Skip to content
etf.net

UPAL vs UYG

ProShares Ultra Palladium K-1 Free ETF

UPALDNYSE Arca

ProShares Ultra Financials

UYGANYSE Arca

Overlap

Expense ratio

UYG −0.02pt a year

UPAL0.95%UYG0.93%

Avg volume · 30D

UYG 15.9×the volume

UPAL1.09KUYG17.3K

UPAL vs UYG Performance

Jul 31, 2026 – Oct 30, 2026

−46.8%UPAL−2.7%UYG

Jul 31, 2026 to Oct 30, 2026. UPAL −46.8%. UYG −2.7%. Use the arrow keys to read each point.−20%20%Jul 2026Sep 2026Oct 2026
Expense ratio
UPAL 0.95%
UYG 0.93%, better
Fund size
UPAL $0
UYG $777M
1Y total return
UPAL No data
UYG +11.5%
Yield (12M)
UPAL No data
UYG 11.13%
Holdings
UPAL 1
UYG 83
Avg volume (30D)
UPAL 1.09K sh
UYG 17.3K sh, better
NAV per share
UPAL $12.72
UYG $93.27
52W range

ETF.net Grade

UPAL: Cost 51, Risk 13, Mission 21, Tradability 29, Holdings not scored, Durability 33. UYG: Cost 70, Risk 76, Mission not scored, Tradability 78, Holdings not scored, Durability 80.
Pillar letters and Scores for UPAL, UYG, with each pillar’s weight
PillarUPALUYG
Cost30% weightC51A70Higher
Mission25% weightF21Not scored
Risk15% weightF13A76Higher
Tradability15% weightD29A78Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD33A80Higher

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. UPAL and UYG are both graded against the same 95 Leveraged Long (2x & Other) funds, so their Grades compare head to head.

Leveraged Long (2x & Other)⁠

Category · 95 funds
See all 95 ›

UYG ranks 2nd and UPAL 75th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 3AROMProShares Ultra TechnologyScore 71
  4. Rank 75DTTXUDirexion Daily Technology Top 5 Bull 2X ETFScore 35
  5. Rank 75DUPALProShares Ultra Palladium K-1 Free ETFScore 35
  6. Rank 78DNUGTDirexion Daily Gold Miners Index Bull 2X ETFScore 34

Our read on each fund

ETF.net Research

UPALDProShares Ultra Palladium K-1 Free ETF

UYGAProShares Ultra Financials

In short

UPAL The first ETF built to target 2x palladium's daily move, and it sends a 1099 instead of a K-1. Swap-based, resets every day, 0.95% net of a waiver through September 30, 2027.

UYG Listed in January 2007, a year before the banking crash, UYG targets 2x the daily move of the financial stocks in the S&P 500. A veteran of the leveraged shelf, priced at 0.93% with no fee waiver propping that number up.

Stated mandate

UPAL UPAL seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of palladium. Its objective is designed for a single day rather than a longer holding period.

UYG UYG seeks pre-expense daily results equal to 2x the daily performance of the S&P Financial Select Sector Index. It is designed to provide magnified financials-sector exposure on a daily basis.

Why people hold it

  • UPAL First ETF aiming at 2x palladium's daily move, built on swaps referencing a physically backed palladium ETF (PALL) rather than futures contracts that need rolling.proshares.comproshares.com 2
  • Form 1099, not a Schedule K-1. It is registered under the 1940 Act, unlike the partnership-structured commodity funds that mail K-1s each spring.proshares.comproshares.com 2
  • At 0.95% net of a waiver through September 30, 2027, it is priced near the typical geared fund and level with ProShares' Ultra Dow30 (DDM, 0.95%), niche metal and all.
  • UYG One of the originals: on the tape since January 30, 2007, still running the same mandate of 2x the daily performance of the S&P Financial Select Sector Index.proshares.com
  • At 0.93% with no waiver doing the work, it sits near the median fee of its leveraged peer group and level with sibling ROM (0.93%). QLD is 0.89%, but net of a waiver through September 30, 2027.
  • The whole sector in one ticker: banks, insurers and capital-markets firms from the S&P 500, roughly 80 names, geared daily.proshares.com
  • Stands in the top tier of the leveraged bull funds we grade, a group of close to a hundred tickers.

