USML vs. UPRO

Last updated Apr 2, 2026

Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ProShares UltraPro S&P 500 (UPRO).

USML and UPRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. Both USML and UPRO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

USML vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

USML vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-3.90%	9.33%	23.97%	11.37%	-22.87%	42.12%
UPRO ProShares UltraPro S&P 500	-14.14%	31.88%	63.57%	68.53%	-56.84%	80.04%

Returns By Period

In the year-to-date period, USML achieves a -3.90% return, which is significantly higher than UPRO's -14.14% return.

USML

• 1D: 0.19%
• 1M: -10.11%
• YTD: -3.90%
• 6M: -5.95%
• 1Y: -4.80%
• 3Y*: 13.03%
• 5Y*: 8.46%
• 10Y*: —

UPRO

• 1D: 2.26%
• 1M: -13.81%
• YTD: -14.14%
• 6M: -11.56%
• 1Y: 34.19%
• 3Y*: 38.31%
• 5Y*: 17.16%
• 10Y*: 25.53%

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

USML vs. UPRO - Expense Ratio Comparison

USML has a 0.95% expense ratio, which is higher than UPRO's 0.92% expense ratio.

USML

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

UPRO

ProShares UltraPro S&P 500

Return for Risk

USML vs. UPRO — Risk / Return Rank

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

USML

USML Risk / Return Rank: 7
USML Sharpe Ratio Rank: 8
USML Sortino Ratio Rank: 8
USML Omega Ratio Rank: 8
USML Calmar Ratio Rank: 7
USML Martin Ratio Rank: 3

UPRO

UPRO Risk / Return Rank: 40
UPRO Sharpe Ratio Rank: 32
UPRO Sortino Ratio Rank: 41
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 39
UPRO Martin Ratio Rank: 43

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.

USML vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ProShares UltraPro S&P 500 (UPRO). 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.

	USML	UPRO	Difference
Sharpe ratio Return per unit of total volatility	-0.20	0.63	-0.83
Sortino ratio Return per unit of downside risk	-0.11	1.21	-1.33
Omega ratio Gain probability vs. loss probability	0.98	1.18	-0.20
Calmar ratio Return relative to maximum drawdown	-0.28	1.06	-1.35
Martin ratio Return relative to average drawdown	-1.14	4.22	-5.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USML vs. UPRO - Sharpe Ratio Comparison

The current USML Sharpe Ratio is -0.20, which is lower than the UPRO Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of USML and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USML	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	0.63	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.34	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.60	-0.21

Correlation

The correlation between USML and UPRO is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

USML vs. UPRO - Dividend Comparison

USML has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 1.02%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR 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%
UPRO ProShares UltraPro S&P 500	1.02%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Drawdowns

USML vs. UPRO - Drawdown Comparison

The maximum USML drawdown since its inception was -35.34%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for USML and UPRO.

Drawdown Indicators

	USML	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-35.34%	-76.82%	+41.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.38%	-33.38%	+16.00%
Max Drawdown (5Y) Largest decline over 5 years	-35.34%	-63.94%	+28.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.82%	—
Current Drawdown Current decline from peak	-10.11%	-18.68%	+8.57%
Average Drawdown Average peak-to-trough decline	-10.54%	-14.53%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	8.41%	-4.12%

Volatility

USML vs. UPRO - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 5.91%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 16.04%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	16.04%	-10.13%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	28.48%	-16.47%
Volatility (1Y) Calculated over the trailing 1-year period	24.40%	54.36%	-29.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.55%	50.34%	-25.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	53.69%	-29.16%