- ISIN
- US74347R6852
- CUSIP
- 74347R685
- Issuer
- ProShares
- Inception Date
- Jan 30, 2007
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- Dow Jones U.S. Utilities Index (200%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Value
- Assets Under Management
- $18M
Share Price Chart
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Performance
UPW Performance Chart
ProShares Ultra Utilities (UPW) is up 8.3% since the beginning of the year. UPW is currently trading at $23 per share. Investors who bought $1,000 worth of UPW shares 5 years ago would now be looking at an investment worth $1,748.
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Returns By Period
ProShares Ultra Utilities (UPW) has returned 8.28% so far this year and 21.27% over the past 12 months. Over the last ten years, UPW has returned 10.12% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares Ultra Utilities
- 1D
- 1.67%
- 1M
- -1.80%
- YTD
- 8.28%
- 6M
- 9.36%
- 1Y
- 21.27%
- 3Y*
- 19.35%
- 5Y*
- 11.82%
- 10Y*
- 10.12%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
UPW Monthly Returns History
Based on dividend-adjusted daily data since Feb 1, 2007, UPW's average daily return is +0.07%, while the average monthly return is +1.16%. At this rate, an investment would double in approximately 5.0 years.
Historically, 63% of months were positive and 37% were negative. The best month was Mar 2021 with a return of +21.4%, while the worst month was Oct 2008 at -26.9%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 9 months.
On a daily basis, UPW closed higher 53% of trading days. The best single day was Oct 13, 2008 with a return of +26.2%, while the worst single day was Mar 12, 2020 at -19.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.85% | 21.07% | -7.21% | 3.31% | -10.62% | 2.49% | 8.28% | ||||||
| 2025 | 5.24% | 2.59% | 0.10% | -1.35% | 6.98% | 0.02% | 9.20% | -3.59% | 7.79% | 3.87% | 2.82% | -10.60% | 23.61% |
| 2024 | -6.55% | 1.31% | 12.56% | 2.52% | 17.35% | -11.32% | 13.36% | 9.01% | 12.74% | -2.62% | 6.43% | -16.13% | 37.67% |
| 2023 | -4.39% | -11.44% | 7.90% | 3.13% | -12.06% | 2.63% | 3.87% | -12.48% | -12.00% | 1.25% | 9.54% | 2.89% | -22.37% |
| 2022 | -6.40% | -4.07% | 20.51% | -9.01% | 8.72% | -11.02% | 11.29% | 0.17% | -21.95% | 3.80% | 13.12% | -1.94% | -4.59% |
| 2021 | -2.19% | -11.18% | 21.42% | 7.28% | -4.73% | -4.21% | 7.20% | 7.49% | -11.85% | 9.44% | -3.30% | 19.43% | 32.57% |
Benchmark Metrics
ProShares Ultra Utilities has an annualized alpha of 3.68%, beta of 1.23, and R2 of 0.41 versus S&P 500 Index. Calculated based on daily prices since February 01, 2007.
- This ETF captured 110.31% of S&P 500 Index gains and 106.08% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- R2 of 0.41 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 3.68%
- Beta
- 1.23
- R²
- 0.41
- Upside Capture
- 110.31%
- Downside Capture
- 106.08%
Expense Ratio
UPW has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
UPW ranks 21 for risk / return — below 21% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and compare them to S&P 500 Index.
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.
| UPW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.37 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 2.78 | -1.67 |
| Martin ratioReturn relative to average drawdown | 2.29 | 12.44 | -10.15 |
Dividends
Dividend History
ProShares Ultra Utilities provided a 1.48% dividend yield over the last twelve months, with an annual payout of $0.35 per share. The fund has been increasing its distributions for 5 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.35 | $0.36 | $0.33 | $0.32 | $0.27 | $0.24 | $0.12 | $0.14 | $0.23 | $0.18 | $0.17 | $0.17 |
Dividend yield | 1.48% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares Ultra Utilities. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.00 | $0.07 | ||||||
| 2025 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.09 | $0.36 |
| 2024 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.13 | $0.33 |
| 2023 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.09 | $0.32 |
| 2022 | $0.00 | $0.00 | $0.03 | $0.00 | $0.00 | $0.10 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.11 | $0.27 |
| 2021 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.04 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.10 | $0.24 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Ultra Utilities. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Ultra Utilities was 77.75%, occurring on Mar 9, 2009. Recovery took 1245 trading sessions.
The current ProShares Ultra Utilities drawdown is 12.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -77.75%Mar 2009 | 1y 2mo | 4y 11mo | 6y 2moDec 2007 - Feb 2014 |
COVID crash2020 | -62.67%Mar 2020 | 1mo 3d | 2y 9d | 2y 1moFeb 2020 - Apr 2022 |
2023 bear market2023 | -49.42%Oct 2023 | 1y 19d | 12mo 4d | 2y 18dSep 2022 - Sep 2024 |
2015 bear market2015 | -31.06%Sep 2015 | 7mo 7d | 6mo 14d | 1y 1moJan 2015 - Mar 2016 |
Bear market2022 | -29.26%Jun 2022 | 2mo 7d | 1mo 29d | 4mo 6dApr 2022 - Aug 2022 |
Drawdown Indicators
| UPW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -56.78% | -20.97% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -9.10% | -10.05% |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | -18.90% | -14.26% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -25.43% | -23.99% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -33.92% | -28.75% |
Current DrawdownCurrent decline from peak | -12.19% | -1.80% | -10.39% |
Average DrawdownAverage peak-to-trough decline | -22.57% | -10.71% | -11.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.32% | 2.03% | +7.29% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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