UPRO vs. UVXY
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 28.63%/yr vs -72.05%/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
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Returns By Period
In the year-to-date period, UPRO achieves a 23.85% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, UPRO has outperformed UVXY with an annualized return of 28.63%, while UVXY has yielded a comparatively lower -72.05% annualized return.
UPRO
- 1D
- -2.35%
- 1M
- 2.61%
- 6M
- 17.29%
- YTD
- 23.85%
- 1Y
- 53.99%
- 3Y*
- 44.08%
- 5Y*
- 19.88%
- 10Y*
- 28.63%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
UPRO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 23.85% | 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 | -32.31% | -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 -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
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 4, 2011 | -0.77 |
The correlation between UPRO and UVXY has been stable across timeframes, ranging from -0.77 to -0.75 - a consistent structural relationship.
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Return for Risk
UPRO vs. UVXY — Risk / Return Rank
UPRO
UVXY
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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +3.44 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.83 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | -0.98 | +3.00 |
| Martin ratioReturn relative to average drawdown | 8.00 | -1.46 | +9.46 |
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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
| UPRO | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -100.00% | +23.18% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -73.42% | +46.64% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -95.32% | +46.45% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -99.74% | +35.80% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -100.00% | +23.18% |
Current DrawdownCurrent decline from peak | -5.19% | -100.00% | +94.81% |
Average DrawdownAverage peak-to-trough decline | -14.37% | -98.75% | +84.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.77% | 48.91% | -42.14% |
Volatility
UPRO vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro S&P 500 (UPRO) is 12.62%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. 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
| UPRO | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.62% | 21.23% | -8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 29.99% | 66.69% | -36.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.63% | 85.49% | -47.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.68% | 103.84% | -53.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.72% | 112.03% | -58.31% |
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 0.75%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 0.75% | 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 -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to UPRO (12.62%). In terms of maximum drawdown, UPRO dropped -76.82% vs UVXY's -100.00%.
On 10-year performance, UPRO leads with 28.63% vs -72.05% for UVXY. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 12.62%. 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 28.63% return vs -72.05%. 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 0.75%, 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 (1.44 vs -0.84), 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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