UBR vs. NUG

Last updated Jun 4, 2026

UBR (ProShares Ultra MSCI Brazil) and NUG (Leverage Shares 2X Long NU Daily ETF) are both Leveraged Equities funds. UBR is passively managed, while NUG is actively managed. A 0.75 correlation means they provide meaningful diversification when combined. UBR charges 0.95%/yr vs 0.75%/yr for NUG.

Performance

UBR vs. NUG - Performance Comparison

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

Returns By Period

In the year-to-date period, UBR achieves a 13.03% return, which is significantly higher than NUG's -57.59% return.

UBR

• 1D: -5.40%
• 1M: -21.46%
• YTD: 13.03%
• 6M: 3.25%
• 1Y: 56.81%
• 3Y*: 8.90%
• 5Y*: -5.17%
• 10Y*: -1.90%

NUG

• 1D: -4.30%
• 1M: -34.47%
• YTD: -57.59%
• 6M: -61.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UBR vs. NUG - Yearly Performance Comparison

	2026 (YTD)	2025
UBR ProShares Ultra MSCI Brazil	13.03%	-0.98%
NUG Leverage Shares 2X Long NU Daily ETF	-57.59%	11.88%

Correlation

The correlation between UBR and NUG is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.75

Return for Risk

UBR vs. NUG — Risk / Return Rank

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

UBR

UBR Risk / Return Rank: 33
UBR Sharpe Ratio Rank: 32
UBR Sortino Ratio Rank: 31
UBR Omega Ratio Rank: 32
UBR Calmar Ratio Rank: 37
UBR Martin Ratio Rank: 35

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. NUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) and Leverage Shares 2X Long NU Daily ETF (NUG). 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.

	UBR	NUG	Difference
Sharpe ratio: Return per unit of total volatility	1.15	—	—
Sortino ratio: Return per unit of downside risk	1.67	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.81	—	—
Martin ratio: Return relative to average drawdown	5.36	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UBR	NUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	-0.94	+0.74

Drawdowns

UBR vs. NUG - Drawdown Comparison

The maximum UBR drawdown since its inception was -97.15%, which is greater than NUG's maximum drawdown of -65.69%. Use the drawdown chart below to compare losses from any high point for UBR and NUG.

Drawdown Indicators

	UBR	NUG	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-65.69%	-31.46%
Max Drawdown (1Y) Largest decline over 1 year	-31.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-58.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.57%	—	—
Current Drawdown Current decline from peak	-92.84%	-65.69%	-27.15%
Average Drawdown Average peak-to-trough decline	-77.90%	-29.27%	-48.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.63%	—	—

Volatility

Volatility by Period

	UBR	NUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	41.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.62%	80.36%	-30.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.66%	80.36%	-24.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.68%	80.36%	-13.68%

UBR vs. NUG - Expense Ratio Comparison

UBR has a 0.95% expense ratio, which is higher than NUG's 0.75% expense ratio.

Dividends

UBR vs. NUG - Dividend Comparison

UBR's dividend yield for the trailing twelve months is around 1.85%, while NUG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NUG Leverage Shares 2X Long NU 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	1.85%	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 NUG in my portfolio?

UBR and NUG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UBR or NUG?

On fees, NUG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UBR or NUG?

NUG is cheaper with a 0.75% expense ratio, compared with 0.95% for UBR.

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

UBR has the higher dividend yield at 1.85%, compared with 0.00% for NUG.

What is the main difference between UBR and NUG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UBR and 0.75% for NUG.