REW vs. UPRO
REW (ProShares UltraShort Technology) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - REW tracks the Dow Jones U.S. Technology Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, REW returned -43.85%/yr vs 28.60%/yr for UPRO. At a correlation of -0.84, they often move in opposite directions. REW charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
REW vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -39.78% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, REW has underperformed UPRO with an annualized return of -43.85%, while UPRO has yielded a comparatively higher 28.60% annualized return.
REW
- 1D
- 4.43%
- 1M
- 8.43%
- 6M
- -38.44%
- YTD
- -39.78%
- 1Y
- -51.65%
- 3Y*
- -41.91%
- 5Y*
- -36.52%
- 10Y*
- -43.85%
UPRO
- 1D
- -1.55%
- 1M
- -0.15%
- 6M
- 19.67%
- YTD
- 24.61%
- 1Y
- 54.64%
- 3Y*
- 43.89%
- 5Y*
- 20.84%
- 10Y*
- 28.60%
REW vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.78% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
UPRO ProShares UltraPro S&P 500 | 24.61% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between REW and UPRO is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.84 |
The correlation between REW and UPRO has been stable across timeframes, ranging from -0.90 to -0.84 - a consistent structural relationship.
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Return for Risk
REW vs. UPRO — Risk / Return Rank
REW
UPRO
REW vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.68 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.25 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.05 | -2.91 |
| Martin ratioReturn relative to average drawdown | -1.75 | 8.08 | -9.84 |
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Drawdowns
REW vs. UPRO - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for REW and UPRO.
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Drawdown Indicators
| REW | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -76.82% | -23.17% |
Max Drawdown (1Y)Largest decline over 1 year | -60.10% | -26.78% | -33.32% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -48.87% | -37.89% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -63.94% | -29.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -76.82% | -22.92% |
Current DrawdownCurrent decline from peak | -99.99% | -4.60% | -95.39% |
Average DrawdownAverage peak-to-trough decline | -86.94% | -14.36% | -72.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.45% | 6.78% | +22.67% |
Volatility
REW vs. UPRO - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 19.92% compared to ProShares UltraPro S&P 500 (UPRO) at 10.61%. This indicates that REW'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.
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Volatility by Period
| REW | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.92% | 10.61% | +9.31% |
Volatility (6M)Calculated over the trailing 6-month period | 42.41% | 30.01% | +12.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 37.59% | +12.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.97% | 50.67% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.45% | 53.71% | -4.26% |
REW vs. UPRO - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
REW vs. UPRO - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 8.27%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.27% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 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
REW and UPRO have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (19.92%) compared to UPRO (10.61%). In terms of maximum drawdown, REW dropped -99.99% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.60% vs -43.85% for REW. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.61%. 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 28.60% return vs -43.85%. 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 REW.
REW has the higher dividend yield at 8.27%, compared with 0.75% for UPRO.
REW tracks Dow Jones U.S. Technology Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for REW and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.46 vs -1.04), 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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