UYG vs. VOO

Last updated Jun 28, 2026

UYG (ProShares Ultra Financials) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UYG returned 18.50%/yr vs 15.54%/yr for VOO. Their correlation of 0.82 suggests significant overlap in exposure. UYG charges 0.95%/yr vs 0.03%/yr for VOO.

Performance

UYG vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) and Vanguard S&P 500 ETF (VOO). 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 VOO's 7.53% return. Over the past 10 years, UYG has outperformed VOO with an annualized return of 18.50%, while VOO has yielded a comparatively lower 15.54% annualized 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%

VOO

• 1D: -0.52%
• 1M: -3.13%
• YTD: 7.53%
• 6M: 6.22%
• 1Y: 19.99%
• 3Y*: 20.26%
• 5Y*: 12.90%
• 10Y*: 15.54%

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

UYG vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-6.60%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
VOO Vanguard S&P 500 ETF	7.53%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between UYG and VOO is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.82

Over the past year, the correlation between UYG and VOO has dropped to 0.56 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

UYG vs. VOO - Sectors Allocation Comparison

Sectors	UYG	VOO
Financial Services	98.0%	10.9%
Technology	1.8%	39.1%
Industrials	0.2%	7.6%
Basic Materials	-	1.8%
Communication Services	-	10.5%
Consumer Cyclical	-	9.8%
Consumer Defensive	-	4.5%
Energy	-	3.2%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.5%

Return for Risk

UYG vs. VOO — 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

VOO

VOO Risk / Return Rank: 55
VOO Sharpe Ratio Rank: 55
VOO Sortino Ratio Rank: 52
VOO Omega Ratio Rank: 54
VOO Calmar Ratio Rank: 53
VOO Martin Ratio Rank: 64

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	0.06	1.67	-1.61
Sortino ratio: Return per unit of downside risk	0.28	2.30	-2.01
Omega ratio: Gain probability vs. loss probability	1.03	1.30	-0.27
Calmar ratio: Return relative to maximum drawdown	0.06	2.32	-2.26
Martin ratio: Return relative to average drawdown	0.15	10.21	-10.06

UYG vs. VOO - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.06, which is lower than the VOO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of UYG and VOO, 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. VOO - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UYG and VOO.

Drawdown Indicators

	UYG	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-33.99%	-63.91%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-8.90%	-20.01%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-18.69%	-11.66%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-24.52%	-23.25%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-33.99%	-35.99%
Current Drawdown Current decline from peak	-11.79%	-3.73%	-8.06%
Average Drawdown Average peak-to-trough decline	-63.19%	-3.68%	-59.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.34%	2.02%	+10.32%

Volatility

UYG vs. VOO - Volatility Comparison

ProShares Ultra Financials (UYG) has a higher volatility of 7.98% compared to Vanguard S&P 500 ETF (VOO) at 4.76%. This indicates that UYG's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.98%	4.76%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	22.38%	9.78%	+12.60%
Volatility (1Y) Calculated over the trailing 1-year period	28.93%	12.40%	+16.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.12%	16.90%	+19.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.90%	18.01%	+22.89%

UYG vs. VOO - Expense Ratio Comparison

UYG has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

UYG vs. VOO - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 12.50%, more than VOO's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.36%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both UYG and VOO in my portfolio?

UYG and VOO have a correlation of 0.56, 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 VOO?

UYG has higher volatility (7.98%) compared to VOO (4.76%). In terms of maximum drawdown, UYG dropped -97.90% vs VOO's -33.99%.

Which ETF is better, UYG or VOO?

On 10-year performance, UYG leads with 18.50% vs 15.54% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or VOO?

Over the 10-year period, UYG has performed better with a 18.50% return vs 15.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for UYG.

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

UYG has the higher dividend yield at 12.50%, compared with 1.36% for VOO.

What is the main difference between UYG and VOO?

UYG is categorized as Leveraged Equities, while VOO is S&P 500. UYG tracks Dow Jones U.S. Financials Index (200%), while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for UYG and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.67 vs 0.06), 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.