UPRO vs. CRMG

Last updated Jun 24, 2026

UPRO (ProShares UltraPro S&P 500) and CRMG (Leverage Shares 2X Long CRM Daily ETF) are both Leveraged Equities funds. UPRO is passively managed, while CRMG is actively managed. Over the past year, UPRO returned 62.29% vs -73.99% for CRMG. At a 0.30 correlation, their price movements are largely independent. UPRO charges 0.89%/yr vs 0.75%/yr for CRMG.

Performance

UPRO vs. CRMG - 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 CRM Daily ETF (CRMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 17.21% return, which is significantly higher than CRMG's -71.26% return.

UPRO

• 1D: -4.27%
• 1M: -5.38%
• YTD: 17.21%
• 6M: 13.86%
• 1Y: 62.29%
• 3Y*: 46.23%
• 5Y*: 20.37%
• 10Y*: 30.18%

CRMG

• 1D: 4.23%
• 1M: -29.64%
• YTD: -71.26%
• 6M: -71.01%
• 1Y: -73.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPRO vs. CRMG - Yearly Performance Comparison

	2026 (YTD)	2025
UPRO ProShares UltraPro S&P 500	17.21%	79.06%
CRMG Leverage Shares 2X Long CRM Daily ETF	-71.26%	-0.29%

Correlation

The correlation between UPRO and CRMG is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.30

Return for Risk

UPRO vs. CRMG — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 49
UPRO Sharpe Ratio Rank: 50
UPRO Sortino Ratio Rank: 44
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 49
UPRO Martin Ratio Rank: 56

CRMG

CRMG Risk / Return Rank: 1
CRMG Sharpe Ratio Rank: 1
CRMG Sortino Ratio Rank: 1
CRMG Omega Ratio Rank: 1
CRMG Calmar Ratio Rank: 1
CRMG Martin Ratio Rank: 0

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. CRMG - 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 CRM Daily ETF (CRMG). 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	CRMG	Difference
Sharpe ratio: Return per unit of total volatility	1.68	-0.97	+2.65
Sortino ratio: Return per unit of downside risk	2.15	-1.82	+3.97
Omega ratio: Gain probability vs. loss probability	1.28	0.79	+0.49
Calmar ratio: Return relative to maximum drawdown	2.34	-0.97	+3.30
Martin ratio: Return relative to average drawdown	9.52	-1.70	+11.22

UPRO vs. CRMG - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.68, which is higher than the CRMG Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of UPRO and CRMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UPRO vs. CRMG - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, roughly equal to the maximum CRMG drawdown of -79.83%. Use the drawdown chart below to compare losses from any high point for UPRO and CRMG.

Drawdown Indicators

	UPRO	CRMG	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-79.83%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-76.80%	+50.02%
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	-10.27%	-78.97%	+68.70%
Average Drawdown Average peak-to-trough decline	-14.39%	-39.18%	+24.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.57%	43.41%	-36.84%

Volatility

UPRO vs. CRMG - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 14.68%, while Leverage Shares 2X Long CRM Daily ETF (CRMG) has a volatility of 32.53%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than CRMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	CRMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	32.53%	-17.85%
Volatility (6M) Calculated over the trailing 6-month period	29.49%	63.74%	-34.25%
Volatility (1Y) Calculated over the trailing 1-year period	37.35%	76.12%	-38.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	75.39%	-24.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.79%	75.39%	-21.60%

UPRO vs. CRMG - Expense Ratio Comparison

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

Dividends

UPRO vs. CRMG - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.74%, while CRMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRMG Leverage Shares 2X Long CRM 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	0.74%	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 CRMG in my portfolio?

UPRO and CRMG have a correlation of 0.22, 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 CRMG?

CRMG has higher volatility (32.53%) compared to UPRO (14.68%). In terms of maximum drawdown, UPRO dropped -76.82% vs CRMG's -79.83%.

Which ETF is better, UPRO or CRMG?

On 1-year performance, UPRO leads with 62.29% vs -73.99% for CRMG. On fees, CRMG is cheaper at 0.75% per year. On volatility, UPRO has been the lower-risk option at 14.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or CRMG?

Over the 1-year period, UPRO has performed better with a 62.29% return vs -73.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or CRMG?

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

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

UPRO has the higher dividend yield at 0.74%, compared with 0.00% for CRMG.

What is the main difference between UPRO and CRMG?

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

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.68 vs -0.97), 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.