UWM vs. CBRG

Last updated Aug 4, 2026

UWM (ProShares Ultra Russell2000) and CBRG (Leverage Shares 2X Long CBRS Daily ETF) are both Leveraged Equities funds. UWM is passively managed, while CBRG is actively managed. Their 0.02 correlation means their historical movements had little consistent relationship. UWM charges 0.95%/yr vs 0.75%/yr for CBRG.

Performance

UWM vs. CBRG - Performance Comparison

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

Returns By Period

UWM

• 1D: 3.34%
• 1M: -1.55%
• 6M: 23.05%
• YTD: 38.52%
• 1Y: 76.90%
• 3Y*: 22.09%
• 5Y*: 4.52%
• 10Y*: 11.49%
• ALL TIME*: 7.33%

CBRG

• 1D: 21.49%
• 1M: -0.81%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CBRG Leverage Shares 2X Long CBRS Daily ETF	$53.40M	$44.52M	$39.90M
UWM ProShares Ultra Russell2000	$17.74M	$17.63M	$19.86M

UWM vs. CBRG - Yearly Performance Comparison

	2026 (YTD)
UWM ProShares Ultra Russell2000	29.20%
CBRG Leverage Shares 2X Long CBRS Daily ETF	-57.33%

Correlation

The correlation between UWM and CBRG is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 6, 2026	0.02

Return for Risk

UWM vs. CBRG — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 81
UWM Sharpe Ratio Rank: 83
UWM Sortino Ratio Rank: 78
UWM Omega Ratio Rank: 72
UWM Calmar Ratio Rank: 86
UWM Martin Ratio Rank: 83

CBRG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

UWM vs. CBRG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long CBRS Daily ETF (CBRG). 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	CBRG	Difference
Sharpe ratio: Return per unit of total volatility	2.02	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.47	—	—
Martin ratio: Return relative to average drawdown	11.84	—	—

Drawdowns

UWM vs. CBRG - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than CBRG's maximum drawdown of -78.35%. Use the drawdown chart below to compare losses from any high point for UWM and CBRG.

Drawdown Indicators

	UWM	CBRG	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-78.35%	-9.86%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	—	—
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	-3.36%	-65.00%	+61.64%
Average Drawdown Average peak-to-trough decline	-30.64%	-24.96%	-5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	—	—

Volatility

Volatility by Period

	UWM	CBRG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.36%	178.34%	-139.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.94%	178.34%	-133.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.03%	178.34%	-132.31%

UWM vs. CBRG - Expense Ratio Comparison

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

Dividends

UWM vs. CBRG - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBRG Leverage Shares 2X Long CBRS 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 CBRG in my portfolio?

UWM and CBRG have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UWM or CBRG?

On fees, CBRG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UWM or CBRG?

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

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

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

What is the main difference between UWM and CBRG?

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