UPW vs. PPA
Compare and contrast key facts about ProShares Ultra Utilities (UPW) and Invesco Aerospace & Defense ETF (PPA).
UPW and PPA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPW is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Utilities Index (200%). It was launched on Jan 30, 2007. PPA is a passively managed fund by Invesco that tracks the performance of the SPADE Defense Index. It was launched on Oct 26, 2005. Both UPW and PPA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UPW vs. PPA - Performance Comparison
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UPW vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 14.41% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
PPA Invesco Aerospace & Defense ETF | 5.82% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Returns By Period
In the year-to-date period, UPW achieves a 14.41% return, which is significantly higher than PPA's 5.82% return. Over the past 10 years, UPW has underperformed PPA with an annualized return of 11.18%, while PPA has yielded a comparatively higher 17.70% annualized return.
UPW
- 1D
- -0.37%
- 1M
- -7.21%
- YTD
- 14.41%
- 6M
- 9.25%
- 1Y
- 30.87%
- 3Y*
- 18.27%
- 5Y*
- 12.78%
- 10Y*
- 11.18%
PPA
- 1D
- 3.49%
- 1M
- -8.46%
- YTD
- 5.82%
- 6M
- 6.62%
- 1Y
- 42.80%
- 3Y*
- 27.91%
- 5Y*
- 18.59%
- 10Y*
- 17.70%
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UPW vs. PPA - Expense Ratio Comparison
UPW has a 0.95% expense ratio, which is higher than PPA's 0.61% expense ratio.
Return for Risk
UPW vs. PPA — Risk / Return Rank
UPW
PPA
UPW vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.99 | -1.00 |
Sortino ratioReturn per unit of downside risk | 1.41 | 2.68 | -1.27 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.37 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.11 | -1.33 |
Martin ratioReturn relative to average drawdown | 4.17 | 12.51 | -8.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UPW | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.99 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 1.03 | -0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.87 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.66 | -0.39 |
Correlation
The correlation between UPW and PPA is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
UPW vs. PPA - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.40%, more than PPA's 0.40% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 1.40% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
PPA Invesco Aerospace & Defense ETF | 0.40% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Drawdowns
UPW vs. PPA - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, which is greater than PPA's maximum drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for UPW and PPA.
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Drawdown Indicators
| UPW | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -57.37% | -20.38% |
Max Drawdown (1Y)Largest decline over 1 year | -18.93% | -13.71% | -5.22% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -18.37% | -31.05% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -43.92% | -18.75% |
Current DrawdownCurrent decline from peak | -7.21% | -10.69% | +3.48% |
Average DrawdownAverage peak-to-trough decline | -22.71% | -9.19% | -13.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.09% | 3.41% | +4.68% |
Volatility
UPW vs. PPA - Volatility Comparison
ProShares Ultra Utilities (UPW) has a higher volatility of 10.16% compared to Invesco Aerospace & Defense ETF (PPA) at 7.16%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.16% | 7.16% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 20.93% | 15.07% | +5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.45% | 21.64% | +9.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.11% | 18.19% | +15.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.07% | 20.48% | +16.59% |