The investment seeks to provide investment results that inversely correlate with the performance of the S&P 500. The fund employs as its investment strategy a program of engaging in short sales of securities included in the underlying index and investing to a significant extent in derivative instruments, which primarily consist of equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices. It may hold short-term U.S. government securities or cash equivalents to collateralize its derivative positions. The fund is nondiversified.
Fund filings (PDF) »

Asset managers:
Michael Dellapa (Started: Aug 1, 2006)
Ryan Harder (Started: Mar 14, 2008)
Douglas Holmes (Started: Mar 14, 2008)
Michael Byrum (Started: Aug 1, 2001)

Advisor Company:
Rydex Investments
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	-29.22	-4.68	-9.38	-4.38
Beta*	6.62	-0.95	9.44	6.55
Mean annual return	-1.59	0.42	0.04	0.20
R-squared*	1.33	98.63	7.13	1.97
Standard deviation	23.24	18.73	15.23	15.90
Sharpe ratio	-0.83	0.14	-0.16	-0.03
* Against standard index

Risk measurement details »

Security	Net Assets
FNMA	13.17%
Credit Suisse Swap	0.64%
Goldman Swap	0.27%
S&P 500 DEC 09 MINI	0.07%

Holdings Performance »