UPRO vs. BTC-USD
UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, UPRO returned 29.76%/yr vs 57.23%/yr for BTC-USD. At a 0.13 correlation, their price movements are largely independent.
Performance
UPRO vs. BTC-USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UPRO achieves a 20.70% return, which is significantly higher than BTC-USD's -26.27% return. Over the past 10 years, UPRO has underperformed BTC-USD with an annualized return of 29.76%, while BTC-USD has yielded a comparatively higher 57.23% annualized return.
UPRO
- 1D
- 1.54%
- 1M
- -3.92%
- YTD
- 20.70%
- 6M
- 21.09%
- 1Y
- 70.79%
- 3Y*
- 46.83%
- 5Y*
- 21.40%
- 10Y*
- 29.76%
BTC-USD
- 1D
- 1.71%
- 1M
- -20.43%
- YTD
- -26.27%
- 6M
- -28.52%
- 1Y
- -39.20%
- 3Y*
- 36.94%
- 5Y*
- 9.74%
- 10Y*
- 57.23%
UPRO vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 20.70% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
BTC-USD Bitcoin | -26.27% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between UPRO and BTC-USD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2012 | 0.13 |
Over the past year, UPRO and BTC-USD have become more correlated (0.39) than their long-term average of 0.13, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UPRO vs. BTC-USD — Risk / Return Rank
UPRO
BTC-USD
UPRO vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.51 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.87 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | -0.77 | +3.20 |
| Martin ratioReturn relative to average drawdown | 10.01 | -1.33 | +11.35 |
Loading charts...
Drawdowns
UPRO vs. BTC-USD - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for UPRO and BTC-USD.
Loading charts...
Drawdown Indicators
| UPRO | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -85.30% | +8.48% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -51.21% | +24.43% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -51.21% | +2.34% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -76.67% | +12.73% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -83.80% | +6.98% |
Current DrawdownCurrent decline from peak | -7.60% | -48.27% | +40.67% |
Average DrawdownAverage peak-to-trough decline | -14.40% | -42.36% | +27.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 35.16% | -28.66% |
Volatility
UPRO vs. BTC-USD - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to Bitcoin (BTC-USD) at 11.97%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UPRO | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.22% | 11.97% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 28.74% | 34.64% | -5.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.77% | 35.59% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.52% | 44.57% | +5.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.83% | 56.61% | -2.78% |
Frequently Asked Questions
UPRO and BTC-USD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (13.22%) compared to BTC-USD (11.97%). In terms of maximum drawdown, UPRO dropped -76.82% vs BTC-USD's -85.30%.
UPRO currently has the higher Sharpe Ratio (1.77 vs -0.92), 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.
Find the right allocation for UPRO and BTC-USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer