UPRO vs. ROM

Last updated Aug 4, 2026

UPRO (ProShares UltraPro S&P 500) and ROM (ProShares Ultra Technology) are both Leveraged Equities funds from ProShares - UPRO tracks the S&P 500 while ROM tracks the S&P Technology Select Sector Index (200%). Both are passively managed. Over the past 10 years, UPRO returned 28.55%/yr vs 37.35%/yr for ROM. Their correlation of 0.87 means they have usually moved in the same direction. UPRO charges 0.89%/yr vs 0.95%/yr for ROM.

Performance

UPRO vs. ROM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and ProShares Ultra Technology (ROM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 26.96% return, which is significantly lower than ROM's 41.82% return. Over the past 10 years, UPRO has underperformed ROM with an annualized return of 28.55%, while ROM has yielded a comparatively higher 37.35% annualized return.

UPRO

• 1D: 4.31%
• 1M: 3.94%
• 6M: 21.04%
• YTD: 26.96%
• 1Y: 60.49%
• 3Y*: 46.49%
• 5Y*: 20.10%
• 10Y*: 28.55%
• ALL TIME*: 33.42%

ROM

• 1D: 3.27%
• 1M: -4.03%
• 6M: 40.14%
• YTD: 41.82%
• 1Y: 71.95%
• 3Y*: 45.93%
• 5Y*: 20.41%
• 10Y*: 37.35%
• ALL TIME*: 23.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ROM ProShares Ultra Technology	$7.66M	$7.43M	$10.38M
UPRO ProShares UltraPro S&P 500	$303.16M	$293.07M	$361.38M

UPRO vs. ROM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	26.96%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
ROM ProShares Ultra Technology	41.82%	35.63%	31.65%	130.70%	-63.86%	77.75%	80.42%	102.10%	-9.89%	81.11%

Correlation

The correlation between UPRO and ROM is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.87

The correlation between UPRO and ROM has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

UPRO vs. ROM - Sectors Allocation Comparison

Sectors	UPRO	ROM
Technology	38.5%	62.0%
Financial Services	11.6%	3.5%
Communication Services	9.9%	0.8%
Consumer Cyclical	9.5%	-
Healthcare	8.9%	-
Industrials	8.4%	0.0%
Consumer Defensive	4.5%	-
Energy	3.0%	0.1%
Utilities	2.2%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

UPRO vs. ROM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPRO

UPRO Risk / Return Rank: 65
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 63
UPRO Martin Ratio Rank: 70

ROM

ROM Risk / Return Rank: 55
ROM Sharpe Ratio Rank: 58
ROM Sortino Ratio Rank: 53
ROM Omega Ratio Rank: 52
ROM Calmar Ratio Rank: 62
ROM Martin Ratio Rank: 48

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPRO vs. ROM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and ProShares Ultra Technology (ROM). 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	ROM	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.41	+0.17
Sortino ratio: Return per unit of downside risk	2.09	1.91	+0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.27	2.24	+0.03
Martin ratio: Return relative to average drawdown	8.68	5.61	+3.07

UPRO vs. ROM - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.58, which is comparable to the ROM Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of UPRO and ROM, 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. ROM - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum ROM drawdown of -83.36%. Use the drawdown chart below to compare losses from any high point for UPRO and ROM.

Drawdown Indicators

	UPRO	ROM	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-83.36%	+6.54%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-32.33%	+5.55%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-48.10%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-67.55%	+3.61%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-67.55%	-9.27%
Current Drawdown Current decline from peak	-2.80%	-21.80%	+19.00%
Average Drawdown Average peak-to-trough decline	-14.34%	-20.84%	+6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.99%	12.86%	-5.87%

Volatility

UPRO vs. ROM - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 11.49%, while ProShares Ultra Technology (ROM) has a volatility of 18.45%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than ROM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	ROM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	18.45%	-6.96%
Volatility (6M) Calculated over the trailing 6-month period	30.61%	43.62%	-13.01%
Volatility (1Y) Calculated over the trailing 1-year period	38.43%	51.23%	-12.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.74%	53.28%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.81%	50.59%	+3.22%

UPRO vs. ROM - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than ROM's 0.95% expense ratio.

Dividends

UPRO vs. ROM - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.74%, more than ROM's 0.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ROM ProShares Ultra Technology	0.07%	0.24%	0.21%	0.01%	0.00%	0.00%	0.05%	0.16%	0.30%	0.08%	0.20%	0.12%
UPRO ProShares UltraPro S&P 500	0.74%	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 ROM in my portfolio?

UPRO and ROM have a correlation of 0.85, 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 ROM?

ROM has higher volatility (18.45%) compared to UPRO (11.49%). In terms of maximum drawdown, UPRO dropped -76.82% vs ROM's -83.36%.

Which ETF is better, UPRO or ROM?

On 10-year performance, ROM leads with 37.35% vs 28.55% for UPRO. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or ROM?

Over the 10-year period, ROM has performed better with a 37.35% return vs 28.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or ROM?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for ROM.

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

UPRO has the higher dividend yield at 0.74%, compared with 0.07% for ROM.

What is the main difference between UPRO and ROM?

UPRO tracks S&P 500, while ROM tracks S&P Technology Select Sector Index (200%). Their fees differ too: 0.89% for UPRO and 0.95% for ROM.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.58 vs 1.41), 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.