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UPRO vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPRO vs. UVXY

Last updated Jun 4, 2026

UPRO (ProShares UltraPro S&P 500) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UPRO returned 30.09%/yr vs -72.67%/yr for UVXY. At a correlation of -0.77, they often move in opposite directions. UPRO charges 0.89%/yr vs 0.95%/yr for UVXY.

Performance

UPRO vs. UVXY - Performance Comparison

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

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Returns By Period

In the year-to-date period, UPRO achieves a 27.90% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UPRO has outperformed UVXY with an annualized return of 30.09%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UPRO vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between UPRO and UVXY is -0.73, 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

-0.73

Correlation (3Y)
Calculated over the trailing 3-year period

-0.73

Correlation (5Y)
Calculated over the trailing 5-year period

-0.75

Correlation (10Y)
Calculated over the trailing 10-year period

-0.75

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.77

The correlation between UPRO and UVXY has been stable across timeframes, ranging from -0.77 to -0.73 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro S&P 500

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UPRO vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UPRO
UPRO Risk / Return Rank: 6262
Overall Rank
UPRO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5757
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5858
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6060
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6868
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

UPROUVXYDifference
Sharpe ratioReturn per unit of total volatility
2.30
-0.87

+3.17

Sortino ratioReturn per unit of downside risk
2.76
-1.60

+4.36

Omega ratioGain probability vs. loss probability

1.36

0.82

+0.55

Calmar ratioReturn relative to maximum drawdown

3.03

-0.97

+4.01

Martin ratioReturn relative to average drawdown

12.80

-1.31

+14.11

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. UVXY - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 2.30, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UPRO and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UPROUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.30

-0.87

+3.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.46

-0.66

+1.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.56

-0.64

+1.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

-0.68

+1.33

Drawdowns

UPRO vs. UVXY - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UPRO and UVXY.

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Drawdown Indicators

UPROUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-76.82%

-100.00%

+23.18%

Max Drawdown (1Y)

Largest decline over 1 year

-26.78%

-75.22%

+48.44%

Max Drawdown (3Y)

Largest decline over 3 years

-48.87%

-95.45%

+46.58%

Max Drawdown (5Y)

Largest decline over 5 years

-63.94%

-99.68%

+35.74%

Max Drawdown (10Y)

Largest decline over 10 years

-76.82%

-100.00%

+23.18%

Current Drawdown

Current decline from peak

-2.09%

-100.00%

+97.91%

Average Drawdown

Average peak-to-trough decline

-14.42%

-98.55%

+84.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.33%

55.63%

-49.30%

Volatility

UPRO vs. UVXY - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 8.45%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UPROUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.45%

11.77%

-3.32%

Volatility (6M)

Calculated over the trailing 6-month period

26.60%

62.64%

-36.04%

Volatility (1Y)

Calculated over the trailing 1-year period

35.35%

84.42%

-49.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.32%

103.85%

-53.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.74%

113.82%

-60.08%

UPRO vs. UVXY - Expense Ratio Comparison

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

Dividends

UPRO vs. UVXY - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.68%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
UVXY
ProShares Ultra VIX Short-Term Futures 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%

Frequently Asked Questions

UPRO and UVXY have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to UPRO (8.45%). In terms of maximum drawdown, UPRO dropped -76.82% vs UVXY's -100.00%.

On 10-year performance, UPRO leads with 30.09% vs -72.67% for UVXY. 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.

Over the 10-year period, UPRO has performed better with a 30.09% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

UPRO has the higher dividend yield at 0.68%, compared with 0.00% for UVXY.

UPRO is categorized as Leveraged Equities, while UVXY is Volatility. UPRO tracks S&P 500, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.89% for UPRO and 0.95% for UVXY.

UPRO currently has the higher Sharpe Ratio (2.30 vs -0.87), 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.

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