UPRO vs. RSST

Last updated Jun 13, 2026

UPRO (ProShares UltraPro S&P 500) and RSST (Return Stacked U.S. Stocks & Managed Futures ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while RSST is a Large Cap Blend Equities fund actively managed by Return Stacked. UPRO is passively managed, while RSST is actively managed. Over the past year, UPRO returned 64.83% vs 45.30% for RSST. Their correlation of 0.83 suggests significant overlap in exposure. UPRO charges 0.89%/yr vs 1.04%/yr for RSST.

Performance

UPRO vs. RSST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Return Stacked U.S. Stocks & Managed Futures ETF (RSST). 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 higher than RSST's 14.53% return.

UPRO

• 1D: 1.54%
• 1M: -1.71%
• YTD: 20.70%
• 6M: 21.09%
• 1Y: 64.83%
• 3Y*: 46.83%
• 5Y*: 21.40%
• 10Y*: 29.76%

RSST

• 1D: 1.06%
• 1M: -3.99%
• YTD: 14.53%
• 6M: 17.56%
• 1Y: 45.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPRO vs. RSST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UPRO ProShares UltraPro S&P 500	20.70%	31.88%	63.57%	14.52%
RSST Return Stacked U.S. Stocks & Managed Futures ETF	14.53%	19.91%	18.37%	1.58%

Correlation

The correlation between UPRO and RSST is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Sep 6, 2023	0.83

The correlation between UPRO and RSST has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

UPRO vs. RSST - Sectors Allocation Comparison

Sectors	UPRO	RSST
Financial Services	28.8%	14.6%
Technology	17.8%	30.7%
Communication Services	4.8%	9.6%
Consumer Cyclical	4.5%	9.2%
Healthcare	3.8%	8.2%
Industrials	3.4%	8.8%
Consumer Defensive	2.0%	6.0%
Energy	1.4%	5.4%
Utilities	1.1%	2.7%
Real Estate	0.8%	1.6%
Basic Materials	0.8%	3.4%

Return for Risk

UPRO vs. RSST — 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

RSST

RSST Risk / Return Rank: 70
RSST Sharpe Ratio Rank: 69
RSST Sortino Ratio Rank: 56
RSST Omega Ratio Rank: 64
RSST Calmar Ratio Rank: 83
RSST Martin Ratio Rank: 78

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. RSST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Return Stacked U.S. Stocks & Managed Futures ETF (RSST). 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	RSST	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.94	-0.17
Sortino ratio: Return per unit of downside risk	2.23	2.35	-0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	2.43	3.89	-1.45
Martin ratio: Return relative to average drawdown	10.01	12.98	-2.97

UPRO vs. RSST - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is comparable to the RSST Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of UPRO and RSST, 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. RSST - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than RSST's maximum drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for UPRO and RSST.

Drawdown Indicators

	UPRO	RSST	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-30.80%	-46.02%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-11.71%	-15.07%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-7.60%	-6.59%	-1.01%
Average Drawdown Average peak-to-trough decline	-14.40%	-6.03%	-8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	3.51%	+2.99%

Volatility

UPRO vs. RSST - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to Return Stacked U.S. Stocks & Managed Futures ETF (RSST) at 8.70%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than RSST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	RSST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	8.70%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	17.17%	+11.57%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	23.43%	+13.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	24.47%	+26.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	24.47%	+29.36%

UPRO vs. RSST - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than RSST's 1.04% expense ratio.

Dividends

UPRO vs. RSST - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, less than RSST's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RSST Return Stacked U.S. Stocks & Managed Futures ETF	0.98%	1.12%	0.09%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 RSST in my portfolio?

UPRO and RSST have a correlation of 0.87, 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 RSST?

UPRO has higher volatility (13.22%) compared to RSST (8.70%). In terms of maximum drawdown, UPRO dropped -76.82% vs RSST's -30.80%.

Which ETF is better, UPRO or RSST?

On 1-year performance, UPRO leads with 64.83% vs 45.30% for RSST. On fees, UPRO is cheaper at 0.89% per year. On volatility, RSST has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or RSST?

Over the 1-year period, UPRO has performed better with a 64.83% return vs 45.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or RSST?

UPRO is cheaper with a 0.89% expense ratio, compared with 1.04% for RSST.

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

RSST has the higher dividend yield at 0.98%, compared with 0.72% for UPRO.

What is the main difference between UPRO and RSST?

UPRO is categorized as Leveraged Equities, while RSST is Large Cap Blend Equities. They also come from different issuers: ProShares and Return Stacked. Their fees differ too: 0.89% for UPRO and 1.04% for RSST.

Which has better risk-adjusted returns?

RSST currently has the higher Sharpe Ratio (1.94 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.