UDOW vs. SPXL

Last updated Jun 4, 2026

UDOW (ProShares UltraPro Dow30) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds - UDOW tracks the Dow Jones Industrial Average (300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, UDOW returned 23.30%/yr vs 30.20%/yr for SPXL. Their correlation of 0.92 suggests significant overlap in exposure. UDOW charges 0.95%/yr vs 0.84%/yr for SPXL.

Performance

UDOW vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 SPXL's 28.14% return. Over the past 10 years, UDOW has underperformed SPXL with an annualized return of 23.30%, while SPXL has yielded a comparatively higher 30.20% 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%

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

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

UDOW vs. SPXL - 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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between UDOW and SPXL 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 12, 2010	0.92

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

UDOW vs. SPXL - Sectors Allocation Comparison

Sectors	UDOW	SPXL
Financial Services	27.2%	2.6%
Industrials	18.4%	1.7%
Technology	17.1%	8.5%
Healthcare	13.1%	1.9%
Consumer Cyclical	11.6%	2.2%
Consumer Defensive	4.4%	1.1%
Basic Materials	4.0%	0.4%
Energy	2.4%	0.8%
Communication Services	1.9%	2.4%
Real Estate	-	0.4%
Utilities	-	0.6%

Return for Risk

UDOW vs. SPXL — 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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

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. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.32	-0.84
Sortino ratio: Return per unit of downside risk	2.09	2.78	-0.69
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	1.90	3.06	-1.16
Martin ratio: Return relative to average drawdown	6.75	12.94	-6.19
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. SPXL - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.48, which is lower than the SPXL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of UDOW and SPXL, 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	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.32	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.47	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.57	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.53	+0.01

Drawdowns

UDOW vs. SPXL - Drawdown Comparison

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

Drawdown Indicators

	UDOW	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-76.86%	-3.43%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-26.77%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-48.95%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-63.80%	+8.01%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	-76.86%	-3.43%
Current Drawdown Current decline from peak	-3.38%	-2.08%	-1.30%
Average Drawdown Average peak-to-trough decline	-14.39%	-15.72%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	6.32%	+1.58%

Volatility

UDOW vs. SPXL - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) have volatilities of 8.80% and 8.49%, 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

	UDOW	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	8.49%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	26.67%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	36.12%	35.39%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.19%	50.24%	-6.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.76%	53.42%	-1.66%

UDOW vs. SPXL - Expense Ratio Comparison

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

Dividends

UDOW vs. SPXL - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.21%, more than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	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	1.21%	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 SPXL in my portfolio?

UDOW and SPXL 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, UDOW or SPXL?

UDOW has higher volatility (8.80%) compared to SPXL (8.49%). In terms of maximum drawdown, UDOW dropped -80.29% vs SPXL's -76.86%.

Which ETF is better, UDOW or SPXL?

On 10-year performance, SPXL leads with 30.20% vs 23.30% for UDOW. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or SPXL?

Over the 10-year period, SPXL has performed better with a 30.20% 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 SPXL?

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

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

UDOW has the higher dividend yield at 1.21%, compared with 0.52% for SPXL.

What is the main difference between UDOW and SPXL?

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

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 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.