GIAX vs. UPRO

Last updated Jun 4, 2026

GIAX (Nicholas Global Equity and Income ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while UPRO is a Leveraged Equities fund tracking the S&P 500. GIAX is actively managed, while UPRO is passively managed. Over the past year, GIAX returned 31.82% vs 80.84% for UPRO. Their correlation of 0.84 suggests significant overlap in exposure. GIAX charges 0.97%/yr vs 0.89%/yr for UPRO.

Performance

GIAX vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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, GIAX achieves a 22.12% return, which is significantly lower than UPRO's 27.90% return.

GIAX

• 1D: -2.89%
• 1M: 12.88%
• YTD: 22.12%
• 6M: 19.89%
• 1Y: 31.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPRO

• 1D: -2.09%
• 1M: 14.64%
• YTD: 27.90%
• 6M: 26.67%
• 1Y: 80.84%
• 3Y*: 52.58%
• 5Y*: 23.13%
• 10Y*: 30.09%

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

GIAX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.12%	11.73%	3.74%
UPRO ProShares UltraPro S&P 500	27.90%	31.88%	19.24%

Correlation

The correlation between GIAX and UPRO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.84

The correlation between GIAX and UPRO has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

GIAX vs. UPRO - Sectors Allocation Comparison

Sectors	GIAX	UPRO
Technology	36.5%	17.8%
Communication Services	14.8%	4.8%
Financial Services	14.0%	28.8%
Consumer Cyclical	11.8%	4.5%
Industrials	5.8%	3.4%
Basic Materials	4.4%	0.8%
Utilities	4.0%	1.1%
Healthcare	3.1%	3.8%
Real Estate	2.9%	0.8%
Consumer Defensive	1.4%	2.0%
Energy	1.3%	1.4%

Return for Risk

GIAX vs. UPRO — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 41
GIAX Sharpe Ratio Rank: 41
GIAX Sortino Ratio Rank: 39
GIAX Omega Ratio Rank: 41
GIAX Calmar Ratio Rank: 36
GIAX Martin Ratio Rank: 47

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.

GIAX vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.30	-0.83
Sortino ratio: Return per unit of downside risk	2.04	2.76	-0.72
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	1.81	3.03	-1.22
Martin ratio: Return relative to average drawdown	7.84	12.80	-4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIAX vs. UPRO - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.47, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GIAX 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

	GIAX	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.30	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.65	+0.32

Drawdowns

GIAX vs. UPRO - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for GIAX and UPRO.

Drawdown Indicators

	GIAX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-76.82%	+56.44%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-26.78%	+9.16%
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	-2.89%	-2.09%	-0.80%
Average Drawdown Average peak-to-trough decline	-2.99%	-14.42%	+11.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	6.33%	-2.26%

Volatility

GIAX vs. UPRO - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 8.06% and 8.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIAX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	8.45%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	26.60%	-6.80%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	35.35%	-13.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	50.32%	-28.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	53.74%	-32.28%

GIAX vs. UPRO - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

GIAX vs. UPRO - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.33%, more than UPRO's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GIAX Nicholas Global Equity and Income ETF	22.33%	25.62%	10.58%	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 GIAX and UPRO in my portfolio?

GIAX and UPRO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or UPRO?

UPRO has higher volatility (8.45%) compared to GIAX (8.06%). In terms of maximum drawdown, GIAX dropped -20.38% vs UPRO's -76.82%.

Which ETF is better, GIAX or UPRO?

On 1-year performance, UPRO leads with 80.84% vs 31.82% for GIAX. On fees, UPRO is cheaper at 0.89% per year. On volatility, GIAX has been the lower-risk option at 8.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or UPRO?

Over the 1-year period, UPRO has performed better with a 80.84% return vs 31.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.97% for GIAX.

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

GIAX has the higher dividend yield at 22.33%, compared with 0.68% for UPRO.

What is the main difference between GIAX and UPRO?

GIAX is categorized as Derivative Income, while UPRO is Leveraged Equities. They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for GIAX and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.30 vs 1.47), 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.