UPW vs. DIG
UPW (ProShares Ultra Utilities) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds from ProShares - UPW tracks the Dow Jones U.S. Utilities Index (200%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, UPW returned 9.28%/yr vs 4.46%/yr for DIG. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UPW vs. DIG - Performance Comparison
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Returns By Period
In the year-to-date period, UPW achieves a 8.42% return, which is significantly lower than DIG's 62.13% return. Over the past 10 years, UPW has outperformed DIG with an annualized return of 9.28%, while DIG has yielded a comparatively lower 4.46% annualized return.
UPW
- 1D
- -0.82%
- 1M
- 1.80%
- 6M
- 5.55%
- YTD
- 8.42%
- 1Y
- 12.23%
- 3Y*
- 15.69%
- 5Y*
- 11.00%
- 10Y*
- 9.28%
- ALL TIME*
- 9.70%
DIG
- 1D
- 0.87%
- 1M
- 16.92%
- 6M
- 43.45%
- YTD
- 62.13%
- 1Y
- 74.21%
- 3Y*
- 17.88%
- 5Y*
- 33.41%
- 10Y*
- 4.46%
- ALL TIME*
- -0.17%
UPW vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 8.42% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
DIG ProShares Ultra Oil & Gas | 62.13% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between UPW and DIG is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.35 |
Over the past year, the correlation between UPW and DIG has dropped to 0.08 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.
UPW vs. DIG - Sectors Allocation Comparison
Sectors
UPW
DIG
Utilities
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Financial Services
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
UPW
DIG
-
Basic Materials
UPW
-
DIG
-
Communication Services
UPW
-
DIG
-
Consumer Cyclical
UPW
-
DIG
-
Consumer Defensive
UPW
-
DIG
-
Energy
UPW
-
DIG
Financial Services
UPW
-
DIG
Healthcare
UPW
-
DIG
-
Industrials
UPW
-
DIG
-
Real Estate
UPW
-
DIG
-
Technology
UPW
-
DIG
-
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Return for Risk
UPW vs. DIG — Risk / Return Rank
UPW
DIG
UPW vs. DIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and ProShares Ultra Oil & Gas (DIG). 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.
| UPW | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.28 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 2.50 | -1.86 |
| Martin ratioReturn relative to average drawdown | 1.26 | 6.44 | -5.18 |
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Drawdowns
UPW vs. DIG - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for UPW and DIG.
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Drawdown Indicators
| UPW | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -97.04% | +19.29% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -29.80% | +10.65% |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | -42.41% | +9.25% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -46.02% | -3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -92.53% | +29.86% |
Current DrawdownCurrent decline from peak | -12.07% | -52.50% | +40.43% |
Average DrawdownAverage peak-to-trough decline | -22.52% | -64.30% | +41.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.70% | 11.56% | -1.86% |
Volatility
UPW vs. DIG - Volatility Comparison
The current volatility for ProShares Ultra Utilities (UPW) is 9.08%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 12.04%. This indicates that UPW experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | 12.04% | -2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 23.84% | 33.13% | -9.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.83% | 41.94% | -12.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.45% | 51.25% | -16.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.27% | 57.81% | -20.54% |
UPW vs. DIG - Expense Ratio Comparison
Both UPW and DIG have an expense ratio of 0.95%.
Dividends
UPW vs. DIG - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.44%, less than DIG's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.53% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
UPW ProShares Ultra Utilities | 1.44% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
Frequently Asked Questions
UPW and DIG have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (12.04%) compared to UPW (9.08%). In terms of maximum drawdown, UPW dropped -77.75% vs DIG's -97.04%.
On 10-year performance, UPW leads with 9.28% vs 4.46% for DIG. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 9.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPW has performed better with a 9.28% return vs 4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPW and DIG have the same expense ratio: 0.95% per year.
DIG has the higher dividend yield at 1.53%, compared with 1.44% for UPW.
UPW tracks Dow Jones U.S. Utilities Index (200%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%).
DIG currently has the higher Sharpe Ratio (1.78 vs 0.41), 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.
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