UPW vs. ^SIXU

Last updated Jun 4, 2026

UPW (ProShares Ultra Utilities) is Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while ^SIXU (Utilities Select Sector Index) is an index. Over the past 10 years, UPW returned 9.80%/yr vs 5.75%/yr for ^SIXU. Their correlation of 0.94 suggests significant overlap in exposure.

Performance

UPW vs. ^SIXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and Utilities Select Sector Index (^SIXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPW achieves a 2.44% return, which is significantly higher than ^SIXU's 1.90% return. Over the past 10 years, UPW has outperformed ^SIXU with an annualized return of 9.80%, while ^SIXU has yielded a comparatively lower 5.75% annualized return.

UPW

• 1D: -0.56%
• 1M: -11.72%
• YTD: 2.44%
• 6M: -1.65%
• 1Y: 9.80%
• 3Y*: 17.51%
• 5Y*: 9.49%
• 10Y*: 9.80%

^SIXU

• 1D: -0.54%
• 1M: -6.16%
• YTD: 1.90%
• 6M: -0.15%
• 1Y: 6.22%
• 3Y*: 10.38%
• 5Y*: 6.00%
• 10Y*: 5.75%

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

UPW vs. ^SIXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	2.44%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
^SIXU Utilities Select Sector Index	1.90%	12.69%	19.58%	-10.20%	-1.12%	13.62%	-2.80%	22.24%	0.48%	8.32%

Correlation

The correlation between UPW and ^SIXU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009	0.94

The correlation between UPW and ^SIXU has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

Return for Risk

UPW vs. ^SIXU — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 14
UPW Sharpe Ratio Rank: 14
UPW Sortino Ratio Rank: 14
UPW Omega Ratio Rank: 14
UPW Calmar Ratio Rank: 15
UPW Martin Ratio Rank: 14

^SIXU

^SIXU Risk / Return Rank: 26
^SIXU Sharpe Ratio Rank: 26
^SIXU Sortino Ratio Rank: 24
^SIXU Omega Ratio Rank: 24
^SIXU Calmar Ratio Rank: 29
^SIXU Martin Ratio Rank: 28

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.

UPW vs. ^SIXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Utilities Select Sector Index (^SIXU). 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.

	UPW	^SIXU	Difference
Sharpe ratio Return per unit of total volatility	0.34	0.42	-0.09
Sortino ratio Return per unit of downside risk	0.65	0.67	-0.02
Omega ratio Gain probability vs. loss probability	1.08	1.08	0.00
Calmar ratio Return relative to maximum drawdown	0.51	0.64	-0.12
Martin ratio Return relative to average drawdown	1.12	1.41	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPW vs. ^SIXU - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.34, which is comparable to the ^SIXU Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of UPW and ^SIXU, 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

	UPW	^SIXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	0.42	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.35	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.30	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.36	-0.11

Drawdowns

UPW vs. ^SIXU - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than ^SIXU's maximum drawdown of -36.56%. Use the drawdown chart below to compare losses from any high point for UPW and ^SIXU.

Drawdown Indicators

	UPW	^SIXU	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-36.56%	-41.19%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-9.82%	-9.33%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-18.03%	-15.13%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-27.79%	-21.63%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-36.56%	-26.11%
Current Drawdown Current decline from peak	-16.92%	-8.46%	-8.46%
Average Drawdown Average peak-to-trough decline	-22.59%	-6.71%	-15.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.80%	4.42%	+4.38%

Volatility

UPW vs. ^SIXU - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 11.15% compared to Utilities Select Sector Index (^SIXU) at 5.58%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than ^SIXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	^SIXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	5.58%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	11.69%	+11.62%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	14.70%	+14.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	17.34%	+17.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.17%	19.41%	+17.76%

Frequently Asked Questions

Can I hold both UPW and ^SIXU in my portfolio?

With a correlation of 0.99, UPW and ^SIXU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPW or ^SIXU?

UPW has higher volatility (11.15%) compared to ^SIXU (5.58%). In terms of maximum drawdown, UPW dropped -77.75% vs ^SIXU's -36.56%.

Which has better risk-adjusted returns?

^SIXU currently has the higher Sharpe Ratio (0.42 vs 0.34), 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.