ITWO vs. UPRO

Last updated Jun 5, 2026

ITWO (Proshares Russell 2000 High Income ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - ITWO is a Derivative Income fund tracking the Cboe Russell 2000 Daily Covered Call Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, ITWO returned 41.29% vs 83.10% for UPRO. A 0.80 correlation means they provide meaningful diversification when combined. ITWO charges 0.55%/yr vs 0.89%/yr for UPRO.

Performance

ITWO vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Russell 2000 High Income ETF (ITWO) 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, ITWO achieves a 19.23% return, which is significantly lower than UPRO's 29.29% return.

ITWO

• 1D: 1.46%
• 1M: 3.76%
• YTD: 19.23%
• 6M: 17.25%
• 1Y: 41.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPRO

• 1D: 1.09%
• 1M: 13.26%
• YTD: 29.29%
• 6M: 27.72%
• 1Y: 83.10%
• 3Y*: 53.48%
• 5Y*: 23.40%
• 10Y*: 30.04%

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

ITWO vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ITWO Proshares Russell 2000 High Income ETF	19.23%	14.25%	3.68%
UPRO ProShares UltraPro S&P 500	29.29%	31.88%	17.24%

Correlation

The correlation between ITWO and UPRO is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.80

The correlation between ITWO and UPRO has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

ITWO vs. UPRO — Risk / Return Rank

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

ITWO

ITWO Risk / Return Rank: 70
ITWO Sharpe Ratio Rank: 69
ITWO Sortino Ratio Rank: 66
ITWO Omega Ratio Rank: 59
ITWO Calmar Ratio Rank: 82
ITWO Martin Ratio Rank: 76

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.

ITWO vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Russell 2000 High Income ETF (ITWO) 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.

	ITWO	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.37	-0.14
Sortino ratio: Return per unit of downside risk	3.00	2.81	+0.18
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	4.24	3.12	+1.12
Martin ratio: Return relative to average drawdown	14.28	13.16	+1.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITWO vs. UPRO - Sharpe Ratio Comparison

The current ITWO Sharpe Ratio is 2.23, which is comparable to the UPRO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ITWO 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

	ITWO	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.37	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.65	+0.42

Drawdowns

ITWO vs. UPRO - Drawdown Comparison

The maximum ITWO drawdown since its inception was -24.77%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ITWO and UPRO.

Drawdown Indicators

	ITWO	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-76.82%	+52.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-26.78%	+16.99%
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	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-5.14%	-14.41%	+9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	6.33%	-3.43%

Volatility

ITWO vs. UPRO - Volatility Comparison

The current volatility for Proshares Russell 2000 High Income ETF (ITWO) is 5.81%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.29%. This indicates that ITWO 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

	ITWO	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	8.29%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	26.61%	-13.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	35.33%	-16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	50.31%	-29.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	53.73%	-33.25%

ITWO vs. UPRO - Expense Ratio Comparison

ITWO has a 0.55% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

ITWO vs. UPRO - Dividend Comparison

ITWO's dividend yield for the trailing twelve months is around 7.47%, more than UPRO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITWO Proshares Russell 2000 High Income ETF	7.47%	12.12%	4.11%	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 ITWO and UPRO in my portfolio?

ITWO and UPRO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITWO or UPRO?

UPRO has higher volatility (8.29%) compared to ITWO (5.81%). In terms of maximum drawdown, ITWO dropped -24.77% vs UPRO's -76.82%.

Which ETF is better, ITWO or UPRO?

On 1-year performance, UPRO leads with 83.10% vs 41.29% for ITWO. On fees, ITWO is cheaper at 0.55% per year. On volatility, ITWO has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITWO or UPRO?

Over the 1-year period, UPRO has performed better with a 83.10% return vs 41.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITWO or UPRO?

ITWO is cheaper with a 0.55% expense ratio, compared with 0.89% for UPRO.

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

ITWO has the higher dividend yield at 7.47%, compared with 0.67% for UPRO.

What is the main difference between ITWO and UPRO?

ITWO is categorized as Derivative Income, while UPRO is Leveraged Equities. ITWO tracks Cboe Russell 2000 Daily Covered Call Index, while UPRO tracks S&P 500. Their fees differ too: 0.55% for ITWO and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.37 vs 2.23), 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.