UXRP vs. UPRO

Last updated Aug 2, 2026

UXRP (ProShares Ultra XRP ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - UXRP is a Leveraged Cryptocurrency fund tracking the Bloomberg XRP Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past year, UXRP returned -94.69% vs 53.86% for UPRO. Their 0.45 correlation means their historical movements had little consistent relationship. UXRP charges 1.67%/yr vs 0.89%/yr for UPRO.

Performance

UXRP vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra XRP ETF (UXRP) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UXRP achieves a -77.99% return, which is significantly lower than UPRO's 21.72% return.

UXRP

• 1D: -5.41%
• 1M: -7.09%
• 6M: -74.16%
• YTD: -77.99%
• 1Y: -94.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -94.38%

UPRO

• 1D: 1.97%
• 1M: -0.35%
• 6M: 17.81%
• YTD: 21.72%
• 1Y: 53.86%
• 3Y*: 41.29%
• 5Y*: 19.17%
• 10Y*: 28.48%
• ALL TIME*: 33.11%

*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)
UPRO ProShares UltraPro S&P 500	$288.84M	$293.51M	$361.12M
UXRP ProShares Ultra XRP ETF	$852.19K	$746.96K	$1.32M

UXRP vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025
UXRP ProShares Ultra XRP ETF	-77.99%	-77.43%
UPRO ProShares UltraPro S&P 500	21.72%	23.66%

Correlation

The correlation between UXRP and UPRO is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.45

Return for Risk

UXRP vs. UPRO — Risk / Return Rank

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

UXRP

UXRP Risk / Return Rank: 2
UXRP Sharpe Ratio Rank: 4
UXRP Sortino Ratio Rank: 1
UXRP Omega Ratio Rank: 1
UXRP Calmar Ratio Rank: 0
UXRP Martin Ratio Rank: 3

UPRO

UPRO Risk / Return Rank: 50
UPRO Sharpe Ratio Rank: 50
UPRO Sortino Ratio Rank: 48
UPRO Omega Ratio Rank: 48
UPRO Calmar Ratio Rank: 49
UPRO Martin Ratio Rank: 56

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.

UXRP vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra XRP ETF (UXRP) 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.

	UXRP	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	1.21	-1.87
Sortino ratio: Return per unit of downside risk	-1.95	1.70	-3.65
Omega ratio: Gain probability vs. loss probability	0.79	1.22	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.99	1.73	-2.72
Martin ratio: Return relative to average drawdown	-1.23	6.63	-7.86

UXRP vs. UPRO - Sharpe Ratio Comparison

The current UXRP Sharpe Ratio is -0.66, which is lower than the UPRO Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of UXRP and UPRO, 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

UXRP vs. UPRO - Drawdown Comparison

The maximum UXRP drawdown since its inception was -96.60%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UXRP and UPRO.

Drawdown Indicators

	UXRP	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-96.60%	-76.82%	-19.78%
Max Drawdown (1Y) Largest decline over 1 year	-95.74%	-26.78%	-68.96%
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	-96.51%	-6.81%	-89.70%
Average Drawdown Average peak-to-trough decline	-74.97%	-14.35%	-60.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	76.79%	7.00%	+69.79%

Volatility

UXRP vs. UPRO - Volatility Comparison

ProShares Ultra XRP ETF (UXRP) has a higher volatility of 24.70% compared to ProShares UltraPro S&P 500 (UPRO) at 10.69%. This indicates that UXRP's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UXRP	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.70%	10.69%	+14.01%
Volatility (6M) Calculated over the trailing 6-month period	101.23%	30.36%	+70.87%
Volatility (1Y) Calculated over the trailing 1-year period	142.99%	38.51%	+104.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.51%	50.70%	+92.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.51%	53.78%	+89.73%

UXRP vs. UPRO - Expense Ratio Comparison

UXRP has a 1.67% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

UXRP vs. UPRO - Dividend Comparison

UXRP's dividend yield for the trailing twelve months is around 0.02%, less than UPRO's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	0.77%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
UXRP ProShares Ultra XRP ETF	0.02%	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 UXRP and UPRO in my portfolio?

UXRP and UPRO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXRP or UPRO?

UXRP has higher volatility (24.70%) compared to UPRO (10.69%). In terms of maximum drawdown, UXRP dropped -96.60% vs UPRO's -76.82%.

Which ETF is better, UXRP or UPRO?

On 1-year performance, UPRO leads with 53.86% vs -94.69% for UXRP. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 10.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXRP or UPRO?

Over the 1-year period, UPRO has performed better with a 53.86% return vs -94.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXRP or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 1.67% for UXRP.

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

UPRO has the higher dividend yield at 0.77%, compared with 0.02% for UXRP.

What is the main difference between UXRP and UPRO?

UXRP is categorized as Leveraged Cryptocurrency, while UPRO is Leveraged Equities. UXRP tracks Bloomberg XRP Index, while UPRO tracks S&P 500. Their fees differ too: 1.67% for UXRP and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.21 vs -0.66), 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.