UBR vs. UPRO
UBR (ProShares Ultra MSCI Brazil) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - UBR tracks the MSCI Brazil Index (200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, UBR returned -4.03%/yr vs 28.48%/yr for UPRO. Their 0.50 correlation means their historical movements had little consistent relationship. UBR charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
UBR vs. UPRO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UBR achieves a 25.33% return, which is significantly higher than UPRO's 21.72% return. Over the past 10 years, UBR has underperformed UPRO with an annualized return of -4.03%, while UPRO has yielded a comparatively higher 28.48% annualized return.
UBR
- 1D
- 0.70%
- 1M
- 12.25%
- 6M
- -6.59%
- YTD
- 25.33%
- 1Y
- 81.94%
- 3Y*
- 5.62%
- 5Y*
- 0.83%
- 10Y*
- -4.03%
- ALL TIME*
- -12.17%
UPRO
- 1D
- 1.97%
- 1M
- -0.35%
- 6M
- 17.81%
- YTD
- 21.72%
- 1Y
- 53.86%
- 3Y*
- 41.29%
- 5Y*
- 19.17%
- 10Y*
- 28.48%
- ALL TIME*
- 33.11%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $50.41K | $42.73K | $85.45K | |
| $288.84M | $293.51M | $361.12M |
UBR vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 25.33% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
UPRO ProShares UltraPro S&P 500 | 21.72% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between UBR and UPRO is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.50 |
The correlation between UBR and UPRO shifts across timeframes, from 0.40 (5 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UBR vs. UPRO — Risk / Return Rank
UBR
UPRO
UBR vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) 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.
| UBR | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.73 | +0.61 |
| Martin ratioReturn relative to average drawdown | 5.45 | 6.63 | -1.18 |
Loading charts...
Drawdowns
UBR vs. UPRO - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UBR and UPRO.
Loading charts...
Drawdown Indicators
| UBR | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -76.82% | -20.33% |
Max Drawdown (1Y)Largest decline over 1 year | -35.75% | -26.78% | -8.97% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -48.87% | -9.24% |
Max Drawdown (5Y)Largest decline over 5 years | -65.23% | -63.94% | -1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -76.82% | -10.75% |
Current DrawdownCurrent decline from peak | -92.06% | -6.81% | -85.25% |
Average DrawdownAverage peak-to-trough decline | -78.03% | -14.35% | -63.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.35% | 7.00% | +8.35% |
Volatility
UBR vs. UPRO - Volatility Comparison
ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 11.69% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. This indicates that UBR'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.
Loading charts...
Volatility by Period
| UBR | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.69% | 10.69% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 38.29% | 30.36% | +7.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.70% | 38.51% | +11.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.14% | 50.70% | +4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.24% | 53.78% | +12.46% |
UBR vs. UPRO - Expense Ratio Comparison
UBR has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
UBR vs. UPRO - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.57%, more than UPRO's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 1.57% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.77% | 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
UBR and UPRO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBR has higher volatility (11.69%) compared to UPRO (10.69%). In terms of maximum drawdown, UBR dropped -97.15% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.48% vs -4.03% for UBR. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.48% return vs -4.03%. 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 UBR.
UBR has the higher dividend yield at 1.57%, compared with 0.77% for UPRO.
UBR tracks MSCI Brazil Index (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UBR and 0.89% for UPRO.
UBR currently has the higher Sharpe Ratio (1.69 vs 1.21), 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.
Find the right allocation for UBR and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer