UPRO vs. QTAP
Compare and contrast key facts about ProShares UltraPro S&P 500 (UPRO) and Innovator Growth Accelerated Plus ETF - April (QTAP).
UPRO and QTAP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. QTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.
Performance
UPRO vs. QTAP - Performance Comparison
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UPRO vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | -14.14% | 31.88% | 63.57% | 68.53% | -56.84% | 63.85% |
QTAP Innovator Growth Accelerated Plus ETF - April | 3.02% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Returns By Period
In the year-to-date period, UPRO achieves a -14.14% return, which is significantly lower than QTAP's 3.02% return.
UPRO
- 1D
- 2.26%
- 1M
- -13.81%
- YTD
- -14.14%
- 6M
- -11.56%
- 1Y
- 34.19%
- 3Y*
- 38.31%
- 5Y*
- 17.16%
- 10Y*
- 25.53%
QTAP
- 1D
- 1.74%
- 1M
- 1.79%
- YTD
- 3.02%
- 6M
- 5.43%
- 1Y
- 21.08%
- 3Y*
- 19.58%
- 5Y*
- —
- 10Y*
- —
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UPRO vs. QTAP - Expense Ratio Comparison
UPRO has a 0.92% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Return for Risk
UPRO vs. QTAP — Risk / Return Rank
UPRO
QTAP
UPRO vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.
| UPRO | QTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 1.29 | -0.66 |
Sortino ratioReturn per unit of downside risk | 1.21 | 2.05 | -0.84 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.50 | -0.32 |
Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.81 | -0.75 |
Martin ratioReturn relative to average drawdown | 4.22 | 12.95 | -8.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UPRO | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.29 | -0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.64 | -0.04 |
Correlation
The correlation between UPRO and QTAP is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UPRO vs. QTAP - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 1.02%, while QTAP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 1.02% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
UPRO vs. QTAP - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for UPRO and QTAP.
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Drawdown Indicators
| UPRO | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -29.44% | -47.38% |
Max Drawdown (1Y)Largest decline over 1 year | -33.38% | -12.04% | -21.34% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | — | — |
Current DrawdownCurrent decline from peak | -18.68% | 0.00% | -18.68% |
Average DrawdownAverage peak-to-trough decline | -14.53% | -5.21% | -9.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.41% | 1.68% | +6.73% |
Volatility
UPRO vs. QTAP - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 16.04% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 1.88%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPRO | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.04% | 1.88% | +14.16% |
Volatility (6M)Calculated over the trailing 6-month period | 28.48% | 3.23% | +25.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.36% | 16.38% | +37.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.34% | 19.03% | +31.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.69% | 19.03% | +34.66% |