MYY vs. UPRO
MYY (ProShares Short S&P Mid Cap400) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - MYY is a Inverse Equities fund tracking the S&P Mid Cap 400 (-100%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, MYY returned -10.79%/yr vs 28.63%/yr for UPRO. At a correlation of -0.87, they often move in opposite directions. MYY charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
MYY vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, MYY achieves a -11.03% return, which is significantly lower than UPRO's 23.85% return. Over the past 10 years, MYY has underperformed UPRO with an annualized return of -10.79%, while UPRO has yielded a comparatively higher 28.63% annualized return.
MYY
- 1D
- 0.53%
- 1M
- 1.24%
- 6M
- -6.84%
- YTD
- -11.03%
- 1Y
- -13.14%
- 3Y*
- -8.04%
- 5Y*
- -6.30%
- 10Y*
- -10.79%
UPRO
- 1D
- -2.35%
- 1M
- 2.61%
- 6M
- 17.29%
- YTD
- 23.85%
- 1Y
- 53.99%
- 3Y*
- 44.08%
- 5Y*
- 19.88%
- 10Y*
- 28.63%
MYY vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -11.03% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
UPRO ProShares UltraPro S&P 500 | 23.85% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between MYY and UPRO is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.87 |
The correlation between MYY and UPRO shifts across timeframes, from -0.87 (all time) to -0.75 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MYY vs. UPRO — Risk / Return Rank
MYY
UPRO
MYY vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.
| MYY | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.03 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.03 | -2.75 |
| Martin ratioReturn relative to average drawdown | -1.36 | 8.00 | -9.37 |
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Drawdowns
MYY vs. UPRO - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.20%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for MYY and UPRO.
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Drawdown Indicators
| MYY | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.20% | -76.82% | -18.38% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -26.78% | +8.53% |
Max Drawdown (3Y)Largest decline over 3 years | -35.14% | -48.87% | +13.73% |
Max Drawdown (5Y)Largest decline over 5 years | -37.79% | -63.94% | +26.15% |
Max Drawdown (10Y)Largest decline over 10 years | -71.93% | -76.82% | +4.89% |
Current DrawdownCurrent decline from peak | -95.07% | -5.19% | -89.88% |
Average DrawdownAverage peak-to-trough decline | -72.25% | -14.37% | -57.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.65% | 6.77% | +2.88% |
Volatility
MYY vs. UPRO - Volatility Comparison
The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 4.22%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 12.62%. This indicates that MYY 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.
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Volatility by Period
| MYY | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 12.62% | -8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 29.99% | -18.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 37.63% | -21.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.60% | 50.68% | -31.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 53.72% | -32.51% |
MYY vs. UPRO - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
MYY vs. UPRO - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.29%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | 4.29% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.75% | 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
MYY and UPRO have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (12.62%) compared to MYY (4.22%). In terms of maximum drawdown, MYY dropped -95.20% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.63% vs -10.79% for MYY. On fees, UPRO is cheaper at 0.89% per year. On volatility, MYY has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.63% return vs -10.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for MYY.
MYY has the higher dividend yield at 4.29%, compared with 0.75% for UPRO.
MYY is categorized as Inverse Equities, while UPRO is Leveraged Equities. MYY tracks S&P Mid Cap 400 (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for MYY and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.44 vs -0.83), 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.
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