SETH vs. UPRO
SETH (ProShares Short Ether Strategy ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, SETH returned 27.48% vs 60.49% for UPRO. Their -0.43 correlation means they have often moved in opposite directions in the past. SETH charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SETH vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, SETH achieves a 29.49% return, which is significantly higher than UPRO's 26.96% return.
SETH
- 1D
- -0.18%
- 1M
- -10.05%
- 6M
- 5.54%
- YTD
- 29.49%
- 1Y
- 27.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -31.12%
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.09M | $1.16M | $1.85M | |
| $303.16M | $293.07M | $361.38M |
SETH vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 29.49% | -29.41% | -49.59% | -22.19% |
UPRO ProShares UltraPro S&P 500 | 26.96% | 31.88% | 63.57% | 40.20% |
Correlation
The correlation between SETH and UPRO is -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.51 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | -0.44 |
The correlation between SETH and UPRO has been stable across timeframes, ranging from -0.51 to -0.43 - a consistent structural relationship.
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Return for Risk
SETH vs. UPRO — Risk / Return Rank
SETH
UPRO
SETH vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.
| SETH | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.27 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 2.27 | -1.34 |
| Martin ratioReturn relative to average drawdown | 1.60 | 8.68 | -7.08 |
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Drawdowns
SETH vs. UPRO - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SETH and UPRO.
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Drawdown Indicators
| SETH | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -76.82% | -3.92% |
Max Drawdown (1Y)Largest decline over 1 year | -29.71% | -26.78% | -2.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.87% | — |
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 | -64.43% | -2.80% | -61.63% |
Average DrawdownAverage peak-to-trough decline | -55.12% | -14.34% | -40.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.71% | 6.99% | +10.72% |
Volatility
SETH vs. UPRO - Volatility Comparison
ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 12.55% compared to ProShares UltraPro S&P 500 (UPRO) at 11.49%. This indicates that SETH'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
| SETH | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.55% | 11.49% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 45.56% | 30.61% | +14.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.05% | 38.43% | +28.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.84% | 50.74% | +18.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 53.81% | +15.03% |
SETH vs. UPRO - Expense Ratio Comparison
SETH has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SETH vs. UPRO - Dividend Comparison
SETH's dividend yield for the trailing twelve months is around 22.11%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 22.11% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 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
SETH and UPRO have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (12.55%) compared to UPRO (11.49%). In terms of maximum drawdown, SETH dropped -80.74% vs UPRO's -76.82%.
On 1-year performance, UPRO leads with 60.49% vs 27.48% for SETH. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, UPRO has performed better with a 60.49% return vs 27.48%. 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 SETH.
SETH has the higher dividend yield at 22.11%, compared with 0.74% for UPRO.
SETH is categorized as Cryptocurrency, while UPRO is Leveraged Equities. SETH tracks Bloomberg Galaxy Ethereum (--100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SETH and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.58 vs 0.41), 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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