UPRO vs ZAPR
ProShares UltraPro S&P 500 vs Innovator Equity Defined Protection ETF - 1 Yr April
Which is better, UPRO or ZAPR?
UPRO has been ahead.
ZAPR has a lower expense ratio. UPRO led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | UPRO | ZAPR |
|---|---|---|
| Expense Ratio | 0.88% | 0.79%Best |
| AUM | $5.7B | $68M |
| Dividend Yield | 0.77% | 0.00% |
| Holdings | 520 | 21 |
| YTD Return | +29.25%Best | +5.06% |
| 1Y Return | +38.25%Best | +6.36% |
| 3Y Return (annualized) | +51.43% | - |
| 5Y Return (annualized) | +19.36% | - |
| Volatility (annualized) | 37.4% | 1.1%Best |
| Max Drawdown | -33.4% | -1.7%Best |
| $10,000 over 1.5 years | $19,823Best | $11,037 |
| Fund Family | ProShares | Innovator ETFs Trust |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jun 23, 2009 | Apr 1, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 1, 2025 to Oct 14, 2026 (1.5 years).
UPRO vs ZAPR growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
UPRO vs ZAPR Performance
ProShares UltraPro S&P 500 (UPRO) is an ETF from ProShares and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) is an ETF from Innovator ETFs Trust. Over the past year UPRO returned +38.25% while ZAPR returned +6.36%. Year to date, UPRO is up 29.25% versus a gain of 5.06% for ZAPR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 37.4% compared with 1.1% for ZAPR. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.4% for UPRO and -1.7% for ZAPR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
UPRO charges 0.88% per year while ZAPR charges 0.79%. On a $10,000 position that is $88 vs $79 annually, a gap of $9 per year that compounds over a long holding period. On income, UPRO currently yields 0.77% against 0.00% for ZAPR.
Holdings Overlap
We hold position weights for 502 holdings in UPRO and 1 in ZAPR, totalling 72.5% and 112.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 502 positions we hold weights for in UPRO and 1 in ZAPR, against full books of 520 and 21.
You are not choosing between two funds in isolation.
Whichever of UPRO and ZAPR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, UPRO or ZAPR?
UPRO has an expense ratio of 0.88% while ZAPR charges 0.79%. ZAPR is the cheaper option, by $9 a year on a $10,000 investment.
Which performed better, UPRO or ZAPR?
Over the past year UPRO returned +38.25% vs +6.36% for ZAPR, so UPRO leads on 1-year performance. Over the longest common window we track (2 years), UPRO annualized +57.80% vs +6.80% for ZAPR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, UPRO or ZAPR?
UPRO has been the more volatile fund at 37.4% annualized versus 1.1% for ZAPR. Worst drawdown: UPRO -33.4% vs ZAPR -1.7%.
Should I hold both UPRO and ZAPR?
UPRO and ZAPR have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, UPRO or ZAPR?
UPRO yields 0.77% while ZAPR yields 0.00%, so UPRO currently pays the higher dividend yield.
Is ZAPR better than UPRO?
ZAPR has a lower expense ratio. UPRO led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.