UPRO vs. SPXL

Last updated Jun 14, 2026

UPRO (ProShares UltraPro S&P 500) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds tracking the S&P 500, from ProShares and Direxion respectively. Both are passively managed. Over the past 10 years, UPRO returned 29.76%/yr vs 29.90%/yr for SPXL. With a 1.00 correlation, they move nearly in lockstep. UPRO charges 0.89%/yr vs 0.84%/yr for SPXL.

Performance

UPRO vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with UPRO having a 20.70% return and SPXL slightly higher at 20.98%. Both investments have delivered pretty close results over the past 10 years, with UPRO having a 29.76% annualized return and SPXL not far ahead at 29.90%.

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%

SPXL

• 1D: 1.54%
• 1M: -3.84%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 71.45%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

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

UPRO vs. SPXL - 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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between UPRO and SPXL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	1.00

The correlation between UPRO and SPXL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

UPRO vs. SPXL - Sectors Allocation Comparison

Sectors	UPRO	SPXL
Technology	39.1%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UPRO vs. SPXL — 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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

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. SPXL - Risk-Adjusted Trends 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 ETF (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.

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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.79	-0.02
Sortino ratio: Return per unit of downside risk	2.23	2.25	-0.02
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.43	2.47	-0.03
Martin ratio: Return relative to average drawdown	10.01	10.16	-0.14

UPRO vs. SPXL - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is comparable to the SPXL Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of UPRO and SPXL, 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. 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.

Drawdown Indicators

	UPRO	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-76.86%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-26.77%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-48.95%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-63.80%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-76.86%	+0.04%
Current Drawdown Current decline from peak	-7.60%	-7.55%	-0.05%
Average Drawdown Average peak-to-trough decline	-14.40%	-16.11%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	6.49%	+0.01%

Volatility

UPRO vs. SPXL - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) have volatilities of 13.22% and 13.20%, 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.

Volatility by Period

	UPRO	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	13.20%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	28.79%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	36.81%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	50.44%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	53.50%	+0.33%

UPRO vs. SPXL - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

UPRO vs. SPXL - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, more than SPXL's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	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 SPXL in my portfolio?

With a correlation of 1.00, UPRO and SPXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPRO or SPXL?

UPRO has higher volatility (13.22%) compared to SPXL (13.20%). In terms of maximum drawdown, UPRO dropped -76.82% vs SPXL's -76.86%.

Which ETF is better, UPRO or SPXL?

On 10-year performance, SPXL leads with 29.90% vs 29.76% for UPRO. On fees, SPXL is cheaper at 0.84% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or SPXL?

Over the 10-year period, SPXL has performed better with a 29.90% return vs 29.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.72%, compared with 0.56% for SPXL.

What is the main difference between UPRO and SPXL?

Both ETFs track S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for UPRO and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.79 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.