UPRO vs. UDOW

Last updated Jun 4, 2026

UPRO (ProShares UltraPro S&P 500) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds from ProShares - UPRO tracks the S&P 500 while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, UPRO returned 30.09%/yr vs 23.30%/yr for UDOW. Their correlation of 0.92 suggests significant overlap in exposure. UPRO charges 0.89%/yr vs 0.95%/yr for UDOW.

Performance

UPRO vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Dow30 (UDOW). 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 UDOW's 12.27% return. Over the past 10 years, UPRO has outperformed UDOW with an annualized return of 30.09%, while UDOW has yielded a comparatively lower 23.30% annualized return.

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%

UDOW

• 1D: -3.38%
• 1M: 10.84%
• YTD: 12.27%
• 6M: 12.78%
• 1Y: 53.13%
• 3Y*: 33.01%
• 5Y*: 12.75%
• 10Y*: 23.30%

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

UPRO vs. UDOW - 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%
UDOW ProShares UltraPro Dow30	12.27%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between UPRO and UDOW is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.92

The correlation between UPRO and UDOW has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.

UPRO vs. UDOW - Sectors Allocation Comparison

Sectors	UPRO	UDOW
Financial Services	28.8%	27.2%
Technology	17.8%	17.1%
Communication Services	4.8%	1.9%
Consumer Cyclical	4.5%	11.6%
Healthcare	3.8%	13.1%
Industrials	3.4%	18.4%
Consumer Defensive	2.0%	4.4%
Energy	1.4%	2.4%
Utilities	1.1%	-
Real Estate	0.8%	-
Basic Materials	0.8%	4.0%

Return for Risk

UPRO vs. UDOW — 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

UDOW

UDOW Risk / Return Rank: 40
UDOW Sharpe Ratio Rank: 41
UDOW Sortino Ratio Rank: 40
UDOW Omega Ratio Rank: 38
UDOW Calmar Ratio Rank: 38
UDOW Martin Ratio Rank: 41

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. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Dow30 (UDOW). 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	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.48	+0.82
Sortino ratio: Return per unit of downside risk	2.76	2.09	+0.67
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	3.03	1.90	+1.13
Martin ratio: Return relative to average drawdown	12.80	6.75	+6.06
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. UDOW - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 2.30, which is higher than the UDOW Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of UPRO and UDOW, 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	UDOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.48	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.29	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.45	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.53	+0.12

Drawdowns

UPRO vs. UDOW - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, roughly equal to the maximum UDOW drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for UPRO and UDOW.

Drawdown Indicators

	UPRO	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-80.29%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-28.07%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-44.83%	-4.04%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-55.79%	-8.15%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-80.29%	+3.47%
Current Drawdown Current decline from peak	-2.09%	-3.38%	+1.29%
Average Drawdown Average peak-to-trough decline	-14.42%	-14.39%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.33%	7.90%	-1.57%

Volatility

UPRO vs. UDOW - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Dow30 (UDOW) have volatilities of 8.45% and 8.80%, 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	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.45%	8.80%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	26.60%	27.61%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	35.35%	36.12%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.32%	44.19%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.74%	51.76%	+1.98%

UPRO vs. UDOW - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than UDOW's 0.95% expense ratio.

Dividends

UPRO vs. UDOW - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.68%, less than UDOW's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDOW ProShares UltraPro Dow30	1.21%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%
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 UDOW in my portfolio?

UPRO and UDOW have a correlation of 0.83, 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 UDOW?

UDOW has higher volatility (8.80%) compared to UPRO (8.45%). In terms of maximum drawdown, UPRO dropped -76.82% vs UDOW's -80.29%.

Which ETF is better, UPRO or UDOW?

On 10-year performance, UPRO leads with 30.09% vs 23.30% for UDOW. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or UDOW?

Over the 10-year period, UPRO has performed better with a 30.09% return vs 23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or UDOW?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UDOW.

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

UDOW has the higher dividend yield at 1.21%, compared with 0.68% for UPRO.

What is the main difference between UPRO and UDOW?

UPRO tracks S&P 500, while UDOW tracks Dow Jones Industrial Average (300%). Their fees differ too: 0.89% for UPRO and 0.95% for UDOW.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.30 vs 1.48), 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.