UPRO vs. SPXL
Compare and contrast key facts about ProShares UltraPro S&P 500 (UPRO) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).
UPRO and SPXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. Both UPRO and SPXL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: UPRO or SPXL.
Key characteristics
| UPRO | SPXL | |
|---|---|---|
| YTD Return | 64.91% | 65.10% |
| 1Y Return | 93.02% | 93.38% |
| 3Y Return (Ann) | 7.44% | 7.95% |
| 5Y Return (Ann) | 23.82% | 24.06% |
| 10Y Return (Ann) | 23.95% | 23.93% |
| Sharpe Ratio | 2.57 | 2.59 |
| Sortino Ratio | 2.96 | 2.97 |
| Omega Ratio | 1.41 | 1.41 |
| Calmar Ratio | 2.40 | 2.45 |
| Martin Ratio | 15.45 | 15.50 |
| Ulcer Index | 6.05% | 6.05% |
| Daily Std Dev | 36.42% | 36.21% |
| Max Drawdown | -76.82% | -76.86% |
| Current Drawdown | -6.63% | -6.65% |
Correlation
The correlation between UPRO and SPXL is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
UPRO vs. SPXL - Performance Comparison
The year-to-date returns for both investments are quite close, with UPRO having a 64.91% return and SPXL slightly higher at 65.10%. Both investments have delivered pretty close results over the past 10 years, with UPRO having a 23.95% annualized return and SPXL not far behind at 23.93%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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UPRO vs. SPXL - Expense Ratio Comparison
UPRO has a 0.92% expense ratio, which is lower than SPXL's 1.02% expense ratio.
Risk-Adjusted Performance
UPRO vs. SPXL - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Direxion Daily S&P 500 Bull 3X Shares (SPXL). 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.
Dividends
UPRO vs. SPXL - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.76%, more than SPXL's 0.72% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.76% | 0.74% | 0.52% | 0.06% | 0.11% | 0.53% | 0.63% | 0.00% | 0.12% | 0.34% | 0.22% | 0.07% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.72% | 0.98% | 0.33% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
UPRO vs. SPXL - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for UPRO and SPXL. For additional features, visit the drawdowns tool.
Volatility
UPRO vs. SPXL - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) and Direxion Daily S&P 500 Bull 3X Shares (SPXL) have volatilities of 12.26% and 12.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.