SMU vs. UPSX

Last updated Jun 23, 2026

SMU (Tradr 2X Long SMR Daily ETF) and UPSX (Tradr 2X Long UPST Daily ETF) are both Leveraged Equities funds from Tradr. Both are actively managed. At a 0.41 correlation, their price movements are largely independent. Both charge a 1.30% expense ratio.

Performance

SMU vs. UPSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SMR Daily ETF (SMU) and Tradr 2X Long UPST Daily ETF (UPSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SMU having a -65.34% return and UPSX slightly higher at -63.35%.

SMU

• 1D: -8.13%
• 1M: -13.60%
• YTD: -65.34%
• 6M: -74.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPSX

• 1D: -6.69%
• 1M: 13.38%
• YTD: -63.35%
• 6M: -70.75%
• 1Y: -85.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMU vs. UPSX - Yearly Performance Comparison

	2026 (YTD)	2025
SMU Tradr 2X Long SMR Daily ETF	-65.34%	-91.57%
UPSX Tradr 2X Long UPST Daily ETF	-63.35%	-77.95%

Correlation

The correlation between SMU and UPSX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.41

Return for Risk

SMU vs. UPSX — Risk / Return Rank

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

SMU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

UPSX

UPSX Risk / Return Rank: 3
UPSX Sharpe Ratio Rank: 4
UPSX Sortino Ratio Rank: 4
UPSX Omega Ratio Rank: 4
UPSX Calmar Ratio Rank: 1
UPSX Martin Ratio Rank: 3

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.

SMU vs. UPSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SMR Daily ETF (SMU) and Tradr 2X Long UPST Daily ETF (UPSX). 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.

	SMU	UPSX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.61	—
Sortino ratio: Return per unit of downside risk	—	-0.85	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.90	—
Martin ratio: Return relative to average drawdown	—	-1.14	—

Drawdowns

SMU vs. UPSX - Drawdown Comparison

The maximum SMU drawdown since its inception was -98.96%, roughly equal to the maximum UPSX drawdown of -95.01%. Use the drawdown chart below to compare losses from any high point for SMU and UPSX.

Drawdown Indicators

	SMU	UPSX	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-95.01%	-3.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-95.01%	—
Current Drawdown Current decline from peak	-98.53%	-92.78%	-5.75%
Average Drawdown Average peak-to-trough decline	-76.71%	-67.02%	-9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	74.73%	—

Volatility

Volatility by Period

	SMU	UPSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	43.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	102.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	204.83%	140.62%	+64.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.83%	141.38%	+63.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.83%	141.38%	+63.45%

SMU vs. UPSX - Expense Ratio Comparison

Both SMU and UPSX have an expense ratio of 1.30%.

Dividends

SMU vs. UPSX - Dividend Comparison

Neither SMU nor UPSX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMU and UPSX in my portfolio?

SMU and UPSX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMU or UPSX?

Both ETFs have the same 1.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMU or UPSX?

SMU and UPSX have the same expense ratio: 1.30% per year.

Which ETF pays a higher dividend yield, SMU or UPSX?

SMU and UPSX have nearly identical dividend yields, around 0.00%.