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 30.18%/yr vs -73.85%/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
Loading charts...
Returns By Period
In the year-to-date period, UPRO achieves a 17.21% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UPRO has outperformed UVXY with an annualized return of 30.18%, while UVXY has yielded a comparatively lower -73.85% annualized return.
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UPRO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 17.21% | 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 | -22.07% | -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 -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.79 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.81 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | -1.01 | +3.35 |
| Martin ratioReturn relative to average drawdown | 9.52 | -1.45 | +10.97 |
Loading charts...
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.
Loading charts...
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% | -73.51% | +46.73% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -94.93% | +46.06% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -99.71% | +35.77% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -100.00% | +23.18% |
Current DrawdownCurrent decline from peak | -10.27% | -100.00% | +89.73% |
Average DrawdownAverage peak-to-trough decline | -14.39% | -98.75% | +84.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.57% | 55.34% | -48.77% |
Volatility
UPRO vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro S&P 500 (UPRO) is 14.68%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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.
Loading charts...
Volatility by Period
| UPRO | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.68% | 25.85% | -11.17% |
Volatility (6M)Calculated over the trailing 6-month period | 29.49% | 66.46% | -36.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.35% | 85.46% | -48.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.62% | 103.96% | -53.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.79% | 112.39% | -58.60% |
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 0.74%, 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 | 0.74% | 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 -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UPRO (14.68%). In terms of maximum drawdown, UPRO dropped -76.82% vs UVXY's -100.00%.
On 10-year performance, UPRO leads with 30.18% vs -73.85% for UVXY. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 14.68%. 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 30.18% return vs -73.85%. 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 0.74%, 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 (1.68 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.
Find the right allocation for UPRO and UVXY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer