UYG vs. JPM

Last updated Jun 4, 2026

UYG (ProShares Ultra Financials) is Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while JPM (JPMorgan Chase & Co.) is a stock. Over the past 10 years, UYG returned 15.85%/yr vs 20.04%/yr for JPM. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

UYG vs. JPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) and JPMorgan Chase & Co. (JPM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UYG achieves a -16.05% return, which is significantly lower than JPM's -2.59% return. Over the past 10 years, UYG has underperformed JPM with an annualized return of 15.85%, while JPM has yielded a comparatively higher 20.04% annualized return.

UYG

• 1D: -2.38%
• 1M: -3.38%
• YTD: -16.05%
• 6M: -11.80%
• 1Y: -5.74%
• 3Y*: 26.28%
• 5Y*: 8.13%
• 10Y*: 15.85%

JPM

• 1D: 3.34%
• 1M: 0.48%
• YTD: -2.59%
• 6M: -0.70%
• 1Y: 19.95%
• 3Y*: 33.76%
• 5Y*: 16.21%
• 10Y*: 20.04%

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

UYG vs. JPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-16.05%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
JPM JPMorgan Chase & Co.	-2.59%	37.27%	44.29%	30.63%	-12.64%	27.75%	-5.53%	47.26%	-6.62%	26.76%

Correlation

The correlation between UYG and JPM is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.85

The correlation between UYG and JPM shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UYG vs. JPM — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 7
UYG Sharpe Ratio Rank: 7
UYG Sortino Ratio Rank: 7
UYG Omega Ratio Rank: 7
UYG Calmar Ratio Rank: 7
UYG Martin Ratio Rank: 7

JPM

JPM Risk / Return Rank: 66
JPM Sharpe Ratio Rank: 70
JPM Sortino Ratio Rank: 62
JPM Omega Ratio Rank: 62
JPM Calmar Ratio Rank: 67
JPM Martin Ratio Rank: 68

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. JPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and JPMorgan Chase & Co. (JPM). 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.

	UYG	JPM	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	0.93	-1.13
Sortino ratio: Return per unit of downside risk	-0.08	1.33	-1.41
Omega ratio: Gain probability vs. loss probability	0.99	1.17	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.20	1.30	-1.49
Martin ratio: Return relative to average drawdown	-0.48	3.09	-3.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. JPM - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is -0.20, which is lower than the JPM Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of UYG and JPM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UYG	JPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	0.93	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.67	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.73	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.34	-0.35

Drawdowns

UYG vs. JPM - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than JPM's maximum drawdown of -76.16%. Use the drawdown chart below to compare losses from any high point for UYG and JPM.

Drawdown Indicators

	UYG	JPM	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-76.16%	-21.74%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-15.47%	-13.44%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-24.42%	-5.93%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-38.77%	-9.00%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-43.63%	-26.35%
Current Drawdown Current decline from peak	-20.72%	-6.61%	-14.11%
Average Drawdown Average peak-to-trough decline	-63.37%	-17.62%	-45.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.88%	6.47%	+5.41%

Volatility

UYG vs. JPM - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 6.51%, while JPMorgan Chase & Co. (JPM) has a volatility of 7.21%. This indicates that UYG experiences smaller price fluctuations and is considered to be less risky than JPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	JPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	7.21%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	21.88%	17.47%	+4.41%
Volatility (1Y) Calculated over the trailing 1-year period	28.84%	21.65%	+7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.14%	24.45%	+11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.04%	27.39%	+13.65%

Dividends

UYG vs. JPM - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.92%, more than JPM's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPM JPMorgan Chase & Co.	1.90%	1.72%	1.92%	2.38%	2.98%	2.34%	2.83%	2.37%	2.54%	1.91%	2.13%	2.54%
UYG ProShares Ultra Financials	13.92%	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 JPM in my portfolio?

UYG and JPM have a correlation of 0.74, 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 JPM?

JPM has higher volatility (7.21%) compared to UYG (6.51%). In terms of maximum drawdown, UYG dropped -97.90% vs JPM's -76.16%.

Which has better risk-adjusted returns?

JPM currently has the higher Sharpe Ratio (0.93 vs -0.20), 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.