UPRO vs. BRK-B

Last updated Jun 5, 2026

UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, UPRO returned 30.04%/yr vs 12.93%/yr for BRK-B. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

UPRO vs. BRK-B - Performance Comparison

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

Returns By Period

In the year-to-date period, UPRO achieves a 29.29% return, which is significantly higher than BRK-B's -4.78% return. Over the past 10 years, UPRO has outperformed BRK-B with an annualized return of 30.04%, while BRK-B has yielded a comparatively lower 12.93% annualized return.

UPRO

• 1D: 1.09%
• 1M: 13.26%
• YTD: 29.29%
• 6M: 27.72%
• 1Y: 83.10%
• 3Y*: 53.48%
• 5Y*: 23.40%
• 10Y*: 30.04%

BRK-B

• 1D: 0.69%
• 1M: 2.82%
• YTD: -4.78%
• 6M: -4.89%
• 1Y: -2.52%
• 3Y*: 13.36%
• 5Y*: 10.35%
• 10Y*: 12.93%

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

UPRO vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	29.29%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
BRK-B Berkshire Hathaway Inc.	-4.78%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between UPRO and BRK-B is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.68

Over the past year, the correlation between UPRO and BRK-B has dropped to 0.13 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

UPRO vs. BRK-B — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 66
UPRO Sharpe Ratio Rank: 74
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 64
UPRO Martin Ratio Rank: 71

BRK-B

BRK-B Risk / Return Rank: 31
BRK-B Sharpe Ratio Rank: 34
BRK-B Sortino Ratio Rank: 28
BRK-B Omega Ratio Rank: 27
BRK-B Calmar Ratio Rank: 33
BRK-B Martin Ratio Rank: 32

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. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Berkshire Hathaway Inc. (BRK-B). 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.

	UPRO	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	2.37	-0.18	+2.54
Sortino ratio: Return per unit of downside risk	2.81	-0.15	+2.96
Omega ratio: Gain probability vs. loss probability	1.37	0.98	+0.39
Calmar ratio: Return relative to maximum drawdown	3.12	-0.27	+3.39
Martin ratio: Return relative to average drawdown	13.16	-0.57	+13.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPRO vs. BRK-B - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 2.37, which is higher than the BRK-B Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of UPRO and BRK-B, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UPRO	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	-0.18	+2.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.61	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.67	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.48	+0.17

Drawdowns

UPRO vs. BRK-B - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for UPRO and BRK-B.

Drawdown Indicators

	UPRO	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-53.86%	-22.96%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-9.42%	-17.36%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-14.95%	-33.92%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-26.58%	-37.36%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-29.57%	-47.25%
Current Drawdown Current decline from peak	-1.02%	-11.33%	+10.31%
Average Drawdown Average peak-to-trough decline	-14.41%	-11.07%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.33%	4.46%	+1.87%

Volatility

UPRO vs. BRK-B - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 8.29% compared to Berkshire Hathaway Inc. (BRK-B) at 3.72%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	3.72%	+4.57%
Volatility (6M) Calculated over the trailing 6-month period	26.61%	10.70%	+15.91%
Volatility (1Y) Calculated over the trailing 1-year period	35.33%	14.32%	+21.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.31%	17.11%	+33.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.73%	19.43%	+34.30%

Dividends

UPRO vs. BRK-B - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.67%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	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	0.67%	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 BRK-B in my portfolio?

UPRO and BRK-B have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPRO or BRK-B?

UPRO has higher volatility (8.29%) compared to BRK-B (3.72%). In terms of maximum drawdown, UPRO dropped -76.82% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.37 vs -0.18), 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.