UYG vs. IFED

Last updated Jun 28, 2026

UYG (ProShares Ultra Financials) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - UYG tracks the Dow Jones U.S. Financials Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, UYG returned 30.40%/yr vs 15.16%/yr for IFED. A 0.76 correlation means they provide meaningful diversification when combined. UYG charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

UYG vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UYG achieves a -6.60% return, which is significantly lower than IFED's -4.97% return.

UYG

• 1D: 0.38%
• 1M: 9.36%
• YTD: -6.60%
• 6M: -9.22%
• 1Y: 1.43%
• 3Y*: 30.40%
• 5Y*: 11.29%
• 10Y*: 18.50%

IFED

• 1D: -4.32%
• 1M: -0.93%
• YTD: -4.97%
• 6M: -6.22%
• 1Y: -1.48%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

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

UYG vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UYG ProShares Ultra Financials	-6.60%	19.77%	55.71%	22.14%	-32.11%	16.17%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-4.97%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between UYG and IFED is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021	0.76

Over the past year, the correlation between UYG and IFED has dropped to 0.54 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

UYG vs. IFED — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 10
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 10
UYG Martin Ratio Rank: 10

IFED

IFED Risk / Return Rank: 9
IFED Sharpe Ratio Rank: 9
IFED Sortino Ratio Rank: 8
IFED Omega Ratio Rank: 8
IFED Calmar Ratio Rank: 9
IFED Martin Ratio Rank: 9

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.

UYG vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	UYG	IFED	Difference
Sharpe ratio: Return per unit of total volatility	0.06	-0.03	+0.09
Sortino ratio: Return per unit of downside risk	0.28	0.09	+0.20
Omega ratio: Gain probability vs. loss probability	1.03	1.01	+0.02
Calmar ratio: Return relative to maximum drawdown	0.06	-0.03	+0.10
Martin ratio: Return relative to average drawdown	0.15	-0.08	+0.23

UYG vs. IFED - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.06, which is higher than the IFED Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of UYG and IFED, 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

UYG vs. IFED - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for UYG and IFED.

Drawdown Indicators

	UYG	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-22.36%	-75.54%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-14.65%	-14.26%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-22.36%	-7.99%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	—	—
Current Drawdown Current decline from peak	-11.79%	-6.91%	-4.88%
Average Drawdown Average peak-to-trough decline	-63.19%	-5.83%	-57.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.34%	5.91%	+6.43%

Volatility

UYG vs. IFED - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 7.98%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 9.22%. This indicates that UYG experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.98%	9.22%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	22.38%	15.14%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	28.93%	17.89%	+11.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.12%	20.10%	+16.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.90%	20.10%	+20.80%

UYG vs. IFED - Expense Ratio Comparison

UYG has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

UYG vs. IFED - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 12.50%, while IFED has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IFED ETRACS IFED Invest with the Fed TR Index 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%
UYG ProShares Ultra Financials	12.50%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and IFED in my portfolio?

UYG and IFED have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or IFED?

IFED has higher volatility (9.22%) compared to UYG (7.98%). In terms of maximum drawdown, UYG dropped -97.90% vs IFED's -22.36%.

Which ETF is better, UYG or IFED?

On 3-year performance, UYG leads with 30.40% vs 15.16% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, UYG has been the lower-risk option at 7.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or IFED?

Over the 3-year period, UYG has performed better with a 30.40% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for UYG.

Which ETF pays a higher dividend yield, UYG or IFED?

UYG has the higher dividend yield at 12.50%, compared with 0.00% for IFED.

What is the main difference between UYG and IFED?

UYG tracks Dow Jones U.S. Financials Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for UYG and 0.45% for IFED.

Which has better risk-adjusted returns?

UYG currently has the higher Sharpe Ratio (0.06 vs -0.03), 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.