UPRO vs. LCSIX

Last updated Jul 21, 2026

UPRO (ProShares UltraPro S&P 500) and LCSIX (LoCorr Long/Short Commodity Strategies Fund) are both funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while LCSIX is a Systematic Trend fund managed by LoCorr Funds. Over the past 10 years, UPRO returned 28.00%/yr vs 2.61%/yr for LCSIX. At a correlation of -0.04, they often move in opposite directions. UPRO charges 0.89%/yr vs 1.75%/yr for LCSIX.

Performance

UPRO vs. LCSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and LoCorr Long/Short Commodity Strategies Fund (LCSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 20.15% return, which is significantly higher than LCSIX's 0.58% return. Over the past 10 years, UPRO has outperformed LCSIX with an annualized return of 28.00%, while LCSIX has yielded a comparatively lower 2.61% annualized return.

UPRO

• 1D: -0.42%
• 1M: -2.82%
• 6M: 15.78%
• YTD: 20.15%
• 1Y: 46.85%
• 3Y*: 41.82%
• 5Y*: 19.47%
• 10Y*: 28.00%
• ALL TIME*: 33.07%

LCSIX

• 1D: 0.23%
• 1M: -1.14%
• 6M: 1.88%
• YTD: 0.58%
• 1Y: -0.89%
• 3Y*: -2.04%
• 5Y*: 0.34%
• 10Y*: 2.61%
• ALL TIME*: 3.15%

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

UPRO vs. LCSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	20.15%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
LCSIX LoCorr Long/Short Commodity Strategies Fund	0.58%	1.13%	-8.29%	-3.07%	6.04%	14.90%	9.90%	-5.97%	15.16%	6.19%

Correlation

The correlation between UPRO and LCSIX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Jan 17, 2012	-0.04

The correlation between UPRO and LCSIX shifts across timeframes, from -0.04 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UPRO vs. LCSIX — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 47
UPRO Sharpe Ratio Rank: 47
UPRO Sortino Ratio Rank: 44
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 45
UPRO Martin Ratio Rank: 54

LCSIX

LCSIX Risk / Return Rank: 2
LCSIX Sharpe Ratio Rank: 3
LCSIX Sortino Ratio Rank: 2
LCSIX Omega Ratio Rank: 2
LCSIX Calmar Ratio Rank: 2
LCSIX Martin Ratio Rank: 2

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. LCSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and LoCorr Long/Short Commodity Strategies Fund (LCSIX). 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	LCSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-0.10	+1.34
Sortino ratio: Return per unit of downside risk	1.75	-0.09	+1.84
Omega ratio: Gain probability vs. loss probability	1.23	0.99	+0.24
Calmar ratio: Return relative to maximum drawdown	1.76	-0.11	+1.87
Martin ratio: Return relative to average drawdown	6.89	-0.25	+7.15

UPRO vs. LCSIX - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.25, which is higher than the LCSIX Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of UPRO and LCSIX, 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. LCSIX - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than LCSIX's maximum drawdown of -25.13%. Use the drawdown chart below to compare losses from any high point for UPRO and LCSIX.

Drawdown Indicators

	UPRO	LCSIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-25.13%	-51.69%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-4.97%	-21.81%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-11.60%	-37.27%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-13.21%	-50.73%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-13.54%	-63.28%
Current Drawdown Current decline from peak	-8.02%	-10.70%	+2.68%
Average Drawdown Average peak-to-trough decline	-14.36%	-6.40%	-7.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.81%	2.23%	+4.58%

Volatility

UPRO vs. LCSIX - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 10.26% compared to LoCorr Long/Short Commodity Strategies Fund (LCSIX) at 1.36%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than LCSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	LCSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	1.36%	+8.90%
Volatility (6M) Calculated over the trailing 6-month period	30.15%	4.70%	+25.45%
Volatility (1Y) Calculated over the trailing 1-year period	37.77%	5.91%	+31.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	5.51%	+45.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.74%	6.65%	+47.09%

UPRO vs. LCSIX - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than LCSIX's 1.75% expense ratio.

Dividends

UPRO vs. LCSIX - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.78%, less than LCSIX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCSIX LoCorr Long/Short Commodity Strategies Fund	2.30%	2.32%	2.75%	1.88%	10.75%	7.14%	2.94%	0.54%	12.36%	0.02%	3.21%	7.36%
UPRO ProShares UltraPro S&P 500	0.78%	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 LCSIX in my portfolio?

UPRO and LCSIX have a correlation of 0.21, 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 LCSIX?

UPRO has higher volatility (10.26%) compared to LCSIX (1.36%). In terms of maximum drawdown, UPRO dropped -76.82% vs LCSIX's -25.13%.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.25 vs -0.10), 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.