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 -44.91%/yr vs 30.04%/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 -46.84% return, which is significantly lower than UPRO's 29.29% return. Over the past 10 years, REW has underperformed UPRO with an annualized return of -44.91%, while UPRO has yielded a comparatively higher 30.04% annualized return.
REW
- 1D
- 3.10%
- 1M
- -27.36%
- YTD
- -46.84%
- 6M
- -45.91%
- 1Y
- -64.13%
- 3Y*
- -46.81%
- 5Y*
- -39.85%
- 10Y*
- -44.91%
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%
REW vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -46.84% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
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 REW and UPRO is -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
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 26, 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.
| REW | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.89 | ||
| Sortino ratioReturn per unit of downside risk | -5.74 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.37 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 3.12 | -4.09 |
| Martin ratioReturn relative to average drawdown | -1.95 | 13.16 | -15.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.52 | 2.37 | -3.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.77 | 0.47 | -1.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.92 | 0.56 | -1.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.65 | -1.44 |
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 | -66.25% | -26.78% | -39.47% |
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 | -99.79% | -76.82% | -22.97% |
Current DrawdownCurrent decline from peak | -99.99% | -1.02% | -98.97% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -14.41% | -72.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.85% | 6.33% | +26.52% |
Volatility
REW vs. UPRO - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 15.34% compared to ProShares UltraPro S&P 500 (UPRO) at 8.29%. 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 | 15.34% | 8.29% | +7.05% |
Volatility (6M)Calculated over the trailing 6-month period | 34.28% | 26.61% | +7.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 35.33% | +6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.63% | 50.31% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.84% | 53.73% | -4.89% |
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 10.71%, more than UPRO's 0.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.71% | 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 | 0.67% | 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
REW and UPRO have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (15.34%) compared to UPRO (8.29%). In terms of maximum drawdown, REW dropped -99.99% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.04% vs -44.91% for REW. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.29%. 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 30.04% return vs -44.91%. 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 10.71%, compared with 0.67% 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 (2.37 vs -1.52), 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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