SPXL vs. UDOW

Last updated Jun 13, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds - SPXL tracks the S&P 500 while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs 23.82%/yr for UDOW. Their correlation of 0.92 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.95%/yr for UDOW.

Performance

SPXL vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 20.98% return, which is significantly higher than UDOW's 14.65% return. Over the past 10 years, SPXL has outperformed UDOW with an annualized return of 29.90%, while UDOW has yielded a comparatively lower 23.82% annualized return.

SPXL

• 1D: 1.54%
• 1M: -1.59%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 65.66%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

UDOW

• 1D: 2.07%
• 1M: 8.49%
• YTD: 14.65%
• 6M: 11.42%
• 1Y: 51.98%
• 3Y*: 32.31%
• 5Y*: 13.79%
• 10Y*: 23.82%

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

SPXL vs. UDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
UDOW ProShares UltraPro Dow30	14.65%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between SPXL and UDOW is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.92

The correlation between SPXL and UDOW has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.

SPXL vs. UDOW - Sectors Allocation Comparison

Sectors	SPXL	UDOW
Technology	8.4%	17.1%
Financial Services	2.4%	27.2%
Communication Services	2.3%	1.9%
Consumer Cyclical	2.2%	11.6%
Healthcare	1.8%	13.1%
Industrials	1.7%	18.4%
Consumer Defensive	1.0%	4.4%
Energy	0.7%	2.4%
Utilities	0.6%	-
Real Estate	0.4%	-
Basic Materials	0.4%	4.0%

Return for Risk

SPXL vs. UDOW — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

UDOW

UDOW Risk / Return Rank: 44
UDOW Sharpe Ratio Rank: 45
UDOW Sortino Ratio Rank: 44
UDOW Omega Ratio Rank: 41
UDOW Calmar Ratio Rank: 42
UDOW Martin Ratio Rank: 45

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.

SPXL vs. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

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.

	SPXL	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.40	+0.40
Sortino ratio: Return per unit of downside risk	2.25	1.99	+0.26
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	2.47	1.86	+0.60
Martin ratio: Return relative to average drawdown	10.16	6.59	+3.57

SPXL vs. UDOW - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is comparable to the UDOW Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of SPXL 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.

Drawdowns

SPXL vs. UDOW - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, roughly equal to the maximum UDOW drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for SPXL and UDOW.

Drawdown Indicators

	SPXL	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-80.29%	+3.43%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-28.07%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-44.83%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-55.79%	-8.01%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-80.29%	+3.43%
Current Drawdown Current decline from peak	-7.55%	-2.65%	-4.90%
Average Drawdown Average peak-to-trough decline	-16.11%	-14.37%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	7.94%	-1.45%

Volatility

SPXL vs. UDOW - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro Dow30 (UDOW) have volatilities of 13.20% and 12.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	12.92%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	29.12%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	37.38%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	44.39%	+6.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	51.84%	+1.66%

SPXL vs. UDOW - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than UDOW's 0.95% expense ratio.

Dividends

SPXL vs. UDOW - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, less than UDOW's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%
UDOW ProShares UltraPro Dow30	1.18%	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 SPXL and UDOW in my portfolio?

SPXL and UDOW have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXL or UDOW?

SPXL has higher volatility (13.20%) compared to UDOW (12.92%). In terms of maximum drawdown, SPXL dropped -76.86% vs UDOW's -80.29%.

Which ETF is better, SPXL or UDOW?

On 10-year performance, SPXL leads with 29.90% vs 23.82% for UDOW. On fees, SPXL is cheaper at 0.84% per year. On volatility, UDOW has been the lower-risk option at 12.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or UDOW?

Over the 10-year period, SPXL has performed better with a 29.90% return vs 23.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or UDOW?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for UDOW.

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

UDOW has the higher dividend yield at 1.18%, compared with 0.56% for SPXL.

What is the main difference between SPXL and UDOW?

SPXL tracks S&P 500, while UDOW tracks Dow Jones Industrial Average (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.84% for SPXL and 0.95% for UDOW.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.79 vs 1.40), 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.