UPRO vs. SOXX

Last updated Jun 16, 2026

UPRO (ProShares UltraPro S&P 500) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, UPRO returned 30.53%/yr vs 36.39%/yr for SOXX. A 0.77 correlation means they provide meaningful diversification when combined. UPRO charges 0.89%/yr vs 0.34%/yr for SOXX.

Performance

UPRO vs. SOXX - Performance Comparison

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

Returns By Period

In the year-to-date period, UPRO achieves a 27.05% return, which is significantly lower than SOXX's 108.91% return. Over the past 10 years, UPRO has underperformed SOXX with an annualized return of 30.53%, while SOXX has yielded a comparatively higher 36.39% annualized return.

UPRO

• 1D: 5.26%
• 1M: 5.02%
• YTD: 27.05%
• 6M: 28.05%
• 1Y: 79.77%
• 3Y*: 47.96%
• 5Y*: 23.04%
• 10Y*: 30.53%

SOXX

• 1D: 5.45%
• 1M: 23.64%
• YTD: 108.91%
• 6M: 111.42%
• 1Y: 186.37%
• 3Y*: 55.91%
• 5Y*: 35.21%
• 10Y*: 36.39%

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

UPRO vs. SOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	27.05%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
SOXX iShares Semiconductor ETF	108.91%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%

Correlation

The correlation between UPRO and SOXX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.77

The correlation between UPRO and SOXX has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

UPRO vs. SOXX - Sectors Allocation Comparison

Sectors	UPRO	SOXX
Technology	39.1%	100.0%
Financial Services	11.1%	-
Communication Services	10.6%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

UPRO vs. SOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPRO

UPRO Risk / Return Rank: 69
UPRO Sharpe Ratio Rank: 76
UPRO Sortino Ratio Rank: 63
UPRO Omega Ratio Rank: 65
UPRO Calmar Ratio Rank: 66
UPRO Martin Ratio Rank: 73

SOXX

SOXX Risk / Return Rank: 97
SOXX Sharpe Ratio Rank: 98
SOXX Sortino Ratio Rank: 95
SOXX Omega Ratio Rank: 95
SOXX Calmar Ratio Rank: 98
SOXX Martin Ratio Rank: 97

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. SOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and iShares Semiconductor ETF (SOXX). 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	SOXX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	4.99	-2.82
Sortino ratio: Return per unit of downside risk	2.60	4.74	-2.14
Omega ratio: Gain probability vs. loss probability	1.35	1.68	-0.33
Calmar ratio: Return relative to maximum drawdown	2.99	11.90	-8.90
Martin ratio: Return relative to average drawdown	12.32	43.29	-30.97

UPRO vs. SOXX - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 2.17, which is lower than the SOXX Sharpe Ratio of 4.99. The chart below compares the historical Sharpe Ratios of UPRO and SOXX, 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. SOXX - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than SOXX's maximum drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for UPRO and SOXX.

Drawdown Indicators

	UPRO	SOXX	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-70.21%	-6.61%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-15.77%	-11.01%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-41.36%	-7.51%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-45.75%	-18.19%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-45.75%	-31.07%
Current Drawdown Current decline from peak	-2.74%	0.00%	-2.74%
Average Drawdown Average peak-to-trough decline	-14.40%	-19.95%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	4.32%	+2.18%

Volatility

UPRO vs. SOXX - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 14.04%, while iShares Semiconductor ETF (SOXX) has a volatility of 19.99%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	SOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.04%	19.99%	-5.95%
Volatility (6M) Calculated over the trailing 6-month period	29.17%	31.81%	-2.64%
Volatility (1Y) Calculated over the trailing 1-year period	36.99%	37.63%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.59%	36.81%	+13.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.87%	33.82%	+20.05%

UPRO vs. SOXX - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

UPRO vs. SOXX - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.69%, more than SOXX's 0.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXX iShares Semiconductor ETF	0.31%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%
UPRO ProShares UltraPro S&P 500	0.69%	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 SOXX in my portfolio?

UPRO and SOXX have a correlation of 0.72, 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 SOXX?

SOXX has higher volatility (19.99%) compared to UPRO (14.04%). In terms of maximum drawdown, UPRO dropped -76.82% vs SOXX's -70.21%.

Which ETF is better, UPRO or SOXX?

On 10-year performance, SOXX leads with 36.39% vs 30.53% for UPRO. On fees, SOXX is cheaper at 0.34% per year. On volatility, UPRO has been the lower-risk option at 14.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or SOXX?

Over the 10-year period, SOXX has performed better with a 36.39% return vs 30.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or SOXX?

SOXX is cheaper with a 0.34% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.69%, compared with 0.31% for SOXX.

What is the main difference between UPRO and SOXX?

UPRO is categorized as Leveraged Equities, while SOXX is Semiconductors. UPRO tracks S&P 500, while SOXX tracks NYSE Semiconductor Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.89% for UPRO and 0.34% for SOXX.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (4.99 vs 2.17), 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.