UPRO vs. XDSQ

Last updated Aug 4, 2026

UPRO (ProShares UltraPro S&P 500) and XDSQ (Innovator US Equity Accelerated ETF) are both Leveraged Equities funds. UPRO is passively managed, while XDSQ is actively managed. Over the past 5 years, UPRO returned 20.10%/yr vs 9.63%/yr for XDSQ. Their correlation of 0.94 means they have usually moved in the same direction. UPRO charges 0.89%/yr vs 0.79%/yr for XDSQ.

Performance

UPRO vs. XDSQ - Performance Comparison

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

Returns By Period

In the year-to-date period, UPRO achieves a 26.96% return, which is significantly higher than XDSQ's 5.19% 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%

XDSQ

• 1D: 1.09%
• 1M: 2.27%
• 6M: 2.99%
• YTD: 5.19%
• 1Y: 15.96%
• 3Y*: 14.89%
• 5Y*: 9.63%
• 10Y*: —
• ALL TIME*: 10.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UPRO ProShares UltraPro S&P 500	$303.16M	$293.07M	$361.38M
XDSQ Innovator US Equity Accelerated ETF	$815.75K	$1.12M	$552.04K

UPRO vs. XDSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UPRO ProShares UltraPro S&P 500	26.96%	31.88%	63.57%	68.53%	-56.84%	68.94%
XDSQ Innovator US Equity Accelerated ETF	5.19%	14.22%	23.12%	23.00%	-16.78%	13.28%

Correlation

The correlation between UPRO and XDSQ is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.94

The correlation between UPRO and XDSQ has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

UPRO vs. XDSQ - Sectors Allocation Comparison

Sectors	UPRO	XDSQ
Technology	38.5%	39.1%
Financial Services	11.6%	10.9%
Communication Services	9.9%	10.7%
Consumer Cyclical	9.5%	9.9%
Healthcare	8.9%	8.3%
Industrials	8.4%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.0%	3.1%
Utilities	2.2%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UPRO vs. XDSQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPRO

UPRO Risk / Return Rank: 65
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 63
UPRO Martin Ratio Rank: 70

XDSQ

XDSQ Risk / Return Rank: 58
XDSQ Sharpe Ratio Rank: 59
XDSQ Sortino Ratio Rank: 57
XDSQ Omega Ratio Rank: 68
XDSQ Calmar Ratio Rank: 45
XDSQ Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPRO vs. XDSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and Innovator US Equity Accelerated ETF (XDSQ). 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	XDSQ	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.47	+0.12
Sortino ratio: Return per unit of downside risk	2.09	2.04	+0.04
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.03
Calmar ratio: Return relative to maximum drawdown	2.27	1.67	+0.60
Martin ratio: Return relative to average drawdown	8.68	7.88	+0.80

UPRO vs. XDSQ - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.58, which is comparable to the XDSQ Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of UPRO and XDSQ, 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. XDSQ - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than XDSQ's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for UPRO and XDSQ.

Drawdown Indicators

	UPRO	XDSQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-26.06%	-50.76%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-9.60%	-17.18%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-19.15%	-29.72%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-26.06%	-37.88%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-2.80%	0.00%	-2.80%
Average Drawdown Average peak-to-trough decline	-14.34%	-4.82%	-9.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.99%	2.03%	+4.96%

Volatility

UPRO vs. XDSQ - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 11.49% compared to Innovator US Equity Accelerated ETF (XDSQ) at 3.68%. This indicates that UPRO's price experiences larger fluctuations and is considered to be riskier than XDSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	XDSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.49%	3.68%	+7.81%
Volatility (6M) Calculated over the trailing 6-month period	30.61%	8.20%	+22.41%
Volatility (1Y) Calculated over the trailing 1-year period	38.43%	10.94%	+27.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.74%	15.31%	+35.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.81%	14.95%	+38.86%

UPRO vs. XDSQ - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than XDSQ's 0.79% expense ratio.

Dividends

UPRO vs. XDSQ - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.74%, while XDSQ 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%
XDSQ Innovator US Equity Accelerated 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

Can I hold both UPRO and XDSQ in my portfolio?

UPRO and XDSQ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPRO or XDSQ?

UPRO has higher volatility (11.49%) compared to XDSQ (3.68%). In terms of maximum drawdown, UPRO dropped -76.82% vs XDSQ's -26.06%.

Which ETF is better, UPRO or XDSQ?

On 5-year performance, UPRO leads with 20.10% vs 9.63% for XDSQ. On fees, XDSQ is cheaper at 0.79% per year. On volatility, XDSQ has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPRO or XDSQ?

Over the 5-year period, UPRO has performed better with a 20.10% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or XDSQ?

XDSQ is cheaper with a 0.79% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.74%, compared with 0.00% for XDSQ.

What is the main difference between UPRO and XDSQ?

They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.89% for UPRO and 0.79% for XDSQ.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.58 vs 1.47), 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.