Worth knowing

  • UPAL The 2x target resets each day. Hold longer and results can drift from twice palladium's move, especially after choppy stretches.
  • That 0.95% is a waived price: gross expenses run 5.57%, waived down through September 30, 2027.
  • Launched in 2026, it is still small and lightly traded, so spreads can swing. Bank swap counterparties, not metal in a vault, stand behind the exposure.proshares.com
  • UYG The 2x target is a one-day target and resets each day. Over longer holds the result comes from compounding daily moves, and in choppy markets that can land well off twice the index's return for the period.proshares.com
  • One sector, doubled. Financials move with rates, credit conditions and deal flow, and UYG amplifies that daily swing in both directions.
  • It changes hands less than the headline leveraged funds, so the spread is worth a look before you place an order.

Full UPAL profile⁠

Full UYG profile⁠

UPAL vs UYG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

UPAL vs UYG Cost

Overpaying UPAL vs UYG

$330

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UPAL 0.95%

    $17,869

  • UYG 0.93%

    $17,539

$10,000
30 years

Cost over time

  • UPAL 0.95%
  • UYG 0.93%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UPAL $17,869UYG $17,539

Year by year

YearUPALUYGOverpaying
10$1,678$1,644$34
20$6,322$6,199$123
30$17,869$17,539$330

Expense ratio

  • 0.95%UPAL
  • 0.93%UYG, cheaper
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

UYG 29th cheapest of 95 funds

UPAL 32nd cheapest of 95 funds

UPAL vs UYG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
UPAL No data
UYG 11.13%
Payout (12M)
UPAL No data
UYG $10.38
Last payment
UPAL $0.16
UYG $0.09
Ex-dividend
UPAL Sep 23, 2026
UYG Sep 23, 2026
Paid on
UPAL Sep 29, 2026
UYG Sep 29, 2026
Frequency
UPAL Quarterly
UYG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

UPALQuarterly · 2 paymentsAll UPAL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Jun 24, 2026 $0.06; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$102017202020232026YTD
UYGQuarterly · 39 paymentsAll UYG payments⁠
One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.02; Jun 21, 2017 $0.02; Sep 27, 2017 $0.07; Dec 26, 2017 $0.12; Mar 21, 2018 $0.05; Jun 20, 2018 $0.08; Sep 26, 2018 $0.11; Dec 26, 2018 $0.18; Mar 20, 2019 $0.08; Jun 25, 2019 $0.09; Sep 25, 2019 $0.14; Dec 24, 2019 $0.17; Mar 25, 2020 $0.12; Jun 24, 2020 $0.05; Sep 23, 2020 $0.03; Dec 23, 2020 $0.08; Mar 23, 2021 $0.03; Jun 22, 2021 $0.02; Sep 22, 2021 $0.03; Dec 23, 2021 $3.19; Mar 23, 2022 $0.04; Jun 22, 2022 $0.04; Sep 21, 2022 $0.06; Dec 22, 2022 $0.20; Mar 22, 2023 $0.09; Jun 21, 2023 $0.11; Sep 20, 2023 $0.09; Dec 20, 2023 $0.15; Mar 20, 2024 $0.04; Jun 26, 2024 $0.11; Sep 25, 2024 $0.09; Dec 23, 2024 $0.20; Mar 26, 2025 $0.27; Jun 25, 2025 $0.13; Sep 24, 2025 $0.38; Dec 24, 2025 $9.97; Mar 25, 2026 $0.20; Jun 24, 2026 $0.11; Sep 23, 2026 $0.09. Use the arrow keys to read each point.$0$102017202020232026YTD

UPAL vs UYG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
UPAL No dataUYG 30.5%
Return per unit of riskSharpe ratio, 3 years
UPAL No dataUYG 1.04
Worst fallMax drawdown, 5 years
UPAL No dataUYG −47.8%
Market sensitivityBeta, 5 years
UPAL −1.84UYG 1.58

Popular comparisons

  • UPALDvsQLDA

    ProShares Ultra Palladium K-1 Free ETF · ProShares Ultra QQQ

    Expense ratio
    0.95% · 0.89%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UYGAvsQLDA

    ProShares Ultra Financials · ProShares Ultra QQQ

    Expense ratio
    0.93% · 0.89%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UPALDvsROMA

    ProShares Ultra Palladium K-1 Free ETF · ProShares Ultra Technology

    Expense ratio
    0.95% · 0.93%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UYGAvsROMA

    ProShares Ultra Financials · ProShares Ultra Technology

    Expense ratio
    0.93% · 0.93%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UPALDvsDDMB

    ProShares Ultra Palladium K-1 Free ETF · ProShares Ultra Dow30

    Expense ratio
    0.95% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • UYGAvsDDMB

    ProShares Ultra Financials · ProShares Ultra Dow30

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.