PGNAX vs. UPRO

Last updated Jun 5, 2026

PGNAX (PGIM Jennison Natural Resources Fund) and UPRO (ProShares UltraPro S&P 500) are both funds - PGNAX is a Energy Equities fund managed by PGIM, while UPRO is a Leveraged Equities fund tracking the S&P 500. Over the past 10 years, PGNAX returned 11.57%/yr vs 30.04%/yr for UPRO. A 0.66 correlation means they provide meaningful diversification when combined. PGNAX charges 1.27%/yr vs 0.89%/yr for UPRO.

Performance

PGNAX vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison Natural Resources Fund (PGNAX) 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, PGNAX achieves a 24.54% return, which is significantly lower than UPRO's 29.29% return. Over the past 10 years, PGNAX has underperformed UPRO with an annualized return of 11.57%, while UPRO has yielded a comparatively higher 30.04% annualized return.

PGNAX

• 1D: -1.13%
• 1M: 1.01%
• YTD: 24.54%
• 6M: 26.80%
• 1Y: 61.09%
• 3Y*: 22.14%
• 5Y*: 16.06%
• 10Y*: 11.57%

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)

PGNAX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGNAX PGIM Jennison Natural Resources Fund	24.54%	38.58%	0.80%	-2.22%	24.40%	27.22%	11.22%	16.50%	-27.87%	4.99%
UPRO ProShares UltraPro S&P 500	29.29%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between PGNAX and UPRO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.66

The correlation between PGNAX and UPRO shifts across timeframes, from 0.46 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PGNAX vs. UPRO — Risk / Return Rank

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

PGNAX

PGNAX Risk / Return Rank: 85
PGNAX Sharpe Ratio Rank: 89
PGNAX Sortino Ratio Rank: 71
PGNAX Omega Ratio Rank: 76
PGNAX Calmar Ratio Rank: 94
PGNAX Martin Ratio Rank: 94

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.

PGNAX vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Natural Resources Fund (PGNAX) 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.

	PGNAX	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	2.91	2.37	+0.55
Sortino ratio: Return per unit of downside risk	3.50	2.81	+0.68
Omega ratio: Gain probability vs. loss probability	1.49	1.37	+0.12
Calmar ratio: Return relative to maximum drawdown	5.46	3.12	+2.34
Martin ratio: Return relative to average drawdown	20.46	13.16	+7.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGNAX vs. UPRO - Sharpe Ratio Comparison

The current PGNAX Sharpe Ratio is 2.91, which is comparable to the UPRO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of PGNAX 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

	PGNAX	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	2.37	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.47	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.56	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.65	-0.30

Drawdowns

PGNAX vs. UPRO - Drawdown Comparison

The maximum PGNAX drawdown since its inception was -76.46%, roughly equal to the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for PGNAX and UPRO.

Drawdown Indicators

	PGNAX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-76.46%	-76.82%	+0.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-26.78%	+15.73%
Max Drawdown (3Y) Largest decline over 3 years	-25.21%	-48.87%	+23.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.24%	-63.94%	+34.70%
Max Drawdown (10Y) Largest decline over 10 years	-63.86%	-76.82%	+12.96%
Current Drawdown Current decline from peak	-1.51%	-1.02%	-0.49%
Average Drawdown Average peak-to-trough decline	-20.22%	-14.41%	-5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	6.33%	-3.39%

Volatility

PGNAX vs. UPRO - Volatility Comparison

The current volatility for PGIM Jennison Natural Resources Fund (PGNAX) is 5.50%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.29%. This indicates that PGNAX 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

	PGNAX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	8.29%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	26.61%	-9.74%
Volatility (1Y) Calculated over the trailing 1-year period	20.69%	35.33%	-14.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.26%	50.31%	-25.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.42%	53.73%	-27.31%

PGNAX vs. UPRO - Expense Ratio Comparison

PGNAX has a 1.27% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

PGNAX vs. UPRO - Dividend Comparison

PGNAX's dividend yield for the trailing twelve months is around 0.77%, more than UPRO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PGNAX PGIM Jennison Natural Resources Fund	0.77%	0.96%	0.98%	1.93%	2.75%	0.84%	1.32%	1.78%	1.59%	0.00%	1.15%	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 PGNAX and UPRO in my portfolio?

PGNAX and UPRO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGNAX or UPRO?

UPRO has higher volatility (8.29%) compared to PGNAX (5.50%). In terms of maximum drawdown, PGNAX dropped -76.46% vs UPRO's -76.82%.

Which has better risk-adjusted returns?

PGNAX currently has the higher Sharpe Ratio (2.91 vs 2.37), 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.