UWM vs. ADBG

Last updated Jul 17, 2026

UWM (ProShares Ultra Russell2000) and ADBG (Leverage Shares 2X Long ADBE Daily ETF) are both Leveraged Equities funds. UWM is passively managed, while ADBG is actively managed. Over the past year, UWM returned 66.63% vs -67.64% for ADBG. At a 0.17 correlation, their price movements are largely independent. UWM charges 0.95%/yr vs 0.75%/yr for ADBG.

Performance

UWM vs. ADBG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long ADBE Daily ETF (ADBG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UWM achieves a 38.49% return, which is significantly higher than ADBG's -62.04% return.

UWM

• 1D: -0.14%
• 1M: 1.82%
• 6M: 19.44%
• YTD: 38.49%
• 1Y: 66.63%
• 3Y*: 22.19%
• 5Y*: 5.08%
• 10Y*: 11.92%

ADBG

• 1D: 9.60%
• 1M: 25.57%
• 6M: -49.08%
• YTD: -62.04%
• 1Y: -67.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UWM vs. ADBG - Yearly Performance Comparison

	2026 (YTD)	2025
UWM ProShares Ultra Russell2000	38.49%	34.02%
ADBG Leverage Shares 2X Long ADBE Daily ETF	-62.04%	-29.61%

Correlation

The correlation between UWM and ADBG is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.17

The correlation between UWM and ADBG shifts across timeframes, from 0.06 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UWM vs. ADBG — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 66
UWM Sharpe Ratio Rank: 67
UWM Sortino Ratio Rank: 63
UWM Omega Ratio Rank: 55
UWM Calmar Ratio Rank: 74
UWM Martin Ratio Rank: 72

ADBG

ADBG Risk / Return Rank: 2
ADBG Sharpe Ratio Rank: 2
ADBG Sortino Ratio Rank: 2
ADBG Omega Ratio Rank: 1
ADBG Calmar Ratio Rank: 2
ADBG Martin Ratio Rank: 1

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.

UWM vs. ADBG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long ADBE Daily ETF (ADBG). 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.

	UWM	ADBG	Difference
Sharpe ratio: Return per unit of total volatility	1.74	-0.94	+2.69
Sortino ratio: Return per unit of downside risk	2.36	-1.58	+3.93
Omega ratio: Gain probability vs. loss probability	1.28	0.81	+0.47
Calmar ratio: Return relative to maximum drawdown	3.01	-0.86	+3.86
Martin ratio: Return relative to average drawdown	10.24	-1.46	+11.70

UWM vs. ADBG - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 1.74, which is higher than the ADBG Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of UWM and ADBG, 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

UWM vs. ADBG - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, roughly equal to the maximum ADBG drawdown of -84.14%. Use the drawdown chart below to compare losses from any high point for UWM and ADBG.

Drawdown Indicators

	UWM	ADBG	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-84.14%	-4.07%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-78.97%	+56.69%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	—	—
Current Drawdown Current decline from peak	-3.38%	-76.95%	+73.57%
Average Drawdown Average peak-to-trough decline	-30.71%	-44.86%	+14.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.53%	46.32%	-39.79%

Volatility

UWM vs. ADBG - Volatility Comparison

The current volatility for ProShares Ultra Russell2000 (UWM) is 7.30%, while Leverage Shares 2X Long ADBE Daily ETF (ADBG) has a volatility of 23.90%. This indicates that UWM experiences smaller price fluctuations and is considered to be less risky than ADBG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UWM	ADBG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	23.90%	-16.60%
Volatility (6M) Calculated over the trailing 6-month period	28.09%	61.43%	-33.34%
Volatility (1Y) Calculated over the trailing 1-year period	38.44%	71.84%	-33.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.04%	69.74%	-24.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.99%	69.74%	-23.75%

UWM vs. ADBG - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is higher than ADBG's 0.75% expense ratio.

Dividends

UWM vs. ADBG - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.81%, while ADBG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADBG Leverage Shares 2X Long ADBE Daily 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%
UWM ProShares Ultra Russell2000	0.81%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and ADBG in my portfolio?

UWM and ADBG have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or ADBG?

ADBG has higher volatility (23.90%) compared to UWM (7.30%). In terms of maximum drawdown, UWM dropped -88.21% vs ADBG's -84.14%.

Which ETF is better, UWM or ADBG?

On 1-year performance, UWM leads with 66.63% vs -67.64% for ADBG. On fees, ADBG is cheaper at 0.75% per year. On volatility, UWM has been the lower-risk option at 7.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or ADBG?

Over the 1-year period, UWM has performed better with a 66.63% return vs -67.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or ADBG?

ADBG is cheaper with a 0.75% expense ratio, compared with 0.95% for UWM.

Which ETF pays a higher dividend yield, UWM or ADBG?

UWM has the higher dividend yield at 0.81%, compared with 0.00% for ADBG.

What is the main difference between UWM and ADBG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UWM and 0.75% for ADBG.

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (1.74 vs -0.94), 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.