UPW vs. GEMG
UPW (ProShares Ultra Utilities) and GEMG (Leverage Shares 2X Long GEMI Daily ETF) are both Leveraged Equities funds. UPW is passively managed, while GEMG is actively managed. At a correlation of -0.01, they often move in opposite directions. UPW charges 0.95%/yr vs 0.75%/yr for GEMG.
Performance
UPW vs. GEMG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UPW achieves a 10.19% return, which is significantly higher than GEMG's -89.02% return.
UPW
- 1D
- 1.77%
- 1M
- -0.06%
- YTD
- 10.19%
- 6M
- 10.66%
- 1Y
- 20.48%
- 3Y*
- 20.05%
- 5Y*
- 12.26%
- 10Y*
- 10.32%
GEMG
- 1D
- -6.14%
- 1M
- -33.52%
- YTD
- -89.02%
- 6M
- -91.24%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UPW vs. GEMG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UPW ProShares Ultra Utilities | 10.19% | -7.18% |
GEMG Leverage Shares 2X Long GEMI Daily ETF | -89.02% | -71.91% |
Correlation
The correlation between UPW and GEMG is -0.01, 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 (All Time) Calculated using the full available price history since Nov 5, 2025 | -0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UPW vs. GEMG — Risk / Return Rank
UPW
GEMG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
UPW vs. GEMG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Leverage Shares 2X Long GEMI Daily ETF (GEMG). 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 | GEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.14 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | — | — |
| Martin ratioReturn relative to average drawdown | 2.20 | — | — |
Loading charts...
Drawdowns
UPW vs. GEMG - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum GEMG drawdown of -97.26%. Use the drawdown chart below to compare losses from any high point for UPW and GEMG.
Loading charts...
Drawdown Indicators
| UPW | GEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -97.26% | +19.51% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | — | — |
Current DrawdownCurrent decline from peak | -10.63% | -97.10% | +86.47% |
Average DrawdownAverage peak-to-trough decline | -22.57% | -81.17% | +58.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.35% | — | — |
Volatility
UPW vs. GEMG - Volatility Comparison
Loading charts...
Volatility by Period
| UPW | GEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.08% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 23.61% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 219.33% | -190.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 219.33% | -184.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.23% | 219.33% | -182.10% |
UPW vs. GEMG - Expense Ratio Comparison
UPW has a 0.95% expense ratio, which is higher than GEMG's 0.75% expense ratio.
Dividends
UPW vs. GEMG - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.45%, while GEMG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEMG Leverage Shares 2X Long GEMI Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPW ProShares Ultra Utilities | 1.45% | 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 GEMG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GEMG is cheaper with a 0.75% expense ratio, compared with 0.95% for UPW.
UPW has the higher dividend yield at 1.45%, compared with 0.00% for GEMG.
They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UPW and 0.75% for GEMG.
Find the right allocation for UPW and GEMG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer