NVDG vs. UPRO

Last updated Apr 1, 2026

Compare and contrast key facts about Leverage Shares 2X Long NVDA Daily ETF (NVDG) and ProShares UltraPro S&P 500 (UPRO).

NVDG and UPRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NVDG is an actively managed fund by Leverage Shares. It was launched on Dec 12, 2024. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009.

Performance

NVDG vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NVDA Daily ETF (NVDG) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

NVDG vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	-17.87%	32.45%	-0.75%
UPRO ProShares UltraPro S&P 500	-16.03%	31.88%	-8.80%

Returns By Period

In the year-to-date period, NVDG achieves a -17.87% return, which is significantly lower than UPRO's -16.03% return.

NVDG

• 1D: 11.02%
• 1M: -5.35%
• YTD: -17.87%
• 6M: -22.83%
• 1Y: 93.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPRO

• 1D: 8.61%
• 1M: -15.71%
• YTD: -16.03%
• 6M: -12.57%
• 1Y: 32.51%
• 3Y*: 37.29%
• 5Y*: 16.63%
• 10Y*: 25.25%

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

NVDG vs. UPRO - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is lower than UPRO's 0.92% expense ratio.

UPRO

ProShares UltraPro S&P 500

NVDG

Leverage Shares 2X Long NVDA Daily ETF

Return for Risk

NVDG vs. UPRO — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 68
NVDG Sharpe Ratio Rank: 67
NVDG Sortino Ratio Rank: 76
NVDG Omega Ratio Rank: 66
NVDG Calmar Ratio Rank: 79
NVDG Martin Ratio Rank: 53

UPRO

UPRO Risk / Return Rank: 45
UPRO Sharpe Ratio Rank: 35
UPRO Sortino Ratio Rank: 46
UPRO Omega Ratio Rank: 49
UPRO Calmar Ratio Rank: 45
UPRO Martin Ratio Rank: 47

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.

NVDG vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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.

	NVDG	UPRO	Difference
Sharpe ratio Return per unit of total volatility	1.15	0.60	+0.55
Sortino ratio Return per unit of downside risk	1.91	1.18	+0.73
Omega ratio Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio Return relative to maximum drawdown	2.11	1.04	+1.07
Martin ratio Return relative to average drawdown	5.07	4.18	+0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDG vs. UPRO - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is 1.15, which is higher than the UPRO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of NVDG and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NVDG	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	0.60	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.59	-0.53

Correlation

The correlation between NVDG and UPRO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NVDG vs. UPRO - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 14.38%, more than UPRO's 1.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDG Leverage Shares 2X Long NVDA Daily ETF	14.38%	11.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	1.04%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Drawdowns

NVDG vs. UPRO - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for NVDG and UPRO.

Drawdown Indicators

	NVDG	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-76.82%	+10.63%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-33.38%	-9.34%
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	-36.40%	-20.48%	-15.92%
Average Drawdown Average peak-to-trough decline	-24.00%	-14.53%	-9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.77%	8.33%	+9.44%

Volatility

NVDG vs. UPRO - Volatility Comparison

Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a higher volatility of 20.82% compared to ProShares UltraPro S&P 500 (UPRO) at 15.89%. This indicates that NVDG's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDG	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.82%	15.89%	+4.93%
Volatility (6M) Calculated over the trailing 6-month period	51.08%	28.41%	+22.67%
Volatility (1Y) Calculated over the trailing 1-year period	81.33%	54.34%	+26.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.52%	50.34%	+42.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.52%	53.70%	+38.82%