XPP vs. UYG

Last updated Aug 2, 2026

XPP (ProShares Ultra FTSE China 50) and UYG (ProShares Ultra Financials) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%). Both are passively managed. Over the past 10 years, XPP returned -5.62%/yr vs 18.46%/yr for UYG. Their 0.49 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

XPP vs. UYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and ProShares Ultra Financials (UYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -13.25% return, which is significantly lower than UYG's 4.93% return. Over the past 10 years, XPP has underperformed UYG with an annualized return of -5.62%, while UYG has yielded a comparatively higher 18.46% annualized return.

XPP

• 1D: -0.03%
• 1M: 29.99%
• 6M: -18.24%
• YTD: -13.25%
• 1Y: -7.90%
• 3Y*: 4.02%
• 5Y*: -14.42%
• 10Y*: -5.62%
• ALL TIME*: -4.67%

UYG

• 1D: -0.08%
• 1M: 4.45%
• 6M: 11.10%
• YTD: 4.93%
• 1Y: 17.13%
• 3Y*: 29.68%
• 5Y*: 13.85%
• 10Y*: 18.46%
• ALL TIME*: 0.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UYG ProShares Ultra Financials	$2.19M	$2.00M	$1.41M
XPP ProShares Ultra FTSE China 50	$97.64K	$74.04K	$132.37K

XPP vs. UYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-13.25%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
UYG ProShares Ultra Financials	4.93%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%

Correlation

The correlation between XPP and UYG is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.27
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.39
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.49

Over the past year, the correlation between XPP and UYG has dropped to 0.27 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

XPP vs. UYG - Sectors Allocation Comparison

Sectors	XPP	UYG
Financial Services	48.4%	98.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	1.6%
Utilities	-	-

Return for Risk

XPP vs. UYG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XPP

XPP Risk / Return Rank: 8
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 8
XPP Omega Ratio Rank: 8
XPP Calmar Ratio Rank: 8
XPP Martin Ratio Rank: 7

UYG

UYG Risk / Return Rank: 20
UYG Sharpe Ratio Rank: 21
UYG Sortino Ratio Rank: 22
UYG Omega Ratio Rank: 22
UYG Calmar Ratio Rank: 19
UYG Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XPP vs. UYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and ProShares Ultra Financials (UYG). 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.

	XPP	UYG	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.45	-0.72
Sortino ratio: Return per unit of downside risk	-0.12	0.78	-0.90
Omega ratio: Gain probability vs. loss probability	0.99	1.10	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.24	0.45	-0.70
Martin ratio: Return relative to average drawdown	-0.50	1.06	-1.56

XPP vs. UYG - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.27, which is lower than the UYG Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of XPP and UYG, 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

XPP vs. UYG - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum UYG drawdown of -97.90%. Use the drawdown chart below to compare losses from any high point for XPP and UYG.

Drawdown Indicators

	XPP	UYG	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-97.90%	+8.00%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	-28.91%	-15.87%
Max Drawdown (3Y) Largest decline over 3 years	-48.56%	-30.35%	-18.21%
Max Drawdown (5Y) Largest decline over 5 years	-81.38%	-47.77%	-33.61%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-69.98%	-19.92%
Current Drawdown Current decline from peak	-77.04%	-2.23%	-74.81%
Average Drawdown Average peak-to-trough decline	-48.11%	-62.90%	+14.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.55%	12.35%	+9.20%

Volatility

XPP vs. UYG - Volatility Comparison

ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 10.66% compared to ProShares Ultra Financials (UYG) at 8.12%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier than UYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	UYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	8.12%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	29.57%	22.26%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	40.39%	29.46%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.33%	36.02%	+26.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	40.91%	+13.89%

XPP vs. UYG - Expense Ratio Comparison

Both XPP and UYG have an expense ratio of 0.95%.

Dividends

XPP vs. UYG - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.41%, less than UYG's 11.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UYG ProShares Ultra Financials	11.12%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%
XPP ProShares Ultra FTSE China 50	2.41%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and UYG in my portfolio?

XPP and UYG have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or UYG?

XPP has higher volatility (10.66%) compared to UYG (8.12%). In terms of maximum drawdown, XPP dropped -89.90% vs UYG's -97.90%.

Which ETF is better, XPP or UYG?

On 10-year performance, UYG leads with 18.46% vs -5.62% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or UYG?

Over the 10-year period, UYG has performed better with a 18.46% return vs -5.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or UYG?

XPP and UYG have the same expense ratio: 0.95% per year.

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

UYG has the higher dividend yield at 11.12%, compared with 2.41% for XPP.

What is the main difference between XPP and UYG?

XPP is categorized as China Equities, while UYG is Leveraged Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while UYG tracks Dow Jones U.S. Financials Index (200%).

Which has better risk-adjusted returns?

UYG currently has the higher Sharpe Ratio (0.45 vs -0.27), 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.