UPRO vs. MTUM

Last updated Jun 14, 2026

UPRO (ProShares UltraPro S&P 500) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, UPRO returned 29.76%/yr vs 17.15%/yr for MTUM. Their correlation of 0.86 suggests significant overlap in exposure. UPRO charges 0.89%/yr vs 0.15%/yr for MTUM.

Performance

UPRO vs. MTUM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 lower than MTUM's 29.72% return. Over the past 10 years, UPRO has outperformed MTUM with an annualized return of 29.76%, while MTUM has yielded a comparatively lower 17.15% annualized return.

UPRO

• 1D: 1.54%
• 1M: -0.23%
• YTD: 20.70%
• 6M: 21.09%
• 1Y: 70.79%
• 3Y*: 46.83%
• 5Y*: 21.40%
• 10Y*: 29.76%

MTUM

• 1D: 1.69%
• 1M: 8.76%
• YTD: 29.72%
• 6M: 30.51%
• 1Y: 42.02%
• 3Y*: 33.16%
• 5Y*: 14.96%
• 10Y*: 17.15%

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

UPRO vs. MTUM - 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%
MTUM iShares MSCI USA Momentum Factor ETF	29.72%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between UPRO and MTUM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.86

The correlation between UPRO and MTUM has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

UPRO vs. MTUM - Sectors Allocation Comparison

Sectors	UPRO	MTUM
Technology	39.1%	50.2%
Financial Services	11.1%	5.0%
Communication Services	10.6%	5.1%
Consumer Cyclical	9.9%	2.9%
Healthcare	8.3%	3.5%
Industrials	7.8%	15.0%
Consumer Defensive	4.5%	3.7%
Energy	3.1%	10.5%
Utilities	2.1%	0.6%
Real Estate	1.8%	1.3%
Basic Materials	1.7%	2.3%

Return for Risk

UPRO vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 73
MTUM Sharpe Ratio Rank: 70
MTUM Sortino Ratio Rank: 66
MTUM Omega Ratio Rank: 70
MTUM Calmar Ratio Rank: 78
MTUM Martin Ratio Rank: 81

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. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.96	-0.19
Sortino ratio: Return per unit of downside risk	2.23	2.62	-0.38
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	2.43	3.55	-1.12
Martin ratio: Return relative to average drawdown	10.01	13.66	-3.64

UPRO vs. MTUM - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is comparable to the MTUM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of UPRO and MTUM, 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. MTUM - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for UPRO and MTUM.

Drawdown Indicators

	UPRO	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-34.08%	-42.74%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-11.54%	-15.24%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-20.99%	-27.88%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-32.28%	-31.66%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-34.08%	-42.74%
Current Drawdown Current decline from peak	-7.60%	-1.55%	-6.05%
Average Drawdown Average peak-to-trough decline	-14.40%	-6.20%	-8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	2.99%	+3.51%

Volatility

UPRO vs. MTUM - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 10.89%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	10.89%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	18.63%	+10.11%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	20.87%	+15.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	20.94%	+29.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	21.20%	+32.63%

UPRO vs. MTUM - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

UPRO vs. MTUM - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, more than MTUM's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTUM iShares MSCI USA Momentum Factor ETF	0.61%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%
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 MTUM in my portfolio?

UPRO and MTUM have a correlation of 0.84, 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 MTUM?

UPRO has higher volatility (13.22%) compared to MTUM (10.89%). In terms of maximum drawdown, UPRO dropped -76.82% vs MTUM's -34.08%.

Which ETF is better, UPRO or MTUM?

On 10-year performance, UPRO leads with 29.76% vs 17.15% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 10.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or MTUM?

Over the 10-year period, UPRO has performed better with a 29.76% return vs 17.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.72%, compared with 0.61% for MTUM.

What is the main difference between UPRO and MTUM?

UPRO is categorized as Leveraged Equities, while MTUM is Momentum. UPRO tracks S&P 500, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.89% for UPRO and 0.15% for MTUM.

Which has better risk-adjusted returns?

MTUM currently has the higher Sharpe Ratio (1.96 vs 1.77), 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.