UDOW vs. FAS

Last updated Jun 9, 2026

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

Performance

UDOW vs. FAS - Performance Comparison

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

Returns By Period

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

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%

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%

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

UDOW vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	12.32%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
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%

Correlation

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

UDOW vs. FAS - Sectors Allocation Comparison

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

Return for Risk

UDOW vs. FAS — Risk / Return Rank

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

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

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

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.

UDOW vs. FAS - Risk-Adjusted Trends Comparison

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

	UDOW	FAS	Difference
Sharpe ratio: Return per unit of total volatility	1.40	-0.18	+1.58
Sortino ratio: Return per unit of downside risk	2.00	0.04	+1.96
Omega ratio: Gain probability vs. loss probability	1.24	1.01	+0.24
Calmar ratio: Return relative to maximum drawdown	1.82	-0.19	+2.01
Martin ratio: Return relative to average drawdown	6.46	-0.44	+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.

UDOW vs. FAS - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.40, which is higher than the FAS Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of UDOW and FAS, 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

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

Drawdowns

UDOW vs. FAS - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

UDOW vs. FAS - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 10.11%, while Direxion Daily Financial Bull 3X Shares (FAS) has a volatility of 12.20%. This indicates that UDOW experiences smaller price fluctuations and is considered to be less risky than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

UDOW vs. FAS - Expense Ratio Comparison

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

Dividends

UDOW vs. FAS - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.21%, less than FAS's 10.39% 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 UDOW and FAS in my portfolio?

UDOW and FAS 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, UDOW or FAS?

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

Which ETF is better, UDOW or FAS?

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, UDOW or FAS?

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, UDOW or FAS?

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

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

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

What is the main difference between UDOW and FAS?

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

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.