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MYY vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MYY vs. UPRO

Last updated Jun 4, 2026

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 -11.12%/yr vs 30.09%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P Mid Cap400 (MYY) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MYY achieves a -11.13% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, MYY has underperformed UPRO with an annualized return of -11.12%, while UPRO has yielded a comparatively higher 30.09% annualized return.

MYY

1D
0.02%
1M
-3.52%
YTD
-11.13%
6M
-11.03%
1Y
-16.67%
3Y*
-9.90%
5Y*
-5.92%
10Y*
-11.12%

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)

MYY vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MYY
ProShares Short S&P Mid Cap400		-11.13%-4.05%-7.08%-9.46%10.23%-23.04%-25.94%-19.98%12.79%-14.63%
UPRO
ProShares UltraPro S&P 500		27.90%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 -0.76, 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

-0.76

Correlation (3Y)
Calculated over the trailing 3-year period

-0.78

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 26, 2009

-0.87

The correlation between MYY and UPRO shifts across timeframes, from -0.87 (all time) to -0.76 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares Short S&P Mid Cap400

ProShares UltraPro S&P 500

Often compared with MYY:
MYY vs. MDYGMYY vs. CARDMYY vs. BNP.PAMYY vs. FLYDMYY vs. DOGMYY vs. SPYMYY vs. EFZ
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

MYY vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MYY
MYY Risk / Return Rank: 11
Overall Rank
MYY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
MYY Sortino Ratio Rank: 22
Sortino Ratio Rank
MYY Omega Ratio Rank: 22
Omega Ratio Rank
MYY Calmar Ratio Rank: 11
Calmar Ratio Rank
MYY Martin Ratio Rank: 00
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 6262
Overall Rank
UPRO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5757
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5858
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6060
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6868
Martin Ratio Rank
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.

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.

MYYUPRODifference

Sharpe ratio

Return per unit of total volatility

-1.08

2.30

-3.38

Sortino ratio

Return per unit of downside risk

-1.45

2.76

-4.21

Omega ratio

Gain probability vs. loss probability

0.83

1.36

-0.53

Calmar ratio

Return relative to maximum drawdown

-0.95

3.03

-3.99

Martin ratio

Return relative to average drawdown

-1.75

12.80

-14.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MYY vs. UPRO - Sharpe Ratio Comparison

The current MYY Sharpe Ratio is -1.08, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of MYY 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.

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Sharpe Ratios by Period

MYYUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.08

2.30

-3.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.30

0.46

-0.77

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.52

0.56

-1.09

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.53

0.65

-1.18

Drawdowns

MYY vs. UPRO - Drawdown Comparison

The maximum MYY drawdown since its inception was -95.08%, 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

MYYUPRODifference

Max Drawdown

Largest peak-to-trough decline

-95.08%

-76.82%

-18.26%

Max Drawdown (1Y)

Largest decline over 1 year

-17.58%

-26.78%

+9.20%

Max Drawdown (3Y)

Largest decline over 3 years

-33.48%

-48.87%

+15.39%

Max Drawdown (5Y)

Largest decline over 5 years

-36.20%

-63.94%

+27.74%

Max Drawdown (10Y)

Largest decline over 10 years

-71.22%

-76.82%

+5.60%

Current Drawdown

Current decline from peak

-95.07%

-2.09%

-92.98%

Average Drawdown

Average peak-to-trough decline

-72.15%

-14.42%

-57.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.56%

6.33%

+3.23%

Volatility

MYY vs. UPRO - Volatility Comparison

The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 4.41%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.45%. 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

MYYUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

8.45%

-4.04%

Volatility (6M)

Calculated over the trailing 6-month period

11.40%

26.60%

-15.20%

Volatility (1Y)

Calculated over the trailing 1-year period

15.59%

35.35%

-19.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.62%

50.32%

-30.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.25%

53.74%

-32.49%

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 4.45%, more than UPRO's 0.68% yield.

PositionTTM20252024202320222021202020192018201720162015
MYY
ProShares Short S&P Mid Cap400		4.45%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		0.68%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

MYY and UPRO have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UPRO has higher volatility (8.45%) compared to MYY (4.41%). In terms of maximum drawdown, MYY dropped -95.08% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.09% vs -11.12% for MYY. On fees, UPRO is cheaper at 0.89% per year. On volatility, MYY has been the lower-risk option at 4.41%. 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 30.09% return vs -11.12%. 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 4.45%, compared with 0.68% 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 (2.30 vs -1.08), 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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