VOOG vs. UPRO

Last updated Jul 17, 2026

VOOG (Vanguard S&P 500 Growth ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, VOOG returned 17.48%/yr vs 28.60%/yr for UPRO. Their correlation of 0.94 suggests significant overlap in exposure. VOOG charges 0.07%/yr vs 0.89%/yr for UPRO.

Performance

VOOG vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) 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, VOOG achieves a 10.82% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, VOOG has underperformed UPRO with an annualized return of 17.48%, while UPRO has yielded a comparatively higher 28.60% annualized return.

VOOG

• 1D: -1.70%
• 1M: -0.62%
• 6M: 10.35%
• YTD: 10.82%
• 1Y: 22.79%
• 3Y*: 24.70%
• 5Y*: 13.79%
• 10Y*: 17.48%

UPRO

• 1D: -1.55%
• 1M: -0.15%
• 6M: 19.67%
• YTD: 24.61%
• 1Y: 54.64%
• 3Y*: 43.89%
• 5Y*: 20.84%
• 10Y*: 28.60%

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

VOOG vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	10.82%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%
UPRO ProShares UltraPro S&P 500	24.61%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between VOOG and UPRO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.94

The correlation between VOOG and UPRO has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

VOOG vs. UPRO - Sectors Allocation Comparison

Sectors	VOOG	UPRO
Technology	52.6%	39.1%
Communication Services	16.7%	10.6%
Consumer Cyclical	9.0%	9.9%
Financial Services	8.2%	11.1%
Healthcare	5.7%	8.3%
Industrials	5.7%	7.8%
Consumer Defensive	1.0%	4.5%
Real Estate	0.5%	1.8%
Utilities	0.4%	2.1%
Basic Materials	0.3%	1.7%
Energy	0.1%	3.1%

Return for Risk

VOOG vs. UPRO — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 44
VOOG Sharpe Ratio Rank: 46
VOOG Sortino Ratio Rank: 44
VOOG Omega Ratio Rank: 43
VOOG Calmar Ratio Rank: 39
VOOG Martin Ratio Rank: 48

UPRO

UPRO Risk / Return Rank: 51
UPRO Sharpe Ratio Rank: 53
UPRO Sortino Ratio Rank: 47
UPRO Omega Ratio Rank: 48
UPRO Calmar Ratio Rank: 50
UPRO Martin Ratio Rank: 58

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.

VOOG vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

	VOOG	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.46	-0.14
Sortino ratio: Return per unit of downside risk	1.85	1.96	-0.10
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.67	2.05	-0.38
Martin ratio: Return relative to average drawdown	6.38	8.08	-1.71

VOOG vs. UPRO - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.32, which is comparable to the UPRO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VOOG 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

VOOG vs. UPRO - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for VOOG and UPRO.

Drawdown Indicators

	VOOG	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-76.82%	+44.09%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-26.78%	+13.07%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-48.87%	+26.69%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-63.94%	+31.21%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	-76.82%	+44.09%
Current Drawdown Current decline from peak	-3.65%	-4.60%	+0.95%
Average Drawdown Average peak-to-trough decline	-4.96%	-14.36%	+9.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	6.78%	-3.20%

Volatility

VOOG vs. UPRO - Volatility Comparison

The current volatility for Vanguard S&P 500 Growth ETF (VOOG) is 5.67%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.61%. This indicates that VOOG experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOOG	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	10.61%	-4.94%
Volatility (6M) Calculated over the trailing 6-month period	14.34%	30.01%	-15.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.35%	37.59%	-20.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.45%	50.67%	-29.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.82%	53.71%	-32.89%

VOOG vs. UPRO - Expense Ratio Comparison

VOOG has a 0.07% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

VOOG vs. UPRO - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.46%, less than UPRO's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	0.75%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
VOOG Vanguard S&P 500 Growth ETF	0.46%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both VOOG and UPRO in my portfolio?

With a correlation of 0.95, VOOG and UPRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VOOG or UPRO?

UPRO has higher volatility (10.61%) compared to VOOG (5.67%). In terms of maximum drawdown, VOOG dropped -32.73% vs UPRO's -76.82%.

Which ETF is better, VOOG or UPRO?

On 10-year performance, UPRO leads with 28.60% vs 17.48% for VOOG. On fees, VOOG is cheaper at 0.07% per year. On volatility, VOOG has been the lower-risk option at 5.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOG or UPRO?

Over the 10-year period, UPRO has performed better with a 28.60% return vs 17.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOG or UPRO?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.89% for UPRO.

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

UPRO has the higher dividend yield at 0.75%, compared with 0.46% for VOOG.

What is the main difference between VOOG and UPRO?

VOOG is categorized as S&P 500, while UPRO is Leveraged Equities. VOOG tracks S&P 500 Growth Index, while UPRO tracks S&P 500. They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.07% for VOOG and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (1.46 vs 1.32), 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.