ION vs. UPRO

Last updated Jun 24, 2026

ION (Proshares S&P Global Core Battery Metals ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 3 years, ION returned 15.06%/yr vs 46.23%/yr for UPRO. At a 0.45 correlation, their price movements are largely independent. ION charges 0.58%/yr vs 0.89%/yr for UPRO.

Performance

ION vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) 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, ION achieves a 3.17% return, which is significantly lower than UPRO's 17.21% return.

ION

• 1D: -4.93%
• 1M: -11.41%
• YTD: 3.17%
• 6M: 1.52%
• 1Y: 96.49%
• 3Y*: 15.06%
• 5Y*: —
• 10Y*: —

UPRO

• 1D: -4.27%
• 1M: -5.38%
• YTD: 17.21%
• 6M: 13.86%
• 1Y: 62.29%
• 3Y*: 46.23%
• 5Y*: 20.37%
• 10Y*: 30.18%

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

ION vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	3.17%	108.37%	-20.02%	-14.10%	-8.45%
UPRO ProShares UltraPro S&P 500	17.21%	31.88%	63.57%	68.53%	-17.73%

Correlation

The correlation between ION and UPRO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.45

ION vs. UPRO - Sectors Allocation Comparison

Sectors	ION	UPRO
Basic Materials	14.1%	1.7%
Financial Services	13.3%	11.1%
Energy	2.5%	3.1%
Real Estate	2.3%	1.8%
Healthcare	1.9%	8.3%
Industrials	1.7%	7.8%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

ION vs. UPRO — Risk / Return Rank

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

ION

ION Risk / Return Rank: 73
ION Sharpe Ratio Rank: 82
ION Sortino Ratio Rank: 65
ION Omega Ratio Rank: 63
ION Calmar Ratio Rank: 82
ION Martin Ratio Rank: 71

UPRO

UPRO Risk / Return Rank: 49
UPRO Sharpe Ratio Rank: 50
UPRO Sortino Ratio Rank: 44
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 49
UPRO Martin Ratio Rank: 56

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.

ION vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.

	ION	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.68	+0.77
Sortino ratio: Return per unit of downside risk	2.80	2.15	+0.65
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	4.16	2.34	+1.83
Martin ratio: Return relative to average drawdown	12.42	9.52	+2.91

ION vs. UPRO - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 2.45, which is higher than the UPRO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of ION 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

ION vs. UPRO - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ION and UPRO.

Drawdown Indicators

	ION	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-76.82%	+24.74%
Max Drawdown (1Y) Largest decline over 1 year	-23.30%	-26.78%	+3.48%
Max Drawdown (3Y) Largest decline over 3 years	-46.47%	-48.87%	+2.40%
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	-22.18%	-10.27%	-11.91%
Average Drawdown Average peak-to-trough decline	-23.59%	-14.39%	-9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.79%	6.57%	+1.22%

Volatility

ION vs. UPRO - Volatility Comparison

Proshares S&P Global Core Battery Metals ETF (ION) and ProShares UltraPro S&P 500 (UPRO) have volatilities of 13.98% and 14.68%, 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

	ION	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.98%	14.68%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	32.19%	29.49%	+2.70%
Volatility (1Y) Calculated over the trailing 1-year period	39.68%	37.35%	+2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.59%	50.62%	-19.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.59%	53.79%	-22.20%

ION vs. UPRO - Expense Ratio Comparison

ION has a 0.58% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

ION vs. UPRO - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.55%, more than UPRO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ION Proshares S&P Global Core Battery Metals ETF	1.55%	1.63%	1.74%	2.23%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.74%	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 ION and UPRO in my portfolio?

ION and UPRO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ION or UPRO?

UPRO has higher volatility (14.68%) compared to ION (13.98%). In terms of maximum drawdown, ION dropped -52.08% vs UPRO's -76.82%.

Which ETF is better, ION or UPRO?

On 3-year performance, UPRO leads with 46.23% vs 15.06% for ION. On fees, ION is cheaper at 0.58% per year. On volatility, ION has been the lower-risk option at 13.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ION or UPRO?

Over the 3-year period, UPRO has performed better with a 46.23% return vs 15.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ION or UPRO?

ION is cheaper with a 0.58% expense ratio, compared with 0.89% for UPRO.

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

ION has the higher dividend yield at 1.55%, compared with 0.74% for UPRO.

What is the main difference between ION and UPRO?

ION is categorized as Lithium & Battery Metals, while UPRO is Leveraged Equities. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while UPRO tracks S&P 500. Their fees differ too: 0.58% for ION and 0.89% for UPRO.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (2.45 vs 1.68), 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.