USML vs. UPRO
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds - USML tracks the MSCI USA Minimum Volatility Index while UPRO tracks the S&P 500. Both are passively managed. Over the past 5 years, USML returned 7.17%/yr vs 20.37%/yr for UPRO. A 0.76 correlation means they provide meaningful diversification when combined. USML charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
USML vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a -0.53% return, which is significantly lower than UPRO's 17.21% return.
USML
- 1D
- 0.60%
- 1M
- -4.40%
- YTD
- -0.53%
- 6M
- -1.84%
- 1Y
- 1.32%
- 3Y*
- 14.47%
- 5Y*
- 7.17%
- 10Y*
- —
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%
USML vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -0.53% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 82.12% |
Correlation
The correlation between USML and UPRO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.76 |
Over the past year, the correlation between USML and UPRO has dropped to 0.51 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.
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Return for Risk
USML vs. UPRO — Risk / Return Rank
USML
UPRO
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.
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.
| USML | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.28 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.10 | 2.34 | -2.24 |
| Martin ratioReturn relative to average drawdown | 0.29 | 9.52 | -9.22 |
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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.
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Drawdown Indicators
| USML | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -76.82% | +41.48% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -26.78% | +13.69% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -48.87% | +29.73% |
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 DrawdownCurrent decline from peak | -6.96% | -10.27% | +3.31% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -14.39% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 6.57% | -2.07% |
Volatility
USML vs. UPRO - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.79%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. 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.
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Volatility by Period
| USML | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.79% | 14.68% | -9.89% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 29.49% | -17.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.52% | 37.35% | -20.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 50.62% | -26.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.22% | 53.79% | -29.57% |
USML vs. UPRO - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
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 0.74%.
| 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% |
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% |
Frequently Asked Questions
USML and UPRO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to USML (4.79%). In terms of maximum drawdown, USML dropped -35.34% vs UPRO's -76.82%.
On 5-year performance, UPRO leads with 20.37% vs 7.17% for USML. On fees, UPRO is cheaper at 0.89% per year. On volatility, USML has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UPRO has performed better with a 20.37% return vs 7.17%. 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 USML.
UPRO has the higher dividend yield at 0.74%, compared with 0.00% for USML.
USML tracks MSCI USA Minimum Volatility Index, while UPRO tracks S&P 500. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for USML and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 vs 0.08), 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.
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