OILU vs. UPRO
OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while UPRO is a Leveraged Equities fund tracking the S&P 500. Over the past 3 years, OILU returned 2.53%/yr vs 42.98%/yr for UPRO. At a 0.28 correlation, their price movements are largely independent. OILU charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
OILU vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OILU achieves a 84.54% return, which is significantly higher than UPRO's 23.12% return.
OILU
- 1D
- 2.86%
- 1M
- 27.28%
- 6M
- 58.40%
- YTD
- 84.54%
- 1Y
- 100.47%
- 3Y*
- 2.53%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.00%
UPRO
- 1D
- 2.47%
- 1M
- -0.42%
- 6M
- 26.37%
- YTD
- 23.12%
- 1Y
- 49.68%
- 3Y*
- 42.98%
- 5Y*
- 19.90%
- 10Y*
- 28.31%
- ALL TIME*
- 33.26%
OILU vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 84.54% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
UPRO ProShares UltraPro S&P 500 | 23.12% | 31.88% | 63.57% | 68.53% | -56.84% | 3.44% |
Correlation
The correlation between OILU and UPRO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.28 |
The correlation between OILU and UPRO shifts across timeframes, from -0.12 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OILU vs. UPRO — Risk / Return Rank
OILU
UPRO
OILU vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.
| OILU | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 1.86 | +0.31 |
| Martin ratioReturn relative to average drawdown | 5.47 | 7.30 | -1.83 |
Loading charts...
Drawdowns
OILU vs. UPRO - Drawdown Comparison
The maximum OILU drawdown since its inception was -81.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for OILU and UPRO.
Loading charts...
Drawdown Indicators
| OILU | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.00% | -76.82% | -4.18% |
Max Drawdown (1Y)Largest decline over 1 year | -46.49% | -26.78% | -19.71% |
Max Drawdown (3Y)Largest decline over 3 years | -69.09% | -48.87% | -20.22% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.82% | — |
Current DrawdownCurrent decline from peak | -50.37% | -5.74% | -44.63% |
Average DrawdownAverage peak-to-trough decline | -50.70% | -14.36% | -36.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 6.82% | +11.63% |
Volatility
OILU vs. UPRO - Volatility Comparison
MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a higher volatility of 17.88% compared to ProShares UltraPro S&P 500 (UPRO) at 10.14%. This indicates that OILU'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.
Loading charts...
Volatility by Period
| OILU | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.88% | 10.14% | +7.74% |
Volatility (6M)Calculated over the trailing 6-month period | 51.06% | 30.24% | +20.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.84% | 37.77% | +26.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.86% | 50.62% | +30.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.86% | 53.74% | +27.12% |
OILU vs. UPRO - Expense Ratio Comparison
OILU has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
OILU vs. UPRO - Dividend Comparison
OILU has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 0.00% | 0.00% | 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 | 0.76% | 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
OILU and UPRO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILU has higher volatility (17.88%) compared to UPRO (10.14%). In terms of maximum drawdown, OILU dropped -81.00% vs UPRO's -76.82%.
On 3-year performance, UPRO leads with 42.98% vs 2.53% for OILU. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UPRO has performed better with a 42.98% return vs 2.53%. 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 OILU.
UPRO has the higher dividend yield at 0.76%, compared with 0.00% for OILU.
OILU is categorized as Leveraged Commodities, while UPRO is Leveraged Equities. They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for OILU and 0.89% for UPRO.
OILU currently has the higher Sharpe Ratio (1.59 vs 1.32), 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.
Find the right allocation for OILU and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer