UPRO vs. SPXU

Last updated Jun 14, 2026

UPRO (ProShares UltraPro S&P 500) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, UPRO returned 29.76%/yr vs -41.86%/yr for SPXU. At a correlation of -1.00, they often move in opposite directions. UPRO charges 0.89%/yr vs 0.90%/yr for SPXU.

Performance

UPRO vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 20.70% return, which is significantly higher than SPXU's -21.99% return. Over the past 10 years, UPRO has outperformed SPXU with an annualized return of 29.76%, while SPXU has yielded a comparatively lower -41.86% 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%

SPXU

• 1D: -1.51%
• 1M: 2.81%
• YTD: -21.99%
• 6M: -22.38%
• 1Y: -46.46%
• 3Y*: -40.99%
• 5Y*: -34.09%
• 10Y*: -41.86%

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

UPRO vs. SPXU - 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%
SPXU ProShares UltraPro Short S&P500	-21.99%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Correlation

The correlation between UPRO and SPXU is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 SPXU has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

UPRO vs. SPXU - Sectors Allocation Comparison

Sectors	UPRO	SPXU
Technology	39.1%	-
Financial Services	11.1%	69.3%
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. SPXU — 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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 0
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

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. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Short S&P500 (SPXU). 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	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	1.77	-1.22	+2.99
Sortino ratio: Return per unit of downside risk	2.23	-1.98	+4.21
Omega ratio: Gain probability vs. loss probability	1.30	0.79	+0.51
Calmar ratio: Return relative to maximum drawdown	2.43	-0.89	+3.32
Martin ratio: Return relative to average drawdown	10.01	-1.47	+11.48

UPRO vs. SPXU - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is higher than the SPXU Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of UPRO and SPXU, 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. SPXU - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for UPRO and SPXU.

Drawdown Indicators

	UPRO	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-99.99%	+23.17%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-50.35%	+23.57%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-84.36%	+35.49%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-90.23%	+26.29%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-99.63%	+22.81%
Current Drawdown Current decline from peak	-7.60%	-99.99%	+92.39%
Average Drawdown Average peak-to-trough decline	-14.40%	-93.33%	+78.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	30.46%	-23.96%

Volatility

UPRO vs. SPXU - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Short S&P500 (SPXU) have volatilities of 13.22% and 12.83%, 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	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	12.83%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	28.80%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	36.78%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	50.52%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	53.46%	+0.37%

UPRO vs. SPXU - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than SPXU's 0.90% expense ratio.

Dividends

UPRO vs. SPXU - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, less than SPXU's 7.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXU ProShares UltraPro Short S&P500	7.52%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%	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 SPXU in my portfolio?

UPRO and SPXU have a correlation of -1.00, 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 SPXU?

UPRO has higher volatility (13.22%) compared to SPXU (12.83%). In terms of maximum drawdown, UPRO dropped -76.82% vs SPXU's -99.99%.

Which ETF is better, UPRO or SPXU?

On 10-year performance, UPRO leads with 29.76% vs -41.86% for SPXU. On fees, UPRO is cheaper at 0.89% per year. On volatility, SPXU has been the lower-risk option at 12.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or SPXU?

Over the 10-year period, UPRO has performed better with a 29.76% return vs -41.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or SPXU?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.90% for SPXU.

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

SPXU has the higher dividend yield at 7.52%, compared with 0.72% for UPRO.

What is the main difference between UPRO and SPXU?

UPRO is categorized as Leveraged Equities, while SPXU is S&P 500. UPRO tracks S&P 500, while SPXU tracks S&P 500 Index (-300%). Their fees differ too: 0.89% for UPRO and 0.90% for SPXU.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.77 vs -1.22), 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.