UBR vs. TERG

Last updated Aug 4, 2026

UBR (ProShares Ultra MSCI Brazil) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. UBR is passively managed, while TERG is actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. UBR charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

UBR vs. TERG - 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 TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UBR achieves a 23.81% return, which is significantly lower than TERG's 115.96% return.

UBR

• 1D: -1.21%
• 1M: 10.89%
• 6M: -9.85%
• YTD: 23.81%
• 1Y: 79.72%
• 3Y*: 7.74%
• 5Y*: 0.25%
• 10Y*: -5.26%
• ALL TIME*: -12.23%

TERG

• 1D: -1.04%
• 1M: -8.97%
• 6M: 33.85%
• YTD: 115.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TERG Leverage Shares 2X Long TER Daily ETF	$2.10M	$2.30M	$4.80M
UBR ProShares Ultra MSCI Brazil	$56.44K	$45.60K	$86.71K

UBR vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
UBR ProShares Ultra MSCI Brazil	23.81%	-3.38%
TERG Leverage Shares 2X Long TER Daily ETF	115.96%	20.91%

Correlation

The correlation between UBR and TERG is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	0.49

Return for Risk

UBR vs. TERG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UBR

UBR Risk / Return Rank: 57
UBR Sharpe Ratio Rank: 65
UBR Sortino Ratio Rank: 58
UBR Omega Ratio Rank: 58
UBR Calmar Ratio Rank: 60
UBR Martin Ratio Rank: 44

TERG

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UBR vs. TERG - 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 TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	1.61	—	—
Sortino ratio: Return per unit of downside risk	2.11	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.24	—	—
Martin ratio: Return relative to average drawdown	5.18	—	—

Drawdowns

UBR vs. TERG - Drawdown Comparison

The maximum UBR drawdown since its inception was -97.15%, which is greater than TERG's maximum drawdown of -60.59%. Use the drawdown chart below to compare losses from any high point for UBR and TERG.

Drawdown Indicators

	UBR	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-60.59%	-36.56%
Max Drawdown (1Y) Largest decline over 1 year	-35.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-58.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-65.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.57%	—	—
Current Drawdown Current decline from peak	-92.16%	-49.20%	-42.96%
Average Drawdown Average peak-to-trough decline	-78.03%	-19.00%	-59.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.43%	—	—

Volatility

Volatility by Period

	UBR	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.74%	157.62%	-107.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	157.62%	-102.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.23%	157.62%	-91.39%

UBR vs. TERG - Expense Ratio Comparison

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

Dividends

UBR vs. TERG - Dividend Comparison

UBR's dividend yield for the trailing twelve months is around 1.59%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TERG Leverage Shares 2X Long TER 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	1.59%	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 TERG in my portfolio?

UBR and TERG have a correlation of 0.49, 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 TERG?

On fees, TERG 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 TERG?

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

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

UBR has the higher dividend yield at 1.59%, compared with 0.00% for TERG.

What is the main difference between UBR and TERG?

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