PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
UPRO vs. GBTC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPRO vs. GBTC

Last updated Jun 9, 2026

UPRO (ProShares UltraPro S&P 500) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, UPRO returned 29.32%/yr vs 49.25%/yr for GBTC. At a 0.25 correlation, their price movements are largely independent. UPRO charges 0.89%/yr vs 1.50%/yr for GBTC.

Performance

UPRO vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, UPRO achieves a 19.97% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, UPRO has underperformed GBTC with an annualized return of 29.32%, while GBTC has yielded a comparatively higher 49.25% annualized return.

UPRO

1D
0.76%
1M
-0.47%
YTD
19.97%
6M
19.09%
1Y
67.51%
3Y*
48.82%
5Y*
21.71%
10Y*
29.32%

GBTC

1D
5.06%
1M
-21.09%
YTD
-28.07%
6M
-30.74%
1Y
-40.20%
3Y*
53.71%
5Y*
10.31%
10Y*
49.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UPRO vs. GBTC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UPRO
ProShares UltraPro S&P 500		19.97%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%
GBTC
Grayscale Bitcoin Trust ETF		-28.07%-7.65%113.81%317.61%-75.80%7.03%290.72%106.56%-82.10%1,787.72%

Correlation

The correlation between UPRO and GBTC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.27

Correlation (All Time)
Calculated using the full available price history since May 5, 2015

0.25

Over the past year, UPRO and GBTC have become more correlated (0.47) than their long-term average of 0.25, 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.

ProShares UltraPro S&P 500

Grayscale Bitcoin Trust ETF

Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF
Often compared with GBTC:
GBTC vs. IBITGBTC vs. BTC-USDGBTC vs. MSTRGBTC vs. BITOGBTC vs. TSLAGBTC vs. FBTCGBTC vs. SPY

Return for Risk

UPRO vs. GBTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UPRO
UPRO Risk / Return Rank: 5858
Overall Rank
UPRO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5353
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5555
Omega Ratio Rank
UPRO Calmar Ratio Rank: 5656
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6464
Martin Ratio Rank
GBTC
GBTC Risk / Return Rank: 22
Overall Rank
GBTC Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GBTC Sortino Ratio Rank: 22
Sortino Ratio Rank
GBTC Omega Ratio Rank: 22
Omega Ratio Rank
GBTC Calmar Ratio Rank: 33
Calmar Ratio Rank
GBTC Martin Ratio Rank: 22
Martin Ratio Rank
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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Grayscale Bitcoin Trust ETF (GBTC). 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.

UPROGBTCDifference
Sharpe ratioReturn per unit of total volatility
1.88
-0.91

+2.79

Sortino ratioReturn per unit of downside risk
2.33
-1.28

+3.61

Omega ratioGain probability vs. loss probability

1.31

0.86

+0.46

Calmar ratioReturn relative to maximum drawdown

2.53

-0.77

+3.30

Martin ratioReturn relative to average drawdown

10.62

-1.38

+12.00

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. GBTC - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.88, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of UPRO and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

UPROGBTCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.88

-0.91

+2.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.17

+0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.60

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.64

0.65

-0.01

Drawdowns

UPRO vs. GBTC - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for UPRO and GBTC.

Loading charts...

Drawdown Indicators

UPROGBTCDifference

Max Drawdown

Largest peak-to-trough decline

-76.82%

-89.91%

+13.09%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-52.45%

+25.67%

Max Drawdown (3Y)

Largest decline over 3 years

-48.87%

-52.45%

+3.58%

Max Drawdown (5Y)

Largest decline over 5 years

-63.94%

-85.42%

+21.48%

Max Drawdown (10Y)

Largest decline over 10 years

-76.82%

-89.91%

+13.09%

Current Drawdown

Current decline from peak

-8.15%

-50.05%

+41.90%

Average Drawdown

Average peak-to-trough decline

-14.41%

-43.44%

+29.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.38%

29.16%

-22.78%

Volatility

UPRO vs. GBTC - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 11.40% and 11.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

UPROGBTCDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.40%

11.75%

-0.35%

Volatility (6M)

Calculated over the trailing 6-month period

27.91%

34.55%

-6.64%

Volatility (1Y)

Calculated over the trailing 1-year period

36.18%

44.19%

-8.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.44%

62.40%

-11.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.81%

82.22%

-28.41%

UPRO vs. GBTC - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

UPRO vs. GBTC - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.73%, while GBTC has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GBTC
Grayscale Bitcoin Trust ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%5.61%0.00%0.00%
UPRO
ProShares UltraPro S&P 500		0.73%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

UPRO and GBTC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GBTC has higher volatility (11.75%) compared to UPRO (11.40%). In terms of maximum drawdown, UPRO dropped -76.82% vs GBTC's -89.91%.

On 10-year performance, GBTC leads with 49.25% vs 29.32% for UPRO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GBTC has performed better with a 49.25% return vs 29.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 1.50% for GBTC.

UPRO has the higher dividend yield at 0.73%, compared with 0.00% for GBTC.

UPRO is categorized as Leveraged Equities, while GBTC is Cryptocurrency. UPRO tracks S&P 500, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: ProShares and Grayscale. Their fees differ too: 0.89% for UPRO and 1.50% for GBTC.

UPRO currently has the higher Sharpe Ratio (1.88 vs -0.91), 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.

Portfolio Optimizer

Find the right allocation for UPRO and GBTC

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