UDOW vs. SOXL

Last updated Jun 4, 2026

UDOW (ProShares UltraPro Dow30) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - UDOW tracks the Dow Jones Industrial Average (300%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, UDOW returned 23.30%/yr vs 65.39%/yr for SOXL. A 0.65 correlation means they provide meaningful diversification when combined. UDOW charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

UDOW vs. SOXL - Performance Comparison

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

Returns By Period

In the year-to-date period, UDOW achieves a 12.27% return, which is significantly lower than SOXL's 567.48% return. Over the past 10 years, UDOW has underperformed SOXL with an annualized return of 23.30%, while SOXL has yielded a comparatively higher 65.39% annualized return.

UDOW

• 1D: -3.38%
• 1M: 10.84%
• YTD: 12.27%
• 6M: 12.78%
• 1Y: 53.13%
• 3Y*: 33.01%
• 5Y*: 12.75%
• 10Y*: 23.30%

SOXL

• 1D: 5.34%
• 1M: 119.95%
• YTD: 567.48%
• 6M: 502.28%
• 1Y: 1,438.30%
• 3Y*: 135.13%
• 5Y*: 48.72%
• 10Y*: 65.39%

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

UDOW vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	12.27%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
SOXL Direxion Daily Semiconductor Bull 3X ETF	567.48%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between UDOW and SOXL is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.65

The correlation between UDOW and SOXL shifts across timeframes, from 0.50 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

UDOW vs. SOXL - Sectors Allocation Comparison

Sectors	UDOW	SOXL
Financial Services	27.2%	-
Industrials	18.4%	-
Technology	17.1%	100.0%
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. SOXL — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 40
UDOW Sharpe Ratio Rank: 41
UDOW Sortino Ratio Rank: 40
UDOW Omega Ratio Rank: 38
UDOW Calmar Ratio Rank: 38
UDOW Martin Ratio Rank: 41

SOXL

SOXL Risk / Return Rank: 97
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	1.48	14.28	-12.81
Sortino ratio: Return per unit of downside risk	2.09	5.17	-3.08
Omega ratio: Gain probability vs. loss probability	1.25	1.72	-0.47
Calmar ratio: Return relative to maximum drawdown	1.90	33.47	-31.57
Martin ratio: Return relative to average drawdown	6.75	114.79	-108.04
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. SOXL - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.48, which is lower than the SOXL Sharpe Ratio of 14.28. The chart below compares the historical Sharpe Ratios of UDOW and SOXL, 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	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	14.28	-12.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.46	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.66	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.52	+0.02

Drawdowns

UDOW vs. SOXL - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for UDOW and SOXL.

Drawdown Indicators

	UDOW	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-90.46%	+10.17%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-43.47%	+15.40%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-87.88%	+43.05%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-90.46%	+34.67%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	-90.46%	+10.17%
Current Drawdown Current decline from peak	-3.38%	0.00%	-3.38%
Average Drawdown Average peak-to-trough decline	-14.39%	-35.01%	+20.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	12.65%	-4.75%

Volatility

UDOW vs. SOXL - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 8.80%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 40.82%. This indicates that UDOW experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	40.82%	-32.02%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	81.29%	-53.68%
Volatility (1Y) Calculated over the trailing 1-year period	36.12%	102.11%	-65.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.19%	107.25%	-63.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.76%	99.04%	-47.28%

UDOW vs. SOXL - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

UDOW vs. SOXL - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.21%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	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 SOXL in my portfolio?

UDOW and SOXL have a correlation of 0.50, 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 SOXL?

SOXL has higher volatility (40.82%) compared to UDOW (8.80%). In terms of maximum drawdown, UDOW dropped -80.29% vs SOXL's -90.46%.

Which ETF is better, UDOW or SOXL?

On 10-year performance, SOXL leads with 65.39% vs 23.30% for UDOW. On fees, SOXL is cheaper at 0.75% per year. On volatility, UDOW has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or SOXL?

Over the 10-year period, SOXL has performed better with a 65.39% return vs 23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for UDOW.

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

UDOW has the higher dividend yield at 1.21%, compared with 0.03% for SOXL.

What is the main difference between UDOW and SOXL?

UDOW tracks Dow Jones Industrial Average (300%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UDOW and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.28 vs 1.48), 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.