UPRO vs. VOO

Last updated Jun 14, 2026

UPRO (ProShares UltraPro S&P 500) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UPRO returned 29.76%/yr vs 15.50%/yr for VOO. With a 1.00 correlation, they move nearly in lockstep. UPRO charges 0.89%/yr vs 0.03%/yr for VOO.

Performance

UPRO vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, UPRO achieves a 20.70% return, which is significantly higher than VOO's 9.08% return. Over the past 10 years, UPRO has outperformed VOO with an annualized return of 29.76%, while VOO has yielded a comparatively lower 15.50% annualized return.

UPRO

• 1D: 1.54%
• 1M: -3.92%
• YTD: 20.70%
• 6M: 21.09%
• 1Y: 70.79%
• 3Y*: 46.83%
• 5Y*: 21.40%
• 10Y*: 29.76%

VOO

• 1D: 0.55%
• 1M: -0.84%
• YTD: 9.08%
• 6M: 9.44%
• 1Y: 25.76%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.50%

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

UPRO vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	20.70%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
VOO Vanguard S&P 500 ETF	9.08%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between UPRO and VOO is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	1.00

The correlation between UPRO and VOO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

UPRO vs. VOO - Sectors Allocation Comparison

Sectors	UPRO	VOO
Technology	39.1%	35.6%
Financial Services	11.1%	11.6%
Communication Services	10.6%	11.1%
Consumer Cyclical	9.9%	10.1%
Healthcare	8.3%	8.5%
Industrials	7.8%	8.0%
Consumer Defensive	4.5%	4.9%
Energy	3.1%	3.5%
Utilities	2.1%	2.8%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

UPRO vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPRO

UPRO Risk / Return Rank: 57
UPRO Sharpe Ratio Rank: 61
UPRO Sortino Ratio Rank: 52
UPRO Omega Ratio Rank: 54
UPRO Calmar Ratio Rank: 55
UPRO Martin Ratio Rank: 64

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 69
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.99	-0.22
Sortino ratio: Return per unit of downside risk	2.23	2.70	-0.46
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	2.43	2.75	-0.32
Martin ratio: Return relative to average drawdown	10.01	12.42	-2.41

UPRO vs. VOO - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.77, which is comparable to the VOO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of UPRO and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UPRO vs. VOO - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UPRO and VOO.

Drawdown Indicators

	UPRO	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-33.99%	-42.83%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-8.90%	-17.88%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-18.69%	-30.18%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-24.52%	-39.42%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-33.99%	-42.83%
Current Drawdown Current decline from peak	-7.60%	-2.34%	-5.26%
Average Drawdown Average peak-to-trough decline	-14.40%	-3.68%	-10.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	1.97%	+4.53%

Volatility

UPRO vs. VOO - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 13.22% compared to Vanguard S&P 500 ETF (VOO) at 4.34%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.22%	4.34%	+8.88%
Volatility (6M) Calculated over the trailing 6-month period	28.74%	9.58%	+19.16%
Volatility (1Y) Calculated over the trailing 1-year period	36.77%	12.27%	+24.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	16.88%	+33.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.83%	18.03%	+35.80%

UPRO vs. VOO - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

UPRO vs. VOO - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.72%, less than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	0.72%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both UPRO and VOO in my portfolio?

With a correlation of 1.00, UPRO and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPRO or VOO?

UPRO has higher volatility (13.22%) compared to VOO (4.34%). In terms of maximum drawdown, UPRO dropped -76.82% vs VOO's -33.99%.

Which ETF is better, UPRO or VOO?

On 10-year performance, UPRO leads with 29.76% vs 15.50% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or VOO?

Over the 10-year period, UPRO has performed better with a 29.76% return vs 15.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.89% for UPRO.

Which ETF pays a higher dividend yield, UPRO or VOO?

VOO has the higher dividend yield at 1.05%, compared with 0.72% for UPRO.

What is the main difference between UPRO and VOO?

UPRO is categorized as Leveraged Equities, while VOO is S&P 500. UPRO tracks S&P 500, while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.89% for UPRO and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.99 vs 1.77), 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.