UPRO vs. NAIL

Last updated Jul 21, 2026

UPRO (ProShares UltraPro S&P 500) and NAIL (Direxion Daily Homebuilders & Supplies Bull 3X Shares) are both Leveraged Equities funds - UPRO tracks the S&P 500 while NAIL tracks the Dow Jones U.S. Select Home Construction Index (300%). Both are passively managed. Over the past 10 years, UPRO returned 28.00%/yr vs 2.37%/yr for NAIL. A 0.58 correlation means they provide meaningful diversification when combined. UPRO charges 0.89%/yr vs 0.99%/yr for NAIL.

Performance

UPRO vs. NAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). 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 NAIL's -21.48% return. Over the past 10 years, UPRO has outperformed NAIL with an annualized return of 28.00%, while NAIL has yielded a comparatively lower 2.37% 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%

NAIL

• 1D: -5.96%
• 1M: -14.99%
• 6M: -42.99%
• YTD: -21.48%
• 1Y: -29.20%
• 3Y*: -20.33%
• 5Y*: -12.06%
• 10Y*: 2.37%
• ALL TIME*: 0.18%

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

UPRO vs. NAIL - 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%
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	-21.48%	-40.43%	-22.83%	259.61%	-75.23%	168.20%	-32.08%	184.63%	-73.96%	268.71%

Correlation

The correlation between UPRO and NAIL is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.58

The correlation between UPRO and NAIL shifts across timeframes, from 0.40 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

UPRO vs. NAIL - Sectors Allocation Comparison

Sectors	UPRO	NAIL
Technology	38.5%	-
Financial Services	11.6%	-
Communication Services	9.9%	-
Consumer Cyclical	9.5%	71.9%
Healthcare	8.9%	-
Industrials	8.4%	19.0%
Consumer Defensive	4.5%	-
Energy	3.0%	-
Utilities	2.2%	-
Real Estate	1.8%	0.7%
Basic Materials	1.7%	8.4%

Return for Risk

UPRO vs. NAIL — 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

NAIL

NAIL Risk / Return Rank: 8
NAIL Sharpe Ratio Rank: 7
NAIL Sortino Ratio Rank: 9
NAIL Omega Ratio Rank: 9
NAIL Calmar Ratio Rank: 6
NAIL Martin Ratio Rank: 7

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. NAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). 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	NAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-0.33	+1.57
Sortino ratio: Return per unit of downside risk	1.75	0.08	+1.67
Omega ratio: Gain probability vs. loss probability	1.23	1.01	+0.22
Calmar ratio: Return relative to maximum drawdown	1.76	-0.43	+2.19
Martin ratio: Return relative to average drawdown	6.89	-0.69	+7.58

UPRO vs. NAIL - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.25, which is higher than the NAIL Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of UPRO and NAIL, 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. NAIL - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum NAIL drawdown of -93.75%. Use the drawdown chart below to compare losses from any high point for UPRO and NAIL.

Drawdown Indicators

	UPRO	NAIL	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-93.75%	+16.93%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-67.85%	+41.07%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-82.09%	+33.22%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-84.40%	+20.46%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-93.75%	+16.93%
Current Drawdown Current decline from peak	-8.02%	-77.56%	+69.54%
Average Drawdown Average peak-to-trough decline	-14.36%	-44.13%	+29.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.81%	42.56%	-35.75%

Volatility

UPRO vs. NAIL - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 10.26%, while Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) has a volatility of 30.62%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than NAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	NAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	30.62%	-20.36%
Volatility (6M) Calculated over the trailing 6-month period	30.15%	64.50%	-34.35%
Volatility (1Y) Calculated over the trailing 1-year period	37.77%	90.02%	-52.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	88.05%	-37.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.74%	89.71%	-35.97%

UPRO vs. NAIL - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than NAIL's 0.99% expense ratio.

Dividends

UPRO vs. NAIL - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.78%, less than NAIL's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	0.79%	1.55%	0.63%	0.22%	0.00%	0.00%	0.01%	0.17%	0.35%	1.25%	0.00%	0.00%
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 NAIL in my portfolio?

UPRO and NAIL have a correlation of 0.40, 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 NAIL?

NAIL has higher volatility (30.62%) compared to UPRO (10.26%). In terms of maximum drawdown, UPRO dropped -76.82% vs NAIL's -93.75%.

Which ETF is better, UPRO or NAIL?

On 10-year performance, UPRO leads with 28.00% vs 2.37% for NAIL. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or NAIL?

Over the 10-year period, UPRO has performed better with a 28.00% return vs 2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or NAIL?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.99% for NAIL.

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

NAIL has the higher dividend yield at 0.79%, compared with 0.78% for UPRO.

What is the main difference between UPRO and NAIL?

UPRO tracks S&P 500, while NAIL tracks Dow Jones U.S. Select Home Construction Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for UPRO and 0.99% for NAIL.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.25 vs -0.33), 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.