DXHYX vs. UPRO

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Monthly High Yield Bull 1.2X Fund (DXHYX) and ProShares UltraPro S&P 500 (UPRO).

DXHYX is managed by Direxion. It was launched on Feb 17, 2016. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009.

Performance

DXHYX vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Monthly High Yield Bull 1.2X Fund (DXHYX) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

DXHYX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXHYX Direxion Monthly High Yield Bull 1.2X Fund	-2.22%	6.56%	6.47%	10.88%	-13.99%	3.00%	2.26%	12.61%	-3.82%	5.22%
UPRO ProShares UltraPro S&P 500	-16.03%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	67.74%

Returns By Period

In the year-to-date period, DXHYX achieves a -2.22% return, which is significantly higher than UPRO's -16.03% return.

DXHYX

• 1D: 0.17%
• 1M: -2.29%
• YTD: -2.22%
• 6M: -1.22%
• 1Y: 4.40%
• 3Y*: 5.85%
• 5Y*: 1.56%
• 10Y*: —

UPRO

• 1D: 8.61%
• 1M: -15.71%
• YTD: -16.03%
• 6M: -12.57%
• 1Y: 32.51%
• 3Y*: 37.29%
• 5Y*: 16.63%
• 10Y*: 25.25%

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

DXHYX vs. UPRO - Expense Ratio Comparison

DXHYX has a 1.35% expense ratio, which is higher than UPRO's 0.92% expense ratio.

DXHYX

Direxion Monthly High Yield Bull 1.2X Fund

UPRO

ProShares UltraPro S&P 500

Return for Risk

DXHYX vs. UPRO — Risk / Return Rank

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

DXHYX

DXHYX Risk / Return Rank: 32
DXHYX Sharpe Ratio Rank: 29
DXHYX Sortino Ratio Rank: 28
DXHYX Omega Ratio Rank: 32
DXHYX Calmar Ratio Rank: 31
DXHYX Martin Ratio Rank: 42

UPRO

UPRO Risk / Return Rank: 45
UPRO Sharpe Ratio Rank: 35
UPRO Sortino Ratio Rank: 46
UPRO Omega Ratio Rank: 49
UPRO Calmar Ratio Rank: 45
UPRO Martin Ratio Rank: 47

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.

DXHYX vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Monthly High Yield Bull 1.2X Fund (DXHYX) 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.

	DXHYX	UPRO	Difference
Sharpe ratio Return per unit of total volatility	0.69	0.60	+0.09
Sortino ratio Return per unit of downside risk	1.04	1.18	-0.14
Omega ratio Gain probability vs. loss probability	1.16	1.18	-0.02
Calmar ratio Return relative to maximum drawdown	0.87	1.04	-0.18
Martin ratio Return relative to average drawdown	4.33	4.18	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXHYX vs. UPRO - Sharpe Ratio Comparison

The current DXHYX Sharpe Ratio is 0.69, which is comparable to the UPRO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of DXHYX and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DXHYX	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	0.60	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.33	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.59	-0.31

Correlation

The correlation between DXHYX and UPRO is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DXHYX vs. UPRO - Dividend Comparison

DXHYX's dividend yield for the trailing twelve months is around 5.23%, more than UPRO's 1.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXHYX Direxion Monthly High Yield Bull 1.2X Fund	5.23%	4.32%	4.75%	6.08%	12.11%	2.06%	6.32%	9.95%	4.99%	3.57%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	1.04%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Drawdowns

DXHYX vs. UPRO - Drawdown Comparison

The maximum DXHYX drawdown since its inception was -26.40%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for DXHYX and UPRO.

Drawdown Indicators

	DXHYX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-26.40%	-76.82%	+50.42%
Max Drawdown (1Y) Largest decline over 1 year	-4.87%	-33.38%	+28.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	-63.94%	+45.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.82%	—
Current Drawdown Current decline from peak	-2.86%	-20.48%	+17.62%
Average Drawdown Average peak-to-trough decline	-3.76%	-14.53%	+10.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	8.33%	-7.36%

Volatility

DXHYX vs. UPRO - Volatility Comparison

The current volatility for Direxion Monthly High Yield Bull 1.2X Fund (DXHYX) is 2.28%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 15.89%. This indicates that DXHYX 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

	DXHYX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	15.89%	-13.61%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	28.41%	-25.23%
Volatility (1Y) Calculated over the trailing 1-year period	6.55%	54.34%	-47.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.43%	50.34%	-41.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.40%	53.70%	-44.30%