UPRO vs. TERG

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraPro S&P 500 (UPRO) and Leverage Shares 2X Long TER Daily ETF (TERG).

UPRO and TERG 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. TERG is an actively managed fund by Leverage Shares. It was launched on Nov 17, 2025.

Performance

UPRO vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

UPRO vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
UPRO ProShares UltraPro S&P 500	-14.14%	6.59%
TERG Leverage Shares 2X Long TER Daily ETF	102.79%	28.17%

Returns By Period

In the year-to-date period, UPRO achieves a -14.14% return, which is significantly lower than TERG's 102.79% return.

UPRO

• 1D: 2.26%
• 1M: -13.81%
• YTD: -14.14%
• 6M: -11.56%
• 1Y: 34.19%
• 3Y*: 38.31%
• 5Y*: 17.16%
• 10Y*: 25.53%

TERG

• 1D: 14.40%
• 1M: -19.76%
• YTD: 102.79%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPRO vs. TERG - Expense Ratio Comparison

UPRO has a 0.92% expense ratio, which is higher than TERG's 0.75% expense ratio.

UPRO

ProShares UltraPro S&P 500

TERG

Leverage Shares 2X Long TER Daily ETF

Return for Risk

UPRO vs. TERG — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 40
UPRO Sharpe Ratio Rank: 32
UPRO Sortino Ratio Rank: 41
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 39
UPRO Martin Ratio Rank: 43

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio Return per unit of total volatility	0.63	—	—
Sortino ratio Return per unit of downside risk	1.21	—	—
Omega ratio Gain probability vs. loss probability	1.18	—	—
Calmar ratio Return relative to maximum drawdown	1.06	—	—
Martin ratio Return relative to average drawdown	4.22	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UPRO	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	10.56	-9.96

Correlation

The correlation between UPRO and TERG is 0.70, 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.

Dividends

UPRO vs. TERG - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 1.02%, while TERG has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	1.02%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

UPRO vs. TERG - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than TERG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for UPRO and TERG.

Drawdown Indicators

	UPRO	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-39.32%	-37.50%
Max Drawdown (1Y) Largest decline over 1 year	-33.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-18.68%	-30.58%	+11.90%
Average Drawdown Average peak-to-trough decline	-14.53%	-9.77%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.41%	—	—

Volatility

Volatility by Period

	UPRO	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	54.36%	124.59%	-70.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.34%	124.59%	-74.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.69%	124.59%	-70.90%