UPRO vs. XXXX

Last updated Jun 24, 2026

UPRO (ProShares UltraPro S&P 500) and XXXX (MAX S&P 500 4X Leveraged ETN) are both Leveraged Equities funds - UPRO tracks the S&P 500 while XXXX tracks the S&P 500 Index (400%). Both are passively managed. Over the past year, UPRO returned 62.29% vs 61.35% for XXXX. With a 1.00 correlation, they move nearly in lockstep. UPRO charges 0.89%/yr vs 2.95%/yr for XXXX.

Performance

UPRO vs. XXXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) and MAX S&P 500 4X Leveraged ETN (XXXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPRO achieves a 17.21% return, which is significantly higher than XXXX's 13.89% 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%

XXXX

• 1D: -5.65%
• 1M: -8.58%
• YTD: 13.89%
• 6M: 9.18%
• 1Y: 61.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPRO vs. XXXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UPRO ProShares UltraPro S&P 500	17.21%	31.88%	63.57%	12.76%
XXXX MAX S&P 500 4X Leveraged ETN	13.89%	17.36%	61.36%	16.77%

Correlation

The correlation between UPRO and XXXX 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 (All Time) Calculated using the full available price history since Dec 5, 2023	1.00

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

Return for Risk

UPRO vs. XXXX — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 49
UPRO Sharpe Ratio Rank: 50
UPRO Sortino Ratio Rank: 44
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 49
UPRO Martin Ratio Rank: 56

XXXX

XXXX Risk / Return Rank: 36
XXXX Sharpe Ratio Rank: 36
XXXX Sortino Ratio Rank: 34
XXXX Omega Ratio Rank: 35
XXXX Calmar Ratio Rank: 34
XXXX Martin Ratio Rank: 40

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. XXXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) and MAX S&P 500 4X Leveraged ETN (XXXX). 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	XXXX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.25	+0.43
Sortino ratio: Return per unit of downside risk	2.15	1.74	+0.41
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.06
Calmar ratio: Return relative to maximum drawdown	2.34	1.66	+0.68
Martin ratio: Return relative to average drawdown	9.52	6.14	+3.37

UPRO vs. XXXX - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.68, which is higher than the XXXX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of UPRO and XXXX, 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. XXXX - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than XXXX's maximum drawdown of -62.27%. Use the drawdown chart below to compare losses from any high point for UPRO and XXXX.

Drawdown Indicators

	UPRO	XXXX	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-62.27%	-14.55%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-37.25%	+10.47%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	—	—
Current Drawdown Current decline from peak	-10.27%	-14.46%	+4.19%
Average Drawdown Average peak-to-trough decline	-14.39%	-11.55%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.57%	10.02%	-3.45%

Volatility

UPRO vs. XXXX - Volatility Comparison

The current volatility for ProShares UltraPro S&P 500 (UPRO) is 14.68%, while MAX S&P 500 4X Leveraged ETN (XXXX) has a volatility of 19.57%. This indicates that UPRO experiences smaller price fluctuations and is considered to be less risky than XXXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPRO	XXXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.68%	19.57%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	29.49%	39.25%	-9.76%
Volatility (1Y) Calculated over the trailing 1-year period	37.35%	49.48%	-12.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	61.18%	-10.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.79%	61.18%	-7.39%

UPRO vs. XXXX - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is lower than XXXX's 2.95% expense ratio.

Dividends

UPRO vs. XXXX - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.74%, while XXXX 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%
XXXX MAX S&P 500 4X Leveraged ETN	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 XXXX in my portfolio?

With a correlation of 1.00, UPRO and XXXX 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 XXXX?

XXXX has higher volatility (19.57%) compared to UPRO (14.68%). In terms of maximum drawdown, UPRO dropped -76.82% vs XXXX's -62.27%.

Which ETF is better, UPRO or XXXX?

On 1-year performance, UPRO leads with 62.29% vs 61.35% for XXXX. 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.

Which ETF has performed better, UPRO or XXXX?

Over the 1-year period, UPRO has performed better with a 62.29% return vs 61.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or XXXX?

UPRO is cheaper with a 0.89% expense ratio, compared with 2.95% for XXXX.

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

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

What is the main difference between UPRO and XXXX?

UPRO tracks S&P 500, while XXXX tracks S&P 500 Index (400%). They also come from different issuers: ProShares and Max. Their fees differ too: 0.89% for UPRO and 2.95% for XXXX.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.68 vs 1.25), 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.