DRO.AX vs. UPRO

Last updated Jun 5, 2026

DRO.AX (DroneShield Limited) is a stock, while UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500. Over the past 5 years, DRO.AX returned 77.08%/yr vs 25.52%/yr for UPRO. At a 0.01 correlation, their price movements are largely independent.

Performance

DRO.AX vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in DroneShield Limited (DRO.AX) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DRO.AX is traded in AUD, while UPRO is traded in USD. To make them comparable, the UPRO values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DRO.AX achieves a -3.90% return, which is significantly lower than UPRO's 21.37% return.

DRO.AX

• 1D: -3.58%
• 1M: -21.49%
• YTD: -3.90%
• 6M: 56.20%
• 1Y: 87.94%
• 3Y*: 127.92%
• 5Y*: 77.08%
• 10Y*: —

UPRO

• 1D: 1.39%
• 1M: 14.45%
• YTD: 21.37%
• 6M: 18.75%
• 1Y: 67.15%
• 3Y*: 49.86%
• 5Y*: 25.52%
• 10Y*: 30.50%

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

DRO.AX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRO.AX DroneShield Limited	-3.90%	302.61%	106.76%	68.18%	25.71%	2.94%	-38.18%	44.74%	-0.00%	-32.14%
UPRO ProShares UltraPro S&P 500	21.37%	22.30%	80.03%	68.66%	-53.99%	110.28%	0.42%	103.24%	-17.09%	58.32%

Correlation

The correlation between DRO.AX and UPRO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jun 23, 2016	0.02

Return for Risk

DRO.AX vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRO.AX

DRO.AX Risk / Return Rank: 66
DRO.AX Sharpe Ratio Rank: 66
DRO.AX Sortino Ratio Rank: 71
DRO.AX Omega Ratio Rank: 68
DRO.AX Calmar Ratio Rank: 64
DRO.AX Martin Ratio Rank: 62

UPRO

UPRO Risk / Return Rank: 66
UPRO Sharpe Ratio Rank: 74
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 64
UPRO Martin Ratio Rank: 71

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.

DRO.AX vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DroneShield Limited (DRO.AX) 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.

	DRO.AX	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.14	-1.35
Sortino ratio: Return per unit of downside risk	1.75	2.62	-0.87
Omega ratio: Gain probability vs. loss probability	1.21	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.18	2.35	-1.17
Martin ratio: Return relative to average drawdown	2.17	8.47	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRO.AX vs. UPRO - Sharpe Ratio Comparison

The current DRO.AX Sharpe Ratio is 0.79, which is lower than the UPRO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of DRO.AX 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

	DRO.AX	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	2.14	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.56	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.74	-0.45

Drawdowns

DRO.AX vs. UPRO - Drawdown Comparison

The maximum DRO.AX drawdown since its inception was -82.63%, which is greater than UPRO's maximum drawdown of -73.43%. Use the drawdown chart below to compare losses from any high point for DRO.AX and UPRO.

Drawdown Indicators

	DRO.AX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-82.63%	-73.43%	-9.20%
Max Drawdown (1Y) Largest decline over 1 year	-74.02%	-28.76%	-45.26%
Max Drawdown (3Y) Largest decline over 3 years	-77.31%	-46.16%	-31.15%
Max Drawdown (5Y) Largest decline over 5 years	-77.31%	-58.86%	-18.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-73.43%	—
Current Drawdown Current decline from peak	-55.15%	-0.03%	-55.12%
Average Drawdown Average peak-to-trough decline	-50.39%	-13.74%	-36.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.27%	7.95%	+32.32%

Volatility

DRO.AX vs. UPRO - Volatility Comparison

DroneShield Limited (DRO.AX) has a higher volatility of 20.44% compared to ProShares UltraPro S&P 500 (UPRO) at 6.59%. This indicates that DRO.AX's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRO.AX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.44%	6.59%	+13.85%
Volatility (6M) Calculated over the trailing 6-month period	71.49%	23.59%	+47.90%
Volatility (1Y) Calculated over the trailing 1-year period	111.08%	31.60%	+79.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.26%	45.78%	+40.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.38%	50.24%	+39.14%

Dividends

DRO.AX vs. UPRO - Dividend Comparison

DRO.AX has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.67%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRO.AX DroneShield Limited	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	0.67%	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 DRO.AX and UPRO in my portfolio?

DRO.AX and UPRO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.