 1.44%. UOPIX is actually more expensive than its peers when you consider factors like cost.

Investors should also note that the minimum initial investment for the product is $15,000 and that each subsequent investment has no minimum amount.

Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included.

Bottom Line

Overall, even with its comparatively strong performance, worse downside risk, and higher fees, ProFunds UltraNASDAQ-100 Fund Investor ( UOPIX ) has a high Zacks Mutual Fund rank, and therefore looks a good potential choice for investors right now.

For additional information on this product, or to compare it to other mutual funds in the Index, make sure to go to www.zacks.com/funds/mutual-funds for additional information. For analysis of the rest of your portfolio, make sure to visit Zacks.com for our full suite of tools which will help you investigate all of your stocks and funds in one place.