UPW vs. IFED
UPW (ProShares Ultra Utilities) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - UPW tracks the Dow Jones U.S. Utilities Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, UPW returned 20.05%/yr vs 16.54%/yr for IFED. At a 0.31 correlation, their price movements are largely independent. UPW charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
UPW vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, UPW achieves a 10.19% return, which is significantly higher than IFED's -3.07% 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%
IFED
- 1D
- -0.05%
- 1M
- 2.47%
- YTD
- -3.07%
- 6M
- -3.90%
- 1Y
- 2.52%
- 3Y*
- 16.54%
- 5Y*
- —
- 10Y*
- —
UPW vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 10.19% | 23.61% | 37.67% | -22.37% | -4.59% | 13.74% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.07% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between UPW and IFED is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.31 |
Over the past year, the correlation between UPW and IFED has dropped to 0.09 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.
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Return for Risk
UPW vs. IFED — Risk / Return Rank
UPW
IFED
UPW vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.04 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | 0.17 | +0.90 |
| Martin ratioReturn relative to average drawdown | 2.20 | 0.43 | +1.77 |
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Drawdowns
UPW vs. IFED - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for UPW and IFED.
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Drawdown Indicators
| UPW | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -22.36% | -55.39% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -14.65% | -4.50% |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | -22.36% | -10.80% |
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% | -5.05% | -5.58% |
Average DrawdownAverage peak-to-trough decline | -22.57% | -5.83% | -16.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.35% | 5.88% | +3.47% |
Volatility
UPW vs. IFED - Volatility Comparison
ProShares Ultra Utilities (UPW) has a higher volatility of 10.08% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 6.74%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.08% | 6.74% | +3.34% |
Volatility (6M)Calculated over the trailing 6-month period | 23.61% | 13.81% | +9.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 16.84% | +12.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 19.92% | +14.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.23% | 19.92% | +17.31% |
UPW vs. IFED - Expense Ratio Comparison
UPW has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
UPW vs. IFED - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.45%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 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 IFED have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPW has higher volatility (10.08%) compared to IFED (6.74%). In terms of maximum drawdown, UPW dropped -77.75% vs IFED's -22.36%.
On 3-year performance, UPW leads with 20.05% vs 16.54% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 6.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UPW has performed better with a 20.05% return vs 16.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for UPW.
UPW has the higher dividend yield at 1.45%, compared with 0.00% for IFED.
UPW tracks Dow Jones U.S. Utilities Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for UPW and 0.45% for IFED.
UPW currently has the higher Sharpe Ratio (0.70 vs 0.15), 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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