UPRO vs. SCHD

Last updated Jun 13, 2026

UPRO (ProShares UltraPro S&P 500) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, UPRO returned 29.76%/yr vs 12.91%/yr for SCHD. Their correlation of 0.82 suggests significant overlap in exposure. UPRO charges 0.89%/yr vs 0.06%/yr for SCHD.

Performance

UPRO vs. SCHD - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with UPRO having a 20.70% return and SCHD slightly lower at 20.66%. Over the past 10 years, UPRO has outperformed SCHD with an annualized return of 29.76%, while SCHD has yielded a comparatively lower 12.91% annualized return.

UPRO

• 1D: 1.54%
• 1M: -3.92%
• YTD: 20.70%
• 6M: 21.09%
• 1Y: 70.79%
• 3Y*: 46.83%
• 5Y*: 21.40%
• 10Y*: 29.76%

SCHD

• 1D: 0.89%
• 1M: 3.21%
• YTD: 20.66%
• 6M: 19.57%
• 1Y: 26.72%
• 3Y*: 14.90%
• 5Y*: 8.75%
• 10Y*: 12.91%

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

UPRO vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	20.66%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between UPRO and SCHD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.82

Over the past year, the correlation between UPRO and SCHD has dropped to 0.36 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

UPRO vs. SCHD - Sectors Allocation Comparison

Sectors	UPRO	SCHD
Financial Services	28.8%	9.3%
Technology	17.8%	16.4%
Communication Services	4.8%	6.3%
Consumer Cyclical	4.5%	6.3%
Healthcare	3.8%	18.8%
Industrials	3.4%	7.5%
Consumer Defensive	2.0%	19.2%
Energy	1.4%	16.2%
Utilities	1.1%	0.0%
Real Estate	0.8%	-
Basic Materials	0.8%	1.2%

Return for Risk

UPRO vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 87
SCHD Sharpe Ratio Rank: 86
SCHD Sortino Ratio Rank: 90
SCHD Omega Ratio Rank: 83
SCHD Calmar Ratio Rank: 93
SCHD 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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.41	-0.63
Sortino ratio: Return per unit of downside risk	2.23	3.72	-1.49
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.43	5.70	-3.26
Martin ratio: Return relative to average drawdown	10.01	13.97	-3.95

UPRO vs. SCHD - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is comparable to the SCHD Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of UPRO and SCHD, 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. SCHD - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for UPRO and SCHD.

Drawdown Indicators

	UPRO	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-33.37%	-43.45%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-4.61%	-22.17%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-16.13%	-32.74%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-16.85%	-47.09%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-33.37%	-43.45%
Current Drawdown Current decline from peak	-7.60%	-0.03%	-7.57%
Average Drawdown Average peak-to-trough decline	-14.40%	-3.31%	-11.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	1.89%	+4.61%

Volatility

UPRO vs. SCHD - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 3.05%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	3.05%	+10.17%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	7.53%	+21.21%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	10.93%	+25.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	14.38%	+36.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	16.72%	+37.11%

UPRO vs. SCHD - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

UPRO vs. SCHD - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, less than SCHD's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.22%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
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 SCHD in my portfolio?

UPRO and SCHD have a correlation of 0.36, 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 SCHD?

UPRO has higher volatility (13.22%) compared to SCHD (3.05%). In terms of maximum drawdown, UPRO dropped -76.82% vs SCHD's -33.37%.

Which ETF is better, UPRO or SCHD?

On 10-year performance, UPRO leads with 29.76% vs 12.91% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or SCHD?

Over the 10-year period, UPRO has performed better with a 29.76% return vs 12.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.89% for UPRO.

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

SCHD has the higher dividend yield at 3.22%, compared with 0.72% for UPRO.

What is the main difference between UPRO and SCHD?

UPRO is categorized as Leveraged Equities, while SCHD is Dividend. UPRO tracks S&P 500, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.89% for UPRO and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.41 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.