ULPIX vs. UPRO

Last updated Apr 1, 2026

Compare and contrast key facts about ProFunds UltraBull Fund (ULPIX) and ProShares UltraPro S&P 500 (UPRO).

ULPIX is managed by ProFunds. It was launched on Nov 25, 1997. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009.

Performance

ULPIX vs. UPRO - Performance Comparison

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

ULPIX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULPIX ProFunds UltraBull Fund	-15.24%	25.47%	38.03%	45.59%	-39.16%	59.28%	19.12%	62.17%	-15.02%	42.77%
UPRO ProShares UltraPro S&P 500	-16.03%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Returns By Period

In the year-to-date period, ULPIX achieves a -15.24% return, which is significantly higher than UPRO's -16.03% return. Over the past 10 years, ULPIX has underperformed UPRO with an annualized return of 19.00%, while UPRO has yielded a comparatively higher 25.25% annualized return.

ULPIX

• 1D: -0.82%
• 1M: -15.36%
• YTD: -15.24%
• 6M: -12.37%
• 1Y: 18.93%
• 3Y*: 23.76%
• 5Y*: 13.19%
• 10Y*: 19.00%

UPRO

• 1D: 8.61%
• 1M: -15.71%
• YTD: -16.03%
• 6M: -12.57%
• 1Y: 32.51%
• 3Y*: 37.29%
• 5Y*: 16.63%
• 10Y*: 25.25%

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

ULPIX vs. UPRO - Expense Ratio Comparison

ULPIX has a 1.46% expense ratio, which is higher than UPRO's 0.92% expense ratio.

ULPIX

ProFunds UltraBull Fund

UPRO

ProShares UltraPro S&P 500

Return for Risk

ULPIX vs. UPRO — Risk / Return Rank

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

ULPIX

ULPIX Risk / Return Rank: 26
ULPIX Sharpe Ratio Rank: 23
ULPIX Sortino Ratio Rank: 29
ULPIX Omega Ratio Rank: 31
ULPIX Calmar Ratio Rank: 23
ULPIX Martin Ratio Rank: 27

UPRO

UPRO Risk / Return Rank: 45
UPRO Sharpe Ratio Rank: 35
UPRO Sortino Ratio Rank: 46
UPRO Omega Ratio Rank: 49
UPRO Calmar Ratio Rank: 45
UPRO Martin Ratio Rank: 47

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.

ULPIX vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds UltraBull Fund (ULPIX) 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.

	ULPIX	UPRO	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.60	-0.04
Sortino ratio Return per unit of downside risk	1.02	1.18	-0.16
Omega ratio Gain probability vs. loss probability	1.15	1.18	-0.02
Calmar ratio Return relative to maximum drawdown	0.66	1.04	-0.38
Martin ratio Return relative to average drawdown	2.89	4.18	-1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULPIX vs. UPRO - Sharpe Ratio Comparison

The current ULPIX Sharpe Ratio is 0.56, which is comparable to the UPRO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of ULPIX and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ULPIX	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.60	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.33	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.47	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.59	-0.38

Correlation

The correlation between ULPIX and UPRO is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ULPIX vs. UPRO - Dividend Comparison

ULPIX's dividend yield for the trailing twelve months is around 10.75%, more than UPRO's 1.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ULPIX ProFunds UltraBull Fund	10.75%	9.11%	0.00%	0.02%	10.36%	5.62%	12.74%	0.42%	0.58%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	1.04%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Drawdowns

ULPIX vs. UPRO - Drawdown Comparison

The maximum ULPIX drawdown since its inception was -89.68%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ULPIX and UPRO.

Drawdown Indicators

	ULPIX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-89.68%	-76.82%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-23.37%	-33.38%	+10.01%
Max Drawdown (5Y) Largest decline over 5 years	-46.92%	-63.94%	+17.02%
Max Drawdown (10Y) Largest decline over 10 years	-59.41%	-76.82%	+17.41%
Current Drawdown Current decline from peak	-18.30%	-20.48%	+2.18%
Average Drawdown Average peak-to-trough decline	-34.03%	-14.53%	-19.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	8.33%	-2.98%

Volatility

ULPIX vs. UPRO - Volatility Comparison

The current volatility for ProFunds UltraBull Fund (ULPIX) is 8.48%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 15.89%. This indicates that ULPIX 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

	ULPIX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.48%	15.89%	-7.41%
Volatility (6M) Calculated over the trailing 6-month period	18.17%	28.41%	-10.24%
Volatility (1Y) Calculated over the trailing 1-year period	36.41%	54.34%	-17.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	50.34%	-16.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.37%	53.70%	-18.33%