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CNDU.TO vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNDU.TO vs. UPRO

Last updated Jun 24, 2026

CNDU.TO (BetaPro S&P/TSX 60 2x Daily Bull ETF) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds - CNDU.TO tracks the S&P/TSX 60 Index while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, CNDU.TO returned 19.59%/yr vs 31.47%/yr for UPRO. A 0.69 correlation means they provide meaningful diversification when combined. CNDU.TO charges 1.15%/yr vs 0.89%/yr for UPRO.

Performance

CNDU.TO vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

CNDU.TO is traded in CAD, while UPRO is traded in USD. To make them comparable, the UPRO values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with CNDU.TO having a 20.58% return and UPRO slightly higher at 21.18%. Over the past 10 years, CNDU.TO has underperformed UPRO with an annualized return of 19.59%, while UPRO has yielded a comparatively higher 31.47% annualized return.

CNDU.TO

1D
0.20%
1M
3.82%
YTD
20.58%
6M
18.63%
1Y
65.12%
3Y*
42.64%
5Y*
22.02%
10Y*
19.59%

UPRO

1D
-4.38%
1M
-2.75%
YTD
21.18%
6M
17.25%
1Y
67.24%
3Y*
49.89%
5Y*
23.80%
10Y*
31.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNDU.TO vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		20.58%54.27%34.82%15.07%-17.75%59.19%-5.04%42.32%-19.25%15.77%
UPRO
ProShares UltraPro S&P 500		21.18%25.86%77.42%64.52%-54.11%98.54%7.47%93.96%-18.82%59.77%

Correlation

The correlation between CNDU.TO and UPRO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.62

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2009

0.69

The correlation between CNDU.TO and UPRO has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

CNDU.TO vs. UPRO - Sectors Allocation Comparison

Sectors
CNDU.TO
UPRO

Financial Services

40.3%
11.1%

Energy

17.7%
3.1%

Basic Materials

13.6%
1.7%

Technology

8.8%
39.1%

Industrials

7.8%
7.8%

Consumer Cyclical

3.9%
9.9%

Consumer Defensive

3.2%
4.5%

Utilities

2.6%
2.1%

Communication Services

2.0%
10.6%

Real Estate

0.2%
1.8%

Healthcare

-

8.3%

Financial Services

CNDU.TO
40.3%
UPRO
11.1%

Energy

CNDU.TO
17.7%
UPRO
3.1%

Basic Materials

CNDU.TO
13.6%
UPRO
1.7%

Technology

CNDU.TO
8.8%
UPRO
39.1%

Industrials

CNDU.TO
7.8%
UPRO
7.8%

Consumer Cyclical

CNDU.TO
3.9%
UPRO
9.9%

Consumer Defensive

CNDU.TO
3.2%
UPRO
4.5%

Utilities

CNDU.TO
2.6%
UPRO
2.1%

Communication Services

CNDU.TO
2.0%
UPRO
10.6%

Real Estate

CNDU.TO
0.2%
UPRO
1.8%

Healthcare

CNDU.TO

-

UPRO
8.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BetaPro S&P/TSX 60 2x Daily Bull ETF

ProShares UltraPro S&P 500

Often compared with CNDU.TO:
CNDU.TO vs. SLVU.TOCNDU.TO vs. USSL.TOCNDU.TO vs. AMHE.TOCNDU.TO vs. TCND.TOCNDU.TO vs. HXT.TOCNDU.TO vs. TQQQ.TOCNDU.TO vs. HEQL.TO
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

CNDU.TO vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNDU.TO
CNDU.TO Risk / Return Rank: 8585
Overall Rank
CNDU.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
CNDU.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
CNDU.TO Omega Ratio Rank: 8282
Omega Ratio Rank
CNDU.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
CNDU.TO Martin Ratio Rank: 9090
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 4949
Overall Rank
UPRO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 4444
Sortino Ratio Rank
UPRO Omega Ratio Rank: 4545
Omega Ratio Rank
UPRO Calmar Ratio Rank: 4949
Calmar Ratio Rank
UPRO Martin Ratio Rank: 5656
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNDU.TO vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) and ProShares UltraPro S&P 500 (UPRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CNDU.TOUPRODifference
Sharpe ratioReturn per unit of total volatility
2.71
1.82

+0.89

Sortino ratioReturn per unit of downside risk
3.30
2.30

+1.00

Omega ratioGain probability vs. loss probability

1.44

1.30

+0.14

Calmar ratioReturn relative to maximum drawdown

4.29

2.52

+1.77

Martin ratioReturn relative to average drawdown

18.81

9.80

+9.01

CNDU.TO vs. UPRO - Sharpe Ratio Comparison

The current CNDU.TO Sharpe Ratio is 2.71, which is higher than the UPRO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of CNDU.TO and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CNDU.TO vs. UPRO - Drawdown Comparison

The maximum CNDU.TO drawdown since its inception was -78.04%, roughly equal to the maximum UPRO drawdown of -74.71%. Use the drawdown chart below to compare losses from any high point for CNDU.TO and UPRO.

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Drawdown Indicators

CNDU.TOUPRODifference

Max Drawdown

Largest peak-to-trough decline

-78.04%

-74.71%

-3.33%

Max Drawdown (1Y)

Largest decline over 1 year

-15.26%

-26.86%

+11.60%

Max Drawdown (3Y)

Largest decline over 3 years

-24.52%

-49.16%

+24.64%

Max Drawdown (5Y)

Largest decline over 5 years

-32.60%

-61.16%

+28.56%

Max Drawdown (10Y)

Largest decline over 10 years

-61.48%

-74.71%

+13.23%

Current Drawdown

Current decline from peak

-1.62%

-8.20%

+6.58%

Average Drawdown

Average peak-to-trough decline

-23.28%

-13.39%

-9.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.47%

6.88%

-3.41%

Volatility

CNDU.TO vs. UPRO - Volatility Comparison

The current volatility for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) is 7.12%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.91%. This indicates that CNDU.TO experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNDU.TOUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.12%

14.91%

-7.79%

Volatility (6M)

Calculated over the trailing 6-month period

19.29%

29.53%

-10.24%

Volatility (1Y)

Calculated over the trailing 1-year period

24.15%

37.20%

-13.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.64%

50.69%

-25.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.09%

54.02%

-23.93%

CNDU.TO vs. UPRO - Expense Ratio Comparison

CNDU.TO has a 1.15% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

CNDU.TO vs. UPRO - Dividend Comparison

CNDU.TO has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.74%.

PositionTTM20252024202320222021202020192018201720162015
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
UPRO
ProShares UltraPro S&P 500		0.74%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

CNDU.TO and UPRO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, UPRO is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

UPRO is cheaper with a 0.89% expense ratio, compared with 1.15% for CNDU.TO.

CNDU.TO tracks S&P/TSX 60 Index, while UPRO tracks S&P 500. They also come from different issuers: Horizons ETFs and ProShares. Their fees differ too: 1.15% for CNDU.TO and 0.89% for UPRO.

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