UPRO vs. SPXC

Last updated Jun 4, 2026

UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500, while SPXC (SPX Corporation) is a stock. Over the past 10 years, UPRO returned 30.09%/yr vs 30.94%/yr for SPXC. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

UPRO vs. SPXC - Performance Comparison

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

Returns By Period

In the year-to-date period, UPRO achieves a 27.90% return, which is significantly higher than SPXC's 17.00% return. Both investments have delivered pretty close results over the past 10 years, with UPRO having a 30.09% annualized return and SPXC not far ahead at 30.94%.

UPRO

• 1D: -2.09%
• 1M: 14.64%
• YTD: 27.90%
• 6M: 26.67%
• 1Y: 80.84%
• 3Y*: 52.58%
• 5Y*: 23.13%
• 10Y*: 30.09%

SPXC

• 1D: 1.74%
• 1M: 16.39%
• YTD: 17.00%
• 6M: 11.70%
• 1Y: 48.13%
• 3Y*: 41.80%
• 5Y*: 30.27%
• 10Y*: 30.94%

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

UPRO vs. SPXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	27.90%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
SPXC SPX Corporation	17.00%	37.48%	44.06%	53.86%	10.00%	9.42%	7.19%	81.65%	-10.77%	32.34%

Correlation

The correlation between UPRO and SPXC is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.62

The correlation between UPRO and SPXC shifts across timeframes, from 0.51 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UPRO vs. SPXC — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 62
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 57
UPRO Omega Ratio Rank: 58
UPRO Calmar Ratio Rank: 60
UPRO Martin Ratio Rank: 68

SPXC

SPXC Risk / Return Rank: 75
SPXC Sharpe Ratio Rank: 78
SPXC Sortino Ratio Rank: 75
SPXC Omega Ratio Rank: 72
SPXC Calmar Ratio Rank: 75
SPXC Martin Ratio Rank: 76

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. SPXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and SPX Corporation (SPXC). 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	SPXC	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.33	+0.97
Sortino ratio: Return per unit of downside risk	2.76	2.01	+0.75
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.12
Calmar ratio: Return relative to maximum drawdown	3.03	2.09	+0.95
Martin ratio: Return relative to average drawdown	12.80	5.36	+7.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPRO vs. SPXC - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 2.30, which is higher than the SPXC Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of UPRO and SPXC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UPRO	SPXC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.33	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.87	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.83	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.34	+0.31

Drawdowns

UPRO vs. SPXC - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum SPXC drawdown of -81.12%. Use the drawdown chart below to compare losses from any high point for UPRO and SPXC.

Drawdown Indicators

	UPRO	SPXC	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-81.12%	+4.30%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-23.15%	-3.63%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-33.54%	-15.33%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-38.32%	-25.62%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-50.26%	-26.56%
Current Drawdown Current decline from peak	-2.09%	-3.69%	+1.60%
Average Drawdown Average peak-to-trough decline	-14.42%	-29.03%	+14.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.33%	9.01%	-2.68%

Volatility

UPRO vs. SPXC - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 8.45%, while SPX Corporation (SPXC) has a volatility of 11.14%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than SPXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	SPXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.45%	11.14%	-2.69%
Volatility (6M) Calculated over the trailing 6-month period	26.60%	27.62%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	35.35%	36.33%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.32%	35.12%	+15.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.74%	37.45%	+16.29%

Dividends

UPRO vs. SPXC - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.68%, while SPXC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXC SPX Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	386.22%
UPRO ProShares UltraPro S&P 500	0.68%	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 SPXC in my portfolio?

UPRO and SPXC have a correlation of 0.51, 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 SPXC?

SPXC has higher volatility (11.14%) compared to UPRO (8.45%). In terms of maximum drawdown, UPRO dropped -76.82% vs SPXC's -81.12%.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.30 vs 1.33), 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.