UDOW vs. UPRO

Last updated Jun 24, 2026

UDOW (ProShares UltraPro Dow30) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - UDOW tracks the Dow Jones Industrial Average (300%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, UDOW returned 24.78%/yr vs 30.18%/yr for UPRO. Their correlation of 0.92 suggests significant overlap in exposure. UDOW charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

UDOW vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UDOW having a 17.55% return and UPRO slightly lower at 17.21%. Over the past 10 years, UDOW has underperformed UPRO with an annualized return of 24.78%, while UPRO has yielded a comparatively higher 30.18% annualized return.

UDOW

• 1D: -0.35%
• 1M: 5.73%
• YTD: 17.55%
• 6M: 14.69%
• 1Y: 60.59%
• 3Y*: 35.49%
• 5Y*: 14.94%
• 10Y*: 24.78%

UPRO

• 1D: -4.27%
• 1M: -5.38%
• YTD: 17.21%
• 6M: 13.86%
• 1Y: 62.29%
• 3Y*: 46.23%
• 5Y*: 20.37%
• 10Y*: 30.18%

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

UDOW vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	17.55%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
UPRO ProShares UltraPro S&P 500	17.21%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between UDOW and UPRO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.92

The correlation between UDOW and UPRO shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

UDOW vs. UPRO - Sectors Allocation Comparison

Sectors	UDOW	UPRO
Financial Services	27.3%	11.1%
Technology	19.1%	39.1%
Industrials	18.1%	7.8%
Healthcare	12.8%	8.3%
Consumer Cyclical	11.0%	9.9%
Consumer Defensive	4.1%	4.5%
Basic Materials	3.7%	1.7%
Energy	2.2%	3.1%
Communication Services	1.8%	10.6%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

UDOW vs. UPRO — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 47
UDOW Sharpe Ratio Rank: 49
UDOW Sortino Ratio Rank: 47
UDOW Omega Ratio Rank: 44
UDOW Calmar Ratio Rank: 46
UDOW Martin Ratio Rank: 48

UPRO

UPRO Risk / Return Rank: 49
UPRO Sharpe Ratio Rank: 50
UPRO Sortino Ratio Rank: 44
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 49
UPRO Martin Ratio Rank: 56

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.

UDOW vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.

	UDOW	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.68	-0.03
Sortino ratio: Return per unit of downside risk	2.26	2.15	+0.11
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.17	2.34	-0.17
Martin ratio: Return relative to average drawdown	7.68	9.52	-1.83

UDOW vs. UPRO - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.65, which is comparable to the UPRO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of UDOW and UPRO, 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

UDOW vs. UPRO - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, roughly equal to the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UDOW and UPRO.

Drawdown Indicators

	UDOW	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-76.82%	-3.47%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-26.78%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-48.87%	+4.04%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-63.94%	+8.15%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	-76.82%	-3.47%
Current Drawdown Current decline from peak	-2.25%	-10.27%	+8.02%
Average Drawdown Average peak-to-trough decline	-14.35%	-14.39%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	6.57%	+1.34%

Volatility

UDOW vs. UPRO - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 12.43%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that UDOW experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.43%	14.68%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	29.07%	29.49%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	37.10%	37.35%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.33%	50.62%	-6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.76%	53.79%	-2.03%

UDOW vs. UPRO - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

UDOW vs. UPRO - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.15%, more than UPRO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDOW ProShares UltraPro Dow30	1.15%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%
UPRO ProShares UltraPro S&P 500	0.74%	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

Can I hold both UDOW and UPRO in my portfolio?

UDOW and UPRO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDOW or UPRO?

UPRO has higher volatility (14.68%) compared to UDOW (12.43%). In terms of maximum drawdown, UDOW dropped -80.29% vs UPRO's -76.82%.

Which ETF is better, UDOW or UPRO?

On 10-year performance, UPRO leads with 30.18% vs 24.78% for UDOW. On fees, UPRO is cheaper at 0.89% per year. On volatility, UDOW has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or UPRO?

Over the 10-year period, UPRO has performed better with a 30.18% return vs 24.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UDOW.

Which ETF pays a higher dividend yield, UDOW or UPRO?

UDOW has the higher dividend yield at 1.15%, compared with 0.74% for UPRO.

What is the main difference between UDOW and UPRO?

UDOW tracks Dow Jones Industrial Average (300%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UDOW and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.68 vs 1.65), 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.