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 28.55%/yr vs -71.03%/yr for UVXY. Their -0.77 correlation means they have often moved in opposite directions in the past. 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 26.96% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, UPRO has outperformed UVXY with an annualized return of 28.55%, while UVXY has yielded a comparatively lower -71.03% annualized return.
UPRO
- 1D
- 4.31%
- 1M
- 3.94%
- 6M
- 21.04%
- YTD
- 26.96%
- 1Y
- 60.49%
- 3Y*
- 46.49%
- 5Y*
- 20.10%
- 10Y*
- 28.55%
- ALL TIME*
- 33.42%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $303.16M | $293.07M | $361.38M | |
| $186.30M | $190.88M | $236.21M |
UPRO vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 26.96% | 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 | -36.18% | -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 -0.78, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.78 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 | +2.44 | ||
| Sortino ratioReturn per unit of downside risk | +3.67 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.82 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | -1.03 | +3.30 |
| Martin ratioReturn relative to average drawdown | 8.68 | -1.54 | +10.22 |
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% | -71.36% | +44.58% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -95.42% | +46.55% |
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 DrawdownCurrent decline from peak | -2.80% | -100.00% | +97.20% |
Average DrawdownAverage peak-to-trough decline | -14.34% | -98.76% | +84.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.99% | 51.81% | -44.82% |
Volatility
UPRO vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraPro S&P 500 (UPRO) is 11.49%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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 | 11.49% | 22.30% | -10.81% |
Volatility (6M)Calculated over the trailing 6-month period | 30.61% | 65.53% | -34.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.43% | 86.48% | -48.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 103.34% | -52.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.81% | 112.09% | -58.28% |
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 -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to UPRO (11.49%). In terms of maximum drawdown, UPRO dropped -76.82% vs UVXY's -100.00%.
On 10-year performance, UPRO leads with 28.55% vs -71.03% for UVXY. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 11.49%. 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 28.55% return vs -71.03%. 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 (1.58 vs -0.85), 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