PYZ vs. UYM

Last updated Jun 24, 2026

PYZ (Invesco DWA Basic Materials Momentum ETF) and UYM (ProShares Ultra Basic Materials) are both exchange-traded funds - PYZ is a Momentum fund tracking the Dorsey Wright Basic Materials Technical Leaders Index, while UYM is a Leveraged Equities fund tracking the Dow Jones U.S. Basic Materials Index (200%). Both are passively managed. Over the past 10 years, PYZ returned 10.24%/yr vs 12.37%/yr for UYM. Their correlation of 0.90 suggests significant overlap in exposure. PYZ charges 0.60%/yr vs 0.95%/yr for UYM.

Performance

PYZ vs. UYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Basic Materials Momentum ETF (PYZ) and ProShares Ultra Basic Materials (UYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYZ achieves a 14.78% return, which is significantly lower than UYM's 22.19% return. Over the past 10 years, PYZ has underperformed UYM with an annualized return of 10.24%, while UYM has yielded a comparatively higher 12.37% annualized return.

PYZ

• 1D: -2.80%
• 1M: -0.19%
• YTD: 14.78%
• 6M: 11.00%
• 1Y: 37.65%
• 3Y*: 16.95%
• 5Y*: 8.30%
• 10Y*: 10.24%

UYM

• 1D: -2.78%
• 1M: 2.44%
• YTD: 22.19%
• 6M: 20.07%
• 1Y: 29.81%
• 3Y*: 11.26%
• 5Y*: 5.73%
• 10Y*: 12.37%

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

PYZ vs. UYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYZ Invesco DWA Basic Materials Momentum ETF	14.78%	28.01%	2.54%	9.56%	-15.45%	32.68%	15.39%	20.66%	-24.33%	20.01%
UYM ProShares Ultra Basic Materials	22.19%	9.46%	-8.00%	17.47%	-23.10%	54.58%	16.56%	35.09%	-35.68%	51.51%

Correlation

The correlation between PYZ and UYM is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.90

The correlation between PYZ and UYM has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

PYZ vs. UYM - Sectors Allocation Comparison

Sectors	PYZ	UYM
Basic Materials	85.4%	87.3%
Industrials	14.3%	1.1%
Consumer Cyclical	4.2%	12.7%
Energy	3.8%	-
Consumer Defensive	0.6%	-
Financial Services	0.3%	-
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PYZ vs. UYM — Risk / Return Rank

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

PYZ

PYZ Risk / Return Rank: 43
PYZ Sharpe Ratio Rank: 43
PYZ Sortino Ratio Rank: 42
PYZ Omega Ratio Rank: 40
PYZ Calmar Ratio Rank: 46
PYZ Martin Ratio Rank: 45

UYM

UYM Risk / Return Rank: 26
UYM Sharpe Ratio Rank: 25
UYM Sortino Ratio Rank: 26
UYM Omega Ratio Rank: 24
UYM Calmar Ratio Rank: 28
UYM Martin Ratio Rank: 27

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.

PYZ vs. UYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Basic Materials Momentum ETF (PYZ) and ProShares Ultra Basic Materials (UYM). 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.

	PYZ	UYM	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.85	+0.57
Sortino ratio: Return per unit of downside risk	1.98	1.37	+0.61
Omega ratio: Gain probability vs. loss probability	1.25	1.16	+0.09
Calmar ratio: Return relative to maximum drawdown	2.13	1.26	+0.88
Martin ratio: Return relative to average drawdown	6.94	3.31	+3.63

PYZ vs. UYM - Sharpe Ratio Comparison

The current PYZ Sharpe Ratio is 1.43, which is higher than the UYM Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of PYZ and UYM, 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

PYZ vs. UYM - Drawdown Comparison

The maximum PYZ drawdown since its inception was -65.15%, smaller than the maximum UYM drawdown of -92.77%. Use the drawdown chart below to compare losses from any high point for PYZ and UYM.

Drawdown Indicators

	PYZ	UYM	Difference
Max Drawdown Largest peak-to-trough decline	-65.15%	-92.77%	+27.62%
Max Drawdown (1Y) Largest decline over 1 year	-17.75%	-23.85%	+6.10%
Max Drawdown (3Y) Largest decline over 3 years	-26.74%	-43.88%	+17.14%
Max Drawdown (5Y) Largest decline over 5 years	-32.97%	-48.25%	+15.28%
Max Drawdown (10Y) Largest decline over 10 years	-52.46%	-73.31%	+20.85%
Current Drawdown Current decline from peak	-5.41%	-11.50%	+6.09%
Average Drawdown Average peak-to-trough decline	-12.61%	-42.02%	+29.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.44%	9.03%	-3.59%

Volatility

PYZ vs. UYM - Volatility Comparison

The current volatility for Invesco DWA Basic Materials Momentum ETF (PYZ) is 8.54%, while ProShares Ultra Basic Materials (UYM) has a volatility of 12.24%. This indicates that PYZ experiences smaller price fluctuations and is considered to be less risky than UYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYZ	UYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	12.24%	-3.70%
Volatility (6M) Calculated over the trailing 6-month period	20.88%	27.35%	-6.47%
Volatility (1Y) Calculated over the trailing 1-year period	26.51%	35.13%	-8.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.76%	39.40%	-13.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.48%	42.77%	-16.29%

PYZ vs. UYM - Expense Ratio Comparison

PYZ has a 0.60% expense ratio, which is lower than UYM's 0.95% expense ratio.

Dividends

PYZ vs. UYM - Dividend Comparison

PYZ's dividend yield for the trailing twelve months is around 0.47%, less than UYM's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYZ Invesco DWA Basic Materials Momentum ETF	0.47%	0.72%	1.13%	1.19%	1.18%	0.33%	1.04%	1.38%	1.20%	0.53%	1.07%	1.25%
UYM ProShares Ultra Basic Materials	1.24%	1.47%	0.98%	0.28%	0.88%	0.52%	0.56%	1.24%	0.94%	0.38%	0.55%	0.42%

Frequently Asked Questions

Can I hold both PYZ and UYM in my portfolio?

PYZ and UYM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYZ or UYM?

UYM has higher volatility (12.24%) compared to PYZ (8.54%). In terms of maximum drawdown, PYZ dropped -65.15% vs UYM's -92.77%.

Which ETF is better, PYZ or UYM?

On 10-year performance, UYM leads with 12.37% vs 10.24% for PYZ. On fees, PYZ is cheaper at 0.60% per year. On volatility, PYZ has been the lower-risk option at 8.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYZ or UYM?

Over the 10-year period, UYM has performed better with a 12.37% return vs 10.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYZ or UYM?

PYZ is cheaper with a 0.60% expense ratio, compared with 0.95% for UYM.

Which ETF pays a higher dividend yield, PYZ or UYM?

UYM has the higher dividend yield at 1.24%, compared with 0.47% for PYZ.

What is the main difference between PYZ and UYM?

PYZ is categorized as Momentum, while UYM is Leveraged Equities. PYZ tracks Dorsey Wright Basic Materials Technical Leaders Index, while UYM tracks Dow Jones U.S. Basic Materials Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.60% for PYZ and 0.95% for UYM.

Which has better risk-adjusted returns?

PYZ currently has the higher Sharpe Ratio (1.43 vs 0.85), 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.