UPRO vs. UDOW

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraPro S&P 500 (UPRO) and ProShares UltraPro Dow30 (UDOW).

UPRO and UDOW 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. UDOW is a passively managed fund by ProShares that tracks the performance of the Dow Jones Industrial Average (300%). It was launched on Feb 9, 2010. Both UPRO and UDOW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

UPRO vs. UDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	-16.03%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
UDOW ProShares UltraPro Dow30	-13.10%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Returns By Period

In the year-to-date period, UPRO achieves a -16.03% return, which is significantly lower than UDOW's -13.10% return. Over the past 10 years, UPRO has outperformed UDOW with an annualized return of 25.25%, while UDOW has yielded a comparatively lower 20.30% annualized return.

UPRO

• 1D: 8.61%
• 1M: -15.71%
• YTD: -16.03%
• 6M: -12.57%
• 1Y: 32.51%
• 3Y*: 37.29%
• 5Y*: 16.63%
• 10Y*: 25.25%

UDOW

• 1D: 7.38%
• 1M: -16.17%
• YTD: -13.10%
• 6M: -5.67%
• 1Y: 16.04%
• 3Y*: 23.31%
• 5Y*: 10.24%
• 10Y*: 20.30%

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

UPRO vs. UDOW - Expense Ratio Comparison

UPRO has a 0.92% expense ratio, which is lower than UDOW's 0.95% expense ratio.

UDOW

ProShares UltraPro Dow30

UPRO

ProShares UltraPro S&P 500

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: 45
UPRO Sharpe Ratio Rank: 35
UPRO Sortino Ratio Rank: 46
UPRO Omega Ratio Rank: 49
UPRO Calmar Ratio Rank: 45
UPRO Martin Ratio Rank: 47

UDOW

UDOW Risk / Return Rank: 27
UDOW Sharpe Ratio Rank: 22
UDOW Sortino Ratio Rank: 29
UDOW Omega Ratio Rank: 29
UDOW Calmar Ratio Rank: 29
UDOW Martin Ratio Rank: 28

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	0.60	0.32	+0.28
Sortino ratio Return per unit of downside risk	1.18	0.81	+0.37
Omega ratio Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio Return relative to maximum drawdown	1.04	0.65	+0.39
Martin ratio Return relative to average drawdown	4.18	2.13	+2.05
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 0.60, which is higher than the UDOW Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of UPRO and UDOW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UPRO	UDOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	0.32	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.23	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.39	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.50	+0.10

Correlation

The correlation between UPRO and UDOW is 0.92, 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. UDOW - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 1.04%, less than UDOW's 1.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	1.04%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
UDOW ProShares UltraPro Dow30	1.56%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

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	-33.38%	-30.18%	-3.20%
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	-20.48%	-22.46%	+1.98%
Average Drawdown Average peak-to-trough decline	-14.53%	-14.46%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.33%	9.21%	-0.88%

Volatility

UPRO vs. UDOW - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 15.89% compared to ProShares UltraPro Dow30 (UDOW) at 14.74%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. 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	15.89%	14.74%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	28.41%	27.64%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	54.34%	50.20%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.34%	44.05%	+6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.70%	51.68%	+2.02%