SKYU vs. FXU

Last updated Jul 18, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and FXU (First Trust Utilities AlphaDEX Fund) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while FXU is a Utilities Equities fund tracking the StrataQuant Utilities Index. Both are passively managed. Over the past 5 years, SKYU returned -3.11%/yr vs 12.47%/yr for FXU. At a 0.16 correlation, their price movements are largely independent. SKYU charges 0.95%/yr vs 0.62%/yr for FXU.

Performance

SKYU vs. FXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and First Trust Utilities AlphaDEX Fund (FXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKYU achieves a 0.49% return, which is significantly lower than FXU's 11.29% return.

SKYU

• 1D: -0.31%
• 1M: 5.74%
• 6M: 10.58%
• YTD: 0.49%
• 1Y: 8.45%
• 3Y*: 24.28%
• 5Y*: -3.11%
• 10Y*: —

FXU

• 1D: -0.74%
• 1M: 3.76%
• 6M: 7.73%
• YTD: 11.29%
• 1Y: 18.80%
• 3Y*: 18.43%
• 5Y*: 12.47%
• 10Y*: 9.13%

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

SKYU vs. FXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.49%	2.76%	65.79%	105.76%	-75.95%	6.83%
FXU First Trust Utilities AlphaDEX Fund	11.29%	21.86%	22.50%	-2.12%	3.68%	17.79%

Correlation

The correlation between SKYU and FXU is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.16

The correlation between SKYU and FXU shifts across timeframes, from -0.15 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.

SKYU vs. FXU - Sectors Allocation Comparison

Sectors	SKYU	FXU
Technology	58.4%	-
Communication Services	4.2%	-
Industrials	2.4%	4.0%
Consumer Cyclical	2.4%	-
Healthcare	0.5%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	3.6%
Financial Services	-	-
Real Estate	-	-
Utilities	-	92.4%

Return for Risk

SKYU vs. FXU — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 13
SKYU Sharpe Ratio Rank: 12
SKYU Sortino Ratio Rank: 15
SKYU Omega Ratio Rank: 15
SKYU Calmar Ratio Rank: 12
SKYU Martin Ratio Rank: 12

FXU

FXU Risk / Return Rank: 48
FXU Sharpe Ratio Rank: 50
FXU Sortino Ratio Rank: 47
FXU Omega Ratio Rank: 44
FXU Calmar Ratio Rank: 55
FXU Martin Ratio Rank: 43

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.

SKYU vs. FXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and First Trust Utilities AlphaDEX Fund (FXU). 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.

	SKYU	FXU	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.39	-1.24
Sortino ratio: Return per unit of downside risk	0.63	1.92	-1.29
Omega ratio: Gain probability vs. loss probability	1.07	1.23	-0.16
Calmar ratio: Return relative to maximum drawdown	0.17	2.19	-2.02
Martin ratio: Return relative to average drawdown	0.33	5.54	-5.21

SKYU vs. FXU - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.15, which is lower than the FXU Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SKYU and FXU, 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

SKYU vs. FXU - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than FXU's maximum drawdown of -49.00%. Use the drawdown chart below to compare losses from any high point for SKYU and FXU.

Drawdown Indicators

	SKYU	FXU	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-49.00%	-34.01%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-8.63%	-41.60%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-17.46%	-38.25%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	-21.87%	-61.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.81%	—
Current Drawdown Current decline from peak	-35.29%	-2.87%	-32.42%
Average Drawdown Average peak-to-trough decline	-48.84%	-7.61%	-41.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.35%	3.40%	+21.95%

Volatility

SKYU vs. FXU - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 13.66% compared to First Trust Utilities AlphaDEX Fund (FXU) at 4.71%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than FXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	FXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.66%	4.71%	+8.95%
Volatility (6M) Calculated over the trailing 6-month period	48.76%	10.79%	+37.97%
Volatility (1Y) Calculated over the trailing 1-year period	57.91%	13.63%	+44.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.27%	16.61%	+45.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.97%	18.37%	+42.60%

SKYU vs. FXU - Expense Ratio Comparison

SKYU has a 0.95% expense ratio, which is higher than FXU's 0.62% expense ratio.

Dividends

SKYU vs. FXU - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.82%, less than FXU's 2.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXU First Trust Utilities AlphaDEX Fund	2.14%	2.29%	2.41%	2.52%	2.03%	2.00%	3.97%	2.34%	2.40%	3.81%	2.62%	3.90%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.82%	0.56%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SKYU and FXU in my portfolio?

SKYU and FXU have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYU or FXU?

SKYU has higher volatility (13.66%) compared to FXU (4.71%). In terms of maximum drawdown, SKYU dropped -83.01% vs FXU's -49.00%.

Which ETF is better, SKYU or FXU?

On 5-year performance, FXU leads with 12.47% vs -3.11% for SKYU. On fees, FXU is cheaper at 0.62% per year. On volatility, FXU has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or FXU?

Over the 5-year period, FXU has performed better with a 12.47% return vs -3.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or FXU?

FXU is cheaper with a 0.62% expense ratio, compared with 0.95% for SKYU.

Which ETF pays a higher dividend yield, SKYU or FXU?

FXU has the higher dividend yield at 2.14%, compared with 0.82% for SKYU.

What is the main difference between SKYU and FXU?

SKYU is categorized as Leveraged Equities, while FXU is Utilities Equities. SKYU tracks ISE Cloud Computing Index (200%), while FXU tracks StrataQuant Utilities Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SKYU and 0.62% for FXU.

Which has better risk-adjusted returns?

FXU currently has the higher Sharpe Ratio (1.39 vs 0.15), 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.