Profunds index and sector trading

[exp]

yes, i am familiar with Bill Sharpe's ratio:
http://www.gsb.stanford.edu/news/headlines/sharpe_nobel.shtml

clearly, in trading profunds one doubles the ndx beta (as it is 2x ndx) so the risk-adjusted returns would have to be lowered but fundamentally that's no different than trading ndx vs spx (my spreadsheet analysis shows that in the 2000-2003 period the ndx daily change was 2.2 larger than the spx daily change on average, based on days where both indices went in the same direction and had non-zero changes which happened in about 500 out 800 trading days)

george