FAS vs. UDOW

Last updated Jun 9, 2026

FAS (Direxion Daily Financial Bull 3X Shares) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds - FAS tracks the Russell 1000 Financial Services Index (300%) while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, FAS returned 19.57%/yr vs 23.17%/yr for UDOW. Their correlation of 0.85 suggests significant overlap in exposure. FAS charges 1.00%/yr vs 0.95%/yr for UDOW.

Performance

FAS vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bull 3X Shares (FAS) and ProShares UltraPro Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAS achieves a -19.73% return, which is significantly lower than UDOW's 12.32% return. Over the past 10 years, FAS has underperformed UDOW with an annualized return of 19.57%, while UDOW has yielded a comparatively higher 23.17% annualized return.

FAS

• 1D: -1.75%
• 1M: 3.08%
• YTD: -19.73%
• 6M: -13.42%
• 1Y: -7.77%
• 3Y*: 35.48%
• 5Y*: 5.32%
• 10Y*: 19.57%

UDOW

• 1D: -0.49%
• 1M: 6.85%
• YTD: 12.32%
• 6M: 13.87%
• 1Y: 50.92%
• 3Y*: 32.64%
• 5Y*: 13.37%
• 10Y*: 23.17%

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

FAS vs. UDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	-19.73%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%
UDOW ProShares UltraPro Dow30	12.32%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between FAS and UDOW is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.85

The correlation between FAS and UDOW has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

FAS vs. UDOW - Sectors Allocation Comparison

Sectors	FAS	UDOW
Financial Services	98.0%	27.2%
Technology	1.7%	17.1%
Industrials	0.2%	18.4%
Basic Materials	-	4.0%
Communication Services	-	1.9%
Consumer Cyclical	-	11.6%
Consumer Defensive	-	4.4%
Energy	-	2.4%
Healthcare	-	13.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

FAS vs. UDOW — Risk / Return Rank

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

FAS

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

UDOW

UDOW Risk / Return Rank: 43
UDOW Sharpe Ratio Rank: 44
UDOW Sortino Ratio Rank: 44
UDOW Omega Ratio Rank: 42
UDOW Calmar Ratio Rank: 41
UDOW Martin Ratio Rank: 44

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.

FAS vs. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) and ProShares UltraPro Dow30 (UDOW). 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.

	FAS	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	1.40	-1.58
Sortino ratio: Return per unit of downside risk	0.04	2.00	-1.96
Omega ratio: Gain probability vs. loss probability	1.01	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.19	1.82	-2.01
Martin ratio: Return relative to average drawdown	-0.44	6.46	-6.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAS vs. UDOW - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is -0.18, which is lower than the UDOW Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FAS and UDOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAS	UDOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.18	1.40	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.30	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.45	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.53	-0.33

Drawdowns

FAS vs. UDOW - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, which is greater than UDOW's maximum drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for FAS and UDOW.

Drawdown Indicators

	FAS	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-80.29%	-11.32%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-28.07%	-12.81%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-44.83%	+1.73%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-55.79%	-11.09%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	-80.29%	-5.70%
Current Drawdown Current decline from peak	-26.35%	-4.62%	-21.73%
Average Drawdown Average peak-to-trough decline	-31.11%	-14.38%	-16.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	7.91%	+9.82%

Volatility

FAS vs. UDOW - Volatility Comparison

Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 12.20% compared to ProShares UltraPro Dow30 (UDOW) at 10.11%. This indicates that FAS's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAS	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.20%	10.11%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	33.21%	28.22%	+4.99%
Volatility (1Y) Calculated over the trailing 1-year period	43.36%	36.61%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.59%	44.27%	+11.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.35%	51.81%	+9.54%

FAS vs. UDOW - Expense Ratio Comparison

FAS has a 1.00% expense ratio, which is higher than UDOW's 0.95% expense ratio.

Dividends

FAS vs. UDOW - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 10.39%, more than UDOW's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAS Direxion Daily Financial Bull 3X Shares	10.39%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%	0.00%
UDOW ProShares UltraPro Dow30	1.21%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both FAS and UDOW in my portfolio?

FAS and UDOW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAS or UDOW?

FAS has higher volatility (12.20%) compared to UDOW (10.11%). In terms of maximum drawdown, FAS dropped -91.61% vs UDOW's -80.29%.

Which ETF is better, FAS or UDOW?

On 10-year performance, UDOW leads with 23.17% vs 19.57% for FAS. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 10.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAS or UDOW?

Over the 10-year period, UDOW has performed better with a 23.17% return vs 19.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAS or UDOW?

UDOW is cheaper with a 0.95% expense ratio, compared with 1.00% for FAS.

Which ETF pays a higher dividend yield, FAS or UDOW?

FAS has the higher dividend yield at 10.39%, compared with 1.21% for UDOW.

What is the main difference between FAS and UDOW?

FAS tracks Russell 1000 Financial Services Index (300%), while UDOW tracks Dow Jones Industrial Average (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.00% for FAS and 0.95% for UDOW.

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.40 vs -0.18), 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.