UYM vs. UPRO

Last updated Jun 4, 2026

UYM (ProShares Ultra Basic Materials) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - UYM tracks the Dow Jones U.S. Basic Materials Index (200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, UYM returned 11.91%/yr vs 30.09%/yr for UPRO. A 0.77 correlation means they provide meaningful diversification when combined. UYM charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

UYM vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Basic Materials (UYM) 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, UYM achieves a 25.72% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, UYM has underperformed UPRO with an annualized return of 11.91%, while UPRO has yielded a comparatively higher 30.09% annualized return.

UYM

• 1D: 0.51%
• 1M: 3.42%
• YTD: 25.72%
• 6M: 31.43%
• 1Y: 32.36%
• 3Y*: 13.51%
• 5Y*: 3.33%
• 10Y*: 11.91%

UPRO

• 1D: -2.09%
• 1M: 14.64%
• YTD: 27.90%
• 6M: 26.67%
• 1Y: 80.84%
• 3Y*: 52.58%
• 5Y*: 23.13%
• 10Y*: 30.09%

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

UYM vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYM ProShares Ultra Basic Materials	25.72%	9.46%	-8.00%	17.47%	-23.10%	54.58%	16.56%	35.09%	-35.68%	51.51%
UPRO ProShares UltraPro S&P 500	27.90%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between UYM and UPRO 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 (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.77

Over the past year, the correlation between UYM and UPRO has dropped to 0.54 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

UYM vs. UPRO - Sectors Allocation Comparison

Sectors	UYM	UPRO
Basic Materials	87.6%	0.8%
Consumer Cyclical	12.4%	4.5%
Industrials	1.1%	3.4%
Communication Services	-	4.8%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Financial Services	-	28.8%
Healthcare	-	3.8%
Real Estate	-	0.8%
Technology	-	17.8%
Utilities	-	1.1%

Return for Risk

UYM vs. UPRO — Risk / Return Rank

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

UYM

UYM Risk / Return Rank: 27
UYM Sharpe Ratio Rank: 27
UYM Sortino Ratio Rank: 27
UYM Omega Ratio Rank: 26
UYM Calmar Ratio Rank: 28
UYM Martin Ratio Rank: 27

UPRO

UPRO Risk / Return Rank: 62
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 57
UPRO Omega Ratio Rank: 58
UPRO Calmar Ratio Rank: 60
UPRO 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.

UYM vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Basic Materials (UYM) 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.

	UYM	UPRO	Difference
Sharpe ratio Return per unit of total volatility	0.97	2.30	-1.34
Sortino ratio Return per unit of downside risk	1.49	2.76	-1.28
Omega ratio Gain probability vs. loss probability	1.18	1.36	-0.19
Calmar ratio Return relative to maximum drawdown	1.36	3.03	-1.67
Martin ratio Return relative to average drawdown	3.71	12.80	-9.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYM vs. UPRO - Sharpe Ratio Comparison

The current UYM Sharpe Ratio is 0.97, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of UYM 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.

Sharpe Ratios by Period

	UYM	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	2.30	-1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.46	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.56	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.65	-0.57

Drawdowns

UYM vs. UPRO - Drawdown Comparison

The maximum UYM drawdown since its inception was -92.77%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UYM and UPRO.

Drawdown Indicators

	UYM	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-92.77%	-76.82%	-15.95%
Max Drawdown (1Y) Largest decline over 1 year	-23.85%	-26.78%	+2.93%
Max Drawdown (3Y) Largest decline over 3 years	-43.88%	-48.87%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-63.94%	+15.69%
Max Drawdown (10Y) Largest decline over 10 years	-73.31%	-76.82%	+3.51%
Current Drawdown Current decline from peak	-8.94%	-2.09%	-6.85%
Average Drawdown Average peak-to-trough decline	-42.11%	-14.42%	-27.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	6.33%	+2.40%

Volatility

UYM vs. UPRO - Volatility Comparison

ProShares Ultra Basic Materials (UYM) has a higher volatility of 11.55% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. This indicates that UYM'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

	UYM	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.55%	8.45%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	25.84%	26.60%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	33.71%	35.35%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.26%	50.32%	-11.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.76%	53.74%	-10.98%

UYM vs. UPRO - Expense Ratio Comparison

UYM has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

UYM vs. UPRO - Dividend Comparison

UYM's dividend yield for the trailing twelve months is around 1.21%, more than UPRO's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	0.68%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
UYM ProShares Ultra Basic Materials	1.21%	1.47%	0.98%	0.28%	0.88%	0.52%	0.56%	1.24%	0.94%	0.38%	0.55%	0.42%

Frequently Asked Questions

Can I hold both UYM and UPRO in my portfolio?

UYM and UPRO 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, UYM or UPRO?

UYM has higher volatility (11.55%) compared to UPRO (8.45%). In terms of maximum drawdown, UYM dropped -92.77% vs UPRO's -76.82%.

Which ETF is better, UYM or UPRO?

On 10-year performance, UPRO leads with 30.09% vs 11.91% for UYM. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYM or UPRO?

Over the 10-year period, UPRO has performed better with a 30.09% return vs 11.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYM or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UYM.

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

UYM has the higher dividend yield at 1.21%, compared with 0.68% for UPRO.

What is the main difference between UYM and UPRO?

UYM tracks Dow Jones U.S. Basic Materials Index (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UYM and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.30 vs 0.97), 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.