UPW vs. FUTY

Last updated Aug 5, 2026

UPW (ProShares Ultra Utilities) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. Both are passively managed. Over the past 10 years, UPW returned 9.64%/yr vs 8.94%/yr for FUTY. Their correlation of 0.95 means they have usually moved in the same direction. UPW charges 0.95%/yr vs 0.08%/yr for FUTY.

Performance

UPW vs. FUTY - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with UPW having a 4.34% return and FUTY slightly higher at 4.40%. Over the past 10 years, UPW has outperformed FUTY with an annualized return of 9.64%, while FUTY has yielded a comparatively lower 8.94% annualized return.

UPW

• 1D: -1.08%
• 1M: -7.43%
• 6M: 2.26%
• YTD: 4.34%
• 1Y: -0.37%
• 3Y*: 19.78%
• 5Y*: 8.52%
• 10Y*: 9.64%
• ALL TIME*: 9.46%

FUTY

• 1D: -0.52%
• 1M: -3.56%
• 6M: 2.84%
• YTD: 4.40%
• 1Y: 3.83%
• 3Y*: 14.56%
• 5Y*: 8.59%
• 10Y*: 8.94%
• ALL TIME*: 9.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FUTY Fidelity MSCI Utilities Index ETF	$24.31M	$20.67M	$19.49M
UPW ProShares Ultra Utilities	$437.51K	$356.76K	$354.38K

UPW vs. FUTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	4.34%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
FUTY Fidelity MSCI Utilities Index ETF	4.40%	16.40%	23.20%	-7.46%	1.12%	17.53%	-0.80%	24.89%	4.36%	12.52%

Correlation

The correlation between UPW and FUTY is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.95

The correlation between UPW and FUTY has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

UPW vs. FUTY - Sectors Allocation Comparison

Sectors	UPW	FUTY
Utilities	100.0%	99.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.5%
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	-

Return for Risk

UPW vs. FUTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPW

UPW Risk / Return Rank: 10
UPW Sharpe Ratio Rank: 10
UPW Sortino Ratio Rank: 11
UPW Omega Ratio Rank: 11
UPW Calmar Ratio Rank: 10
UPW Martin Ratio Rank: 10

FUTY

FUTY Risk / Return Rank: 15
FUTY Sharpe Ratio Rank: 15
FUTY Sortino Ratio Rank: 14
FUTY Omega Ratio Rank: 14
FUTY Calmar Ratio Rank: 17
FUTY Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPW vs. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Fidelity MSCI Utilities Index ETF (FUTY). 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	FUTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	0.26	-0.28
Sortino ratio: Return per unit of downside risk	0.19	0.46	-0.27
Omega ratio: Gain probability vs. loss probability	1.02	1.06	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.02	0.43	-0.45
Martin ratio: Return relative to average drawdown	-0.04	0.89	-0.93

UPW vs. FUTY - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is -0.01, which is lower than the FUTY Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of UPW and FUTY, 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

UPW vs. FUTY - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than FUTY's maximum drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for UPW and FUTY.

Drawdown Indicators

	UPW	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-36.44%	-41.31%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-8.93%	-10.22%
Max Drawdown (3Y) Largest decline over 3 years	-25.06%	-12.96%	-12.10%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-25.11%	-24.31%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-36.44%	-26.23%
Current Drawdown Current decline from peak	-15.38%	-6.17%	-9.21%
Average Drawdown Average peak-to-trough decline	-22.49%	-6.00%	-16.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.99%	4.37%	+5.62%

Volatility

UPW vs. FUTY - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 8.37% compared to Fidelity MSCI Utilities Index ETF (FUTY) at 3.76%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than FUTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	3.76%	+4.61%
Volatility (6M) Calculated over the trailing 6-month period	24.17%	11.75%	+12.42%
Volatility (1Y) Calculated over the trailing 1-year period	30.15%	14.74%	+15.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.50%	17.09%	+17.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.29%	19.09%	+18.20%

UPW vs. FUTY - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is higher than FUTY's 0.08% expense ratio.

Dividends

UPW vs. FUTY - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.50%, less than FUTY's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUTY Fidelity MSCI Utilities Index ETF	2.66%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%
UPW ProShares Ultra Utilities	1.50%	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

Can I hold both UPW and FUTY in my portfolio?

With a correlation of 0.99, UPW and FUTY 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 FUTY?

UPW has higher volatility (8.37%) compared to FUTY (3.76%). In terms of maximum drawdown, UPW dropped -77.75% vs FUTY's -36.44%.

Which ETF is better, UPW or FUTY?

On 10-year performance, UPW leads with 9.64% vs 8.94% for FUTY. On fees, FUTY is cheaper at 0.08% per year. On volatility, FUTY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or FUTY?

Over the 10-year period, UPW has performed better with a 9.64% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or FUTY?

FUTY is cheaper with a 0.08% expense ratio, compared with 0.95% for UPW.

Which ETF pays a higher dividend yield, UPW or FUTY?

FUTY has the higher dividend yield at 2.66%, compared with 1.50% for UPW.

What is the main difference between UPW and FUTY?

UPW is categorized as Leveraged Equities, while FUTY is Utilities Equities. UPW tracks Dow Jones U.S. Utilities Index (200%), while FUTY tracks MSCI USA IMI Utilities Index. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for UPW and 0.08% for FUTY.

Which has better risk-adjusted returns?

FUTY currently has the higher Sharpe Ratio (0.26 vs -0.01), 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.