UPAL vs. UPLT

Last updated Jul 14, 2026

UPAL (ProShares Ultra Palladium K-1 Free ETF) and UPLT (ProShares Ultra Platinum K-1 Free ETF) are both Leveraged Commodities funds from ProShares. Both are actively managed. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

UPAL vs. UPLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Palladium K-1 Free ETF (UPAL) and ProShares Ultra Platinum K-1 Free ETF (UPLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UPAL

• 1D: -3.15%
• 1M: -7.19%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPLT

• 1D: -2.91%
• 1M: -14.51%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPAL vs. UPLT - Yearly Performance Comparison

	2026 (YTD)
UPAL ProShares Ultra Palladium K-1 Free ETF	-41.54%
UPLT ProShares Ultra Platinum K-1 Free ETF	-45.62%

Correlation

The correlation between UPAL and UPLT is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.83

Return for Risk

UPAL vs. UPLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) and ProShares Ultra Platinum K-1 Free ETF (UPLT). 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.

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

Drawdowns

UPAL vs. UPLT - Drawdown Comparison

The maximum UPAL drawdown since its inception was -48.54%, roughly equal to the maximum UPLT drawdown of -49.98%. Use the drawdown chart below to compare losses from any high point for UPAL and UPLT.

Drawdown Indicators

	UPAL	UPLT	Difference
Max Drawdown Largest peak-to-trough decline	-48.54%	-49.98%	+1.44%
Current Drawdown Current decline from peak	-41.54%	-47.64%	+6.10%
Average Drawdown Average peak-to-trough decline	-27.59%	-26.18%	-1.41%

Volatility

Volatility by Period

	UPAL	UPLT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	79.08%	79.32%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.08%	79.32%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.08%	79.32%	-0.24%

UPAL vs. UPLT - Expense Ratio Comparison

Both UPAL and UPLT have an expense ratio of 0.95%.

Dividends

UPAL vs. UPLT - Dividend Comparison

UPAL's dividend yield for the trailing twelve months is around 0.26%, less than UPLT's 0.29% yield.

Position	TTM
UPAL ProShares Ultra Palladium K-1 Free ETF	0.26%
UPLT ProShares Ultra Platinum K-1 Free ETF	0.29%

Frequently Asked Questions

Can I hold both UPAL and UPLT in my portfolio?

UPAL and UPLT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPAL or UPLT?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPAL or UPLT?

UPAL and UPLT have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UPAL or UPLT?

UPLT has the higher dividend yield at 0.29%, compared with 0.26% for UPAL.