ETHD vs. UPRO

Last updated Aug 5, 2026

ETHD (ProShares UltraShort Ether ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while UPRO is a Leveraged Equities fund tracking the S&P 500. ETHD is actively managed, while UPRO is passively managed. Over the past year, ETHD returned 6.93% vs 61.82% for UPRO. Their -0.49 correlation means they have often moved in opposite directions in the past. ETHD charges 1.01%/yr vs 0.89%/yr for UPRO.

Performance

ETHD vs. UPRO - Performance Comparison

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

Returns By Period

In the year-to-date period, ETHD achieves a 28.16% return, which is significantly lower than UPRO's 33.75% return.

ETHD

• 1D: -0.69%
• 1M: -21.42%
• 6M: -13.33%
• YTD: 28.16%
• 1Y: 6.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -50.80%

UPRO

• 1D: 5.34%
• 1M: 9.50%
• 6M: 30.93%
• YTD: 33.75%
• 1Y: 61.82%
• 3Y*: 49.06%
• 5Y*: 20.91%
• 10Y*: 29.22%
• ALL TIME*: 33.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHD ProShares UltraShort Ether ETF	$15.91M	$15.40M	$23.23M
UPRO ProShares UltraPro S&P 500	$337.28M	$304.70M	$362.53M

ETHD vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	28.16%	-72.49%	-38.58%
UPRO ProShares UltraPro S&P 500	33.75%	31.88%	22.45%

Correlation

The correlation between ETHD and UPRO is -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.51
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.49

The correlation between ETHD and UPRO has been stable across timeframes, ranging from -0.51 to -0.49 - a consistent structural relationship.

Return for Risk

ETHD vs. UPRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHD

ETHD Risk / Return Rank: 17
ETHD Sharpe Ratio Rank: 11
ETHD Sortino Ratio Rank: 26
ETHD Omega Ratio Rank: 25
ETHD Calmar Ratio Rank: 12
ETHD Martin Ratio Rank: 11

UPRO

UPRO Risk / Return Rank: 59
UPRO Sharpe Ratio Rank: 61
UPRO Sortino Ratio Rank: 54
UPRO Omega Ratio Rank: 54
UPRO Calmar Ratio Rank: 58
UPRO Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHD vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

	ETHD	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.05	1.62	-1.56
Sortino ratio: Return per unit of downside risk	1.04	2.12	-1.08
Omega ratio: Gain probability vs. loss probability	1.13	1.27	-0.15
Calmar ratio: Return relative to maximum drawdown	0.13	2.32	-2.19
Martin ratio: Return relative to average drawdown	0.19	8.87	-8.68

ETHD vs. UPRO - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is 0.05, which is lower than the UPRO Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of ETHD 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.

Drawdowns

ETHD vs. UPRO - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ETHD and UPRO.

Drawdown Indicators

	ETHD	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-76.82%	-18.77%
Max Drawdown (1Y) Largest decline over 1 year	-55.14%	-26.78%	-28.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.82%	—
Current Drawdown Current decline from peak	-89.99%	0.00%	-89.99%
Average Drawdown Average peak-to-trough decline	-67.60%	-14.34%	-53.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.65%	6.99%	+28.66%

Volatility

ETHD vs. UPRO - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 22.21% compared to ProShares UltraPro S&P 500 (UPRO) at 12.34%. This indicates that ETHD'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

	ETHD	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.21%	12.34%	+9.87%
Volatility (6M) Calculated over the trailing 6-month period	88.19%	30.99%	+57.20%
Volatility (1Y) Calculated over the trailing 1-year period	133.41%	38.70%	+94.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	140.15%	50.79%	+89.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.15%	53.83%	+86.32%

ETHD vs. UPRO - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

ETHD vs. UPRO - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 8.92%, more than UPRO's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETHD ProShares UltraShort Ether ETF	8.92%	156.62%	19.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.70%	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 ETHD and UPRO in my portfolio?

ETHD and UPRO have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHD or UPRO?

ETHD has higher volatility (22.21%) compared to UPRO (12.34%). In terms of maximum drawdown, ETHD dropped -95.59% vs UPRO's -76.82%.

Which ETF is better, ETHD or UPRO?

On 1-year performance, UPRO leads with 61.82% vs 6.93% for ETHD. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 12.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or UPRO?

Over the 1-year period, UPRO has performed better with a 61.82% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 1.01% for ETHD.

Which ETF pays a higher dividend yield, ETHD or UPRO?

ETHD has the higher dividend yield at 8.92%, compared with 0.70% for UPRO.

What is the main difference between ETHD and UPRO?

ETHD is categorized as Cryptocurrency, while UPRO is Leveraged Equities. Their fees differ too: 1.01% for ETHD and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.62 vs 0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.