CNDU.TO vs. UPRO

Last updated Jun 4, 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 18.70%/yr vs 31.03%/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.

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

In the year-to-date period, CNDU.TO achieves a 17.93% return, which is significantly lower than UPRO's 29.52% return. Over the past 10 years, CNDU.TO has underperformed UPRO with an annualized return of 18.70%, while UPRO has yielded a comparatively higher 31.03% annualized return.

CNDU.TO

• 1D: -1.69%
• 1M: 6.67%
• YTD: 17.93%
• 6M: 21.59%
• 1Y: 62.18%
• 3Y*: 38.91%
• 5Y*: 22.02%
• 10Y*: 18.70%

UPRO

• 1D: -1.69%
• 1M: 16.93%
• YTD: 29.52%
• 6M: 26.18%
• 1Y: 83.17%
• 3Y*: 54.36%
• 5Y*: 26.65%
• 10Y*: 31.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNDU.TO vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNDU.TO BetaPro S&P/TSX 60 2x Daily Bull ETF	17.93%	54.27%	34.82%	15.07%	-17.75%	59.15%	-4.99%	42.24%	-19.24%	15.76%
UPRO ProShares UltraPro S&P 500	29.52%	25.83%	77.62%	64.82%	-53.77%	96.84%	8.23%	92.35%	-18.76%	60.46%

Correlation

The correlation between CNDU.TO and UPRO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.69

The correlation between CNDU.TO and UPRO has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.

CNDU.TO vs. UPRO - Sectors Allocation Comparison

Sectors	CNDU.TO	UPRO
Financial Services	37.2%	28.8%
Energy	19.1%	1.4%
Basic Materials	14.6%	0.8%
Technology	8.7%	17.8%
Industrials	7.9%	3.4%
Consumer Cyclical	4.1%	4.5%
Consumer Defensive	3.4%	2.0%
Utilities	2.8%	1.1%
Communication Services	2.2%	4.8%
Real Estate	0.2%	0.8%
Healthcare	-	3.8%

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: 79
CNDU.TO Sharpe Ratio Rank: 82
CNDU.TO Sortino Ratio Rank: 73
CNDU.TO Omega Ratio Rank: 74
CNDU.TO Calmar Ratio Rank: 80
CNDU.TO Martin Ratio Rank: 86

UPRO

UPRO Risk / Return Rank: 62
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 57
UPRO Omega Ratio Rank: 58
UPRO Calmar Ratio Rank: 60
UPRO Martin Ratio Rank: 68

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.

	CNDU.TO	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.42	+0.23
Sortino ratio: Return per unit of downside risk	3.27	2.87	+0.40
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	4.10	3.15	+0.94
Martin ratio: Return relative to average drawdown	18.17	12.69	+5.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNDU.TO vs. UPRO - Sharpe Ratio Comparison

The current CNDU.TO Sharpe Ratio is 2.65, which is comparable to the UPRO Sharpe Ratio of 2.42. 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.

Sharpe Ratios by Period

	CNDU.TO	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.42	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.56	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.61	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.73	-0.45

Drawdowns

CNDU.TO vs. UPRO - Drawdown Comparison

The maximum CNDU.TO drawdown since its inception was -78.08%, roughly equal to the maximum UPRO drawdown of -74.58%. Use the drawdown chart below to compare losses from any high point for CNDU.TO and UPRO.

Drawdown Indicators

	CNDU.TO	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-78.08%	-74.58%	-3.50%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-26.52%	+11.26%
Max Drawdown (3Y) Largest decline over 3 years	-24.52%	-49.02%	+24.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-61.02%	+28.42%
Max Drawdown (10Y) Largest decline over 10 years	-61.51%	-74.58%	+13.07%
Current Drawdown Current decline from peak	-1.69%	-1.69%	0.00%
Average Drawdown Average peak-to-trough decline	-23.36%	-13.31%	-10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	6.57%	-3.14%

Volatility

CNDU.TO vs. UPRO - Volatility Comparison

The current volatility for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) is 6.36%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.29%. 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.

Volatility by Period

	CNDU.TO	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	8.29%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	26.07%	-7.21%
Volatility (1Y) Calculated over the trailing 1-year period	23.58%	34.60%	-11.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.54%	47.67%	-22.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.10%	51.27%	-21.17%

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 0.68%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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	0.68%	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

Can I hold both CNDU.TO and UPRO in my portfolio?

CNDU.TO and UPRO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CNDU.TO or UPRO?

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.

Which ETF is cheaper, CNDU.TO or UPRO?

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

What is the main difference between CNDU.TO and UPRO?

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.