UPRO vs. GDE

Last updated Jun 13, 2026

UPRO (ProShares UltraPro S&P 500) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while GDE is a Gold fund actively managed by WisdomTree. UPRO is passively managed, while GDE is actively managed. Over the past 3 years, UPRO returned 46.83%/yr vs 42.64%/yr for GDE. A 0.65 correlation means they provide meaningful diversification when combined. UPRO charges 0.89%/yr vs 0.20%/yr for GDE.

Performance

UPRO vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 20.70% return, which is significantly higher than GDE's 3.16% return.

UPRO

• 1D: 1.54%
• 1M: -1.71%
• YTD: 20.70%
• 6M: 21.09%
• 1Y: 64.83%
• 3Y*: 46.83%
• 5Y*: 21.40%
• 10Y*: 29.76%

GDE

• 1D: 0.67%
• 1M: -9.19%
• YTD: 3.16%
• 6M: 4.00%
• 1Y: 41.34%
• 3Y*: 42.64%
• 5Y*: —
• 10Y*: —

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

UPRO vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPRO ProShares UltraPro S&P 500	20.70%	31.88%	63.57%	68.53%	-42.02%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	3.16%	73.76%	44.79%	33.85%	-8.58%

Correlation

The correlation between UPRO and GDE is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.65

The correlation between UPRO and GDE has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

UPRO vs. GDE - Sectors Allocation Comparison

Sectors	UPRO	GDE
Financial Services	28.8%	12.2%
Technology	17.8%	35.6%
Communication Services	4.8%	12.2%
Consumer Cyclical	4.5%	10.1%
Healthcare	3.8%	8.3%
Industrials	3.4%	7.6%
Consumer Defensive	2.0%	5.5%
Energy	1.4%	3.4%
Utilities	1.1%	2.1%
Real Estate	0.8%	1.6%
Basic Materials	0.8%	1.4%

Return for Risk

UPRO vs. GDE — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 57
UPRO Sharpe Ratio Rank: 61
UPRO Sortino Ratio Rank: 52
UPRO Omega Ratio Rank: 54
UPRO Calmar Ratio Rank: 55
UPRO Martin Ratio Rank: 64

GDE

GDE Risk / Return Rank: 42
GDE Sharpe Ratio Rank: 45
GDE Sortino Ratio Rank: 39
GDE Omega Ratio Rank: 46
GDE Calmar Ratio Rank: 41
GDE Martin Ratio Rank: 38

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. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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	GDE	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.39	+0.38
Sortino ratio: Return per unit of downside risk	2.23	1.81	+0.43
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	2.43	1.83	+0.60
Martin ratio: Return relative to average drawdown	10.01	5.36	+4.65

UPRO vs. GDE - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is comparable to the GDE Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of UPRO and GDE, 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. GDE - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for UPRO and GDE.

Drawdown Indicators

	UPRO	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-32.01%	-44.81%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-22.66%	-4.12%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-22.66%	-26.21%
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	-7.60%	-16.53%	+8.93%
Average Drawdown Average peak-to-trough decline	-14.40%	-7.93%	-6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	7.73%	-1.23%

Volatility

UPRO vs. GDE - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) at 10.77%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	10.77%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	25.97%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	29.88%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	27.09%	+23.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	27.09%	+26.74%

UPRO vs. GDE - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than GDE's 0.20% expense ratio.

Dividends

UPRO vs. GDE - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, less than GDE's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.19%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.72%	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 GDE in my portfolio?

UPRO and GDE have a correlation of 0.58, 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 GDE?

UPRO has higher volatility (13.22%) compared to GDE (10.77%). In terms of maximum drawdown, UPRO dropped -76.82% vs GDE's -32.01%.

Which ETF is better, UPRO or GDE?

On 3-year performance, UPRO leads with 46.83% vs 42.64% for GDE. On fees, GDE is cheaper at 0.20% per year. On volatility, GDE has been the lower-risk option at 10.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or GDE?

Over the 3-year period, UPRO has performed better with a 46.83% return vs 42.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or GDE?

GDE is cheaper with a 0.20% expense ratio, compared with 0.89% for UPRO.

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

GDE has the higher dividend yield at 4.19%, compared with 0.72% for UPRO.

What is the main difference between UPRO and GDE?

UPRO is categorized as Leveraged Equities, while GDE is Gold. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.89% for UPRO and 0.20% for GDE.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.77 vs 1.39), 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.