UPRO vs. BEG

Last updated Jul 17, 2026

UPRO (ProShares UltraPro S&P 500) and BEG (Leverage Shares 2X Long BE Daily ETF) are both Leveraged Equities funds. UPRO is passively managed, while BEG is actively managed. At a 0.48 correlation, their price movements are largely independent. UPRO charges 0.89%/yr vs 0.75%/yr for BEG.

Performance

UPRO vs. BEG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Leverage Shares 2X Long BE Daily ETF (BEG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 24.61% return, which is significantly lower than BEG's 172.63% return.

UPRO

• 1D: -1.55%
• 1M: -0.15%
• 6M: 19.67%
• YTD: 24.61%
• 1Y: 54.64%
• 3Y*: 43.89%
• 5Y*: 20.84%
• 10Y*: 28.60%

BEG

• 1D: -26.69%
• 1M: -54.34%
• 6M: 11.05%
• YTD: 172.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPRO vs. BEG - Yearly Performance Comparison

	2026 (YTD)	2025
UPRO ProShares UltraPro S&P 500	24.61%	0.79%
BEG Leverage Shares 2X Long BE Daily ETF	172.63%	1.77%

Correlation

The correlation between UPRO and BEG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.48

Return for Risk

UPRO vs. BEG — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 51
UPRO Sharpe Ratio Rank: 53
UPRO Sortino Ratio Rank: 47
UPRO Omega Ratio Rank: 48
UPRO Calmar Ratio Rank: 50
UPRO Martin Ratio Rank: 58

BEG

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

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.

UPRO vs. BEG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Leverage Shares 2X Long BE Daily ETF (BEG). 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.

	UPRO	BEG	Difference
Sharpe ratio: Return per unit of total volatility	1.46	—	—
Sortino ratio: Return per unit of downside risk	1.96	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	8.08	—	—

Drawdowns

UPRO vs. BEG - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than BEG's maximum drawdown of -68.98%. Use the drawdown chart below to compare losses from any high point for UPRO and BEG.

Drawdown Indicators

	UPRO	BEG	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-68.98%	-7.84%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-4.60%	-68.98%	+64.38%
Average Drawdown Average peak-to-trough decline	-14.36%	-19.80%	+5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.78%	—	—

Volatility

Volatility by Period

	UPRO	BEG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.59%	218.49%	-180.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.67%	218.49%	-167.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.71%	218.49%	-164.78%

UPRO vs. BEG - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than BEG's 0.75% expense ratio.

Dividends

UPRO vs. BEG - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.75%, while BEG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEG Leverage Shares 2X Long BE Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.75%	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 UPRO and BEG in my portfolio?

UPRO and BEG have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPRO or BEG?

On fees, BEG 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, UPRO or BEG?

BEG is cheaper with a 0.75% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.75%, compared with 0.00% for BEG.

What is the main difference between UPRO and BEG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.89% for UPRO and 0.75% for BEG.