UDOW vs. UTSL

Last updated Jun 14, 2026

UDOW (ProShares UltraPro Dow30) and UTSL (Direxion Daily Utilities Bull 3X Shares) are both Leveraged Equities funds - UDOW tracks the Dow Jones Industrial Average (300%) while UTSL tracks the Utilities Select Sector Index (300%). Both are passively managed. Over the past 5 years, UDOW returned 13.79%/yr vs 8.66%/yr for UTSL. At a 0.40 correlation, their price movements are largely independent. UDOW charges 0.95%/yr vs 0.99%/yr for UTSL.

Performance

UDOW vs. UTSL - Performance Comparison

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

Returns By Period

In the year-to-date period, UDOW achieves a 14.65% return, which is significantly higher than UTSL's 6.35% return.

UDOW

• 1D: 2.07%
• 1M: 9.62%
• YTD: 14.65%
• 6M: 11.42%
• 1Y: 60.76%
• 3Y*: 32.31%
• 5Y*: 13.79%
• 10Y*: 23.82%

UTSL

• 1D: 3.20%
• 1M: 2.56%
• YTD: 6.35%
• 6M: 6.90%
• 1Y: 20.28%
• 3Y*: 20.77%
• 5Y*: 8.66%
• 10Y*: —

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

UDOW vs. UTSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	14.65%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	66.94%
UTSL Direxion Daily Utilities Bull 3X Shares	6.35%	29.03%	54.24%	-35.55%	-14.06%	48.16%	-38.58%	81.07%	-2.27%	11.00%

Correlation

The correlation between UDOW and UTSL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.40

The correlation between UDOW and UTSL shifts across timeframes, from 0.26 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.

UDOW vs. UTSL - Sectors Allocation Comparison

Sectors	UDOW	UTSL
Financial Services	27.3%	-
Technology	19.1%	-
Industrials	18.1%	-
Healthcare	12.8%	-
Consumer Cyclical	11.0%	-
Consumer Defensive	4.1%	-
Basic Materials	3.7%	-
Energy	2.2%	-
Communication Services	1.8%	-
Real Estate	-	-
Utilities	-	100.0%

Return for Risk

UDOW vs. UTSL — Risk / Return Rank

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

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

UTSL

UTSL Risk / Return Rank: 17
UTSL Sharpe Ratio Rank: 17
UTSL Sortino Ratio Rank: 18
UTSL Omega Ratio Rank: 18
UTSL Calmar Ratio Rank: 18
UTSL Martin Ratio Rank: 16

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. UTSL - Risk-Adjusted Trends Comparison

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

	UDOW	UTSL	Difference
Sharpe ratio: Return per unit of total volatility	1.40	0.42	+0.98
Sortino ratio: Return per unit of downside risk	1.99	0.83	+1.16
Omega ratio: Gain probability vs. loss probability	1.24	1.10	+0.14
Calmar ratio: Return relative to maximum drawdown	1.86	0.64	+1.22
Martin ratio: Return relative to average drawdown	6.59	1.30	+5.29

UDOW vs. UTSL - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.40, which is higher than the UTSL Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of UDOW and UTSL, 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

UDOW vs. UTSL - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, roughly equal to the maximum UTSL drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for UDOW and UTSL.

Drawdown Indicators

	UDOW	UTSL	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-79.55%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-28.45%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-46.22%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-68.01%	+12.22%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	—	—
Current Drawdown Current decline from peak	-2.65%	-21.69%	+19.04%
Average Drawdown Average peak-to-trough decline	-14.37%	-33.19%	+18.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.94%	13.87%	-5.93%

Volatility

UDOW vs. UTSL - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 12.92%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 17.03%. This indicates that UDOW experiences smaller price fluctuations and is considered to be less risky than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	UTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.92%	17.03%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	29.12%	35.33%	-6.21%
Volatility (1Y) Calculated over the trailing 1-year period	37.38%	43.73%	-6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.39%	52.08%	-7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.84%	59.23%	-7.39%

UDOW vs. UTSL - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is lower than UTSL's 0.99% expense ratio.

Dividends

UDOW vs. UTSL - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.18%, less than UTSL's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UTSL Direxion Daily Utilities Bull 3X Shares	1.71%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UDOW and UTSL in my portfolio?

UDOW and UTSL have a correlation of 0.26, 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 UTSL?

UTSL has higher volatility (17.03%) compared to UDOW (12.92%). In terms of maximum drawdown, UDOW dropped -80.29% vs UTSL's -79.55%.

Which ETF is better, UDOW or UTSL?

On 5-year performance, UDOW leads with 13.79% vs 8.66% for UTSL. On fees, UDOW is cheaper at 0.95% 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, UDOW or UTSL?

Over the 5-year period, UDOW has performed better with a 13.79% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or UTSL?

UDOW is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.

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

UTSL has the higher dividend yield at 1.71%, compared with 1.18% for UDOW.

What is the main difference between UDOW and UTSL?

UDOW tracks Dow Jones Industrial Average (300%), while UTSL tracks Utilities Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UDOW and 0.99% for UTSL.

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.40 vs 0.42), 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.