UPW vs. NVDG

Last updated Jun 4, 2026

UPW (ProShares Ultra Utilities) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. UPW is passively managed, while NVDG is actively managed. Over the past year, UPW returned 9.80% vs 83.14% for NVDG. At a 0.09 correlation, their price movements are largely independent. UPW charges 0.95%/yr vs 0.75%/yr for NVDG.

Performance

UPW vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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 lower than NVDG's 18.93% 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%

NVDG

• 1D: -7.35%
• 1M: 14.07%
• YTD: 18.93%
• 6M: 26.05%
• 1Y: 83.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPW vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPW ProShares Ultra Utilities	2.44%	23.61%	-3.90%
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.93%	32.45%	-0.75%

Correlation

The correlation between UPW and NVDG 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 (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.09

Return for Risk

UPW vs. NVDG — 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

NVDG

NVDG Risk / Return Rank: 34
NVDG Sharpe Ratio Rank: 34
NVDG Sortino Ratio Rank: 35
NVDG Omega Ratio Rank: 33
NVDG Calmar Ratio Rank: 39
NVDG Martin Ratio Rank: 30

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. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio Return per unit of total volatility	0.34	1.24	-0.90
Sortino ratio Return per unit of downside risk	0.65	1.87	-1.22
Omega ratio Gain probability vs. loss probability	1.08	1.22	-0.14
Calmar ratio Return relative to maximum drawdown	0.51	1.96	-1.44
Martin ratio Return relative to average drawdown	1.12	4.44	-3.32
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. NVDG - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.34, which is lower than the NVDG Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of UPW and NVDG, 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	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	1.24	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.40	-0.15

Drawdowns

UPW vs. NVDG - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than NVDG's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for UPW and NVDG.

Drawdown Indicators

	UPW	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-66.19%	-11.56%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-42.72%	+23.57%
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 Drawdown Current decline from peak	-16.92%	-18.34%	+1.42%
Average Drawdown Average peak-to-trough decline	-22.59%	-23.07%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.80%	18.77%	-9.97%

Volatility

UPW vs. NVDG - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 11.15%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.14%. This indicates that UPW experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	25.14%	-13.99%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	50.15%	-26.84%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	67.81%	-38.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	90.72%	-56.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.17%	90.72%	-53.55%

UPW vs. NVDG - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

UPW vs. NVDG - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.56%, less than NVDG's 9.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPW ProShares Ultra Utilities	1.56%	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 NVDG in my portfolio?

UPW and NVDG 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.

Which is riskier, UPW or NVDG?

NVDG has higher volatility (25.14%) compared to UPW (11.15%). In terms of maximum drawdown, UPW dropped -77.75% vs NVDG's -66.19%.

Which ETF is better, UPW or NVDG?

On 1-year performance, NVDG leads with 83.14% vs 9.80% for UPW. On fees, NVDG is cheaper at 0.75% per year. On volatility, UPW has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or NVDG?

Over the 1-year period, NVDG has performed better with a 83.14% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.95% for UPW.

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

NVDG has the higher dividend yield at 9.93%, compared with 1.56% for UPW.

What is the main difference between UPW and NVDG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UPW and 0.75% for NVDG.

Which has better risk-adjusted returns?

NVDG currently has the higher Sharpe Ratio (1.24 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.