UBR vs. DLLL

Last updated Jun 24, 2026

UBR (ProShares Ultra MSCI Brazil) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - UBR tracks the MSCI Brazil Index (200%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, UBR returned 46.13% vs 765.95% for DLLL. At a 0.25 correlation, their price movements are largely independent. UBR charges 0.95%/yr vs 1.50%/yr for DLLL.

Performance

UBR vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Brazil (UBR) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBR achieves a 10.18% return, which is significantly lower than DLLL's 762.51% return.

UBR

• 1D: -1.03%
• 1M: -11.39%
• YTD: 10.18%
• 6M: 11.72%
• 1Y: 46.13%
• 3Y*: 1.85%
• 5Y*: -6.46%
• 10Y*: -2.60%

DLLL

• 1D: 4.21%
• 1M: 89.37%
• YTD: 762.51%
• 6M: 738.64%
• 1Y: 765.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UBR vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
UBR ProShares Ultra MSCI Brazil	10.18%	56.41%
DLLL GraniteShares 2x Long DELL Daily ETF	762.51%	-3.72%

Correlation

The correlation between UBR and DLLL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.25

Return for Risk

UBR vs. DLLL — Risk / Return Rank

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

UBR

UBR Risk / Return Rank: 28
UBR Sharpe Ratio Rank: 27
UBR Sortino Ratio Rank: 28
UBR Omega Ratio Rank: 29
UBR Calmar Ratio Rank: 28
UBR Martin Ratio Rank: 28

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

UBR vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	UBR	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	0.93	5.91	-4.98
Sortino ratio: Return per unit of downside risk	1.45	4.55	-3.09
Omega ratio: Gain probability vs. loss probability	1.18	1.56	-0.38
Calmar ratio: Return relative to maximum drawdown	1.30	13.52	-12.23
Martin ratio: Return relative to average drawdown	3.56	27.52	-23.97

UBR vs. DLLL - Sharpe Ratio Comparison

The current UBR Sharpe Ratio is 0.93, which is lower than the DLLL Sharpe Ratio of 5.91. The chart below compares the historical Sharpe Ratios of UBR and DLLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UBR vs. DLLL - Drawdown Comparison

The maximum UBR drawdown since its inception was -97.15%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for UBR and DLLL.

Drawdown Indicators

	UBR	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-68.58%	-28.57%
Max Drawdown (1Y) Largest decline over 1 year	-35.75%	-57.19%	+21.44%
Max Drawdown (3Y) Largest decline over 3 years	-58.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-65.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.57%	—	—
Current Drawdown Current decline from peak	-93.02%	-18.41%	-74.61%
Average Drawdown Average peak-to-trough decline	-77.93%	-25.86%	-52.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.00%	28.05%	-15.05%

Volatility

UBR vs. DLLL - Volatility Comparison

The current volatility for ProShares Ultra MSCI Brazil (UBR) is 11.56%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 66.89%. This indicates that UBR experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UBR	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.56%	66.89%	-55.33%
Volatility (6M) Calculated over the trailing 6-month period	39.42%	102.56%	-63.14%
Volatility (1Y) Calculated over the trailing 1-year period	50.06%	131.00%	-80.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.72%	129.67%	-73.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.47%	129.67%	-63.20%

UBR vs. DLLL - Expense Ratio Comparison

UBR has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

UBR vs. DLLL - Dividend Comparison

UBR's dividend yield for the trailing twelve months is around 1.90%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UBR ProShares Ultra MSCI Brazil	1.90%	2.05%	8.09%	1.15%	0.00%	0.00%	0.00%	0.53%	0.13%

Frequently Asked Questions

Can I hold both UBR and DLLL in my portfolio?

UBR and DLLL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UBR or DLLL?

DLLL has higher volatility (66.89%) compared to UBR (11.56%). In terms of maximum drawdown, UBR dropped -97.15% vs DLLL's -68.58%.

Which ETF is better, UBR or DLLL?

On 1-year performance, DLLL leads with 765.95% vs 46.13% for UBR. On fees, UBR is cheaper at 0.95% per year. On volatility, UBR has been the lower-risk option at 11.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UBR or DLLL?

Over the 1-year period, DLLL has performed better with a 765.95% return vs 46.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UBR or DLLL?

UBR is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, UBR or DLLL?

UBR has the higher dividend yield at 1.90%, compared with 0.00% for DLLL.

What is the main difference between UBR and DLLL?

UBR tracks MSCI Brazil Index (200%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for UBR and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (5.91 vs 0.93), 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.