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UPW vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPW vs. SPUU

Last updated Aug 2, 2026
Documentation

UPW (ProShares Ultra Utilities) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - UPW tracks the Dow Jones U.S. Utilities Index (200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, UPW returned 9.38%/yr vs 23.82%/yr for SPUU. Their 0.35 correlation means their historical movements had little consistent relationship. UPW charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

UPW vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UPW achieves a 5.68% return, which is significantly lower than SPUU's 16.72% return. Over the past 10 years, UPW has underperformed SPUU with an annualized return of 9.38%, while SPUU has yielded a comparatively higher 23.82% annualized return.

UPW

1D
-1.15%
1M
-6.24%
6M
3.76%
YTD
5.68%
1Y
4.16%
3Y*
17.45%
5Y*
9.79%
10Y*
9.38%
ALL TIME*
9.54%

SPUU

1D
1.52%
1M
0.24%
6M
14.02%
YTD
16.72%
1Y
38.14%
3Y*
31.33%
5Y*
17.73%
10Y*
23.82%
ALL TIME*
21.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SPUU

Direxion Daily S&P 500 Bull 2X ETF
$4.20M$4.55M$4.33M

UPW

ProShares Ultra Utilities
$399.58K$331.97K$346.79K

UPW vs. SPUU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UPW
ProShares Ultra Utilities		5.68%23.61%37.67%-22.37%-4.59%32.57%-17.15%48.59%2.36%22.53%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		16.72%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%

Correlation

The correlation between UPW and SPUU is 0.11, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.11

Correlation (3Y)
Balances recent behavior with more history.

0.24

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.36

Correlation (10Y)
Provides a long-term view across more market conditions.

0.34

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

0.35

Over the past year, the correlation between UPW and SPUU has dropped to 0.11 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

UPW vs. SPUU - Sectors Allocation Comparison

Sectors
UPW
SPUU

Utilities

100.0%
1.2%

Basic Materials

-

0.8%

Communication Services

-

4.2%

Consumer Cyclical

-

3.9%

Consumer Defensive

-

2.1%

Energy

-

1.5%

Financial Services

-

5.5%

Healthcare

-

4.1%

Industrials

-

3.5%

Real Estate

-

0.9%

Technology

-

17.0%

Utilities

UPW
100.0%
SPUU
1.2%

Basic Materials

UPW

-

SPUU
0.8%

Communication Services

UPW

-

SPUU
4.2%

Consumer Cyclical

UPW

-

SPUU
3.9%

Consumer Defensive

UPW

-

SPUU
2.1%

Energy

UPW

-

SPUU
1.5%

Financial Services

UPW

-

SPUU
5.5%

Healthcare

UPW

-

SPUU
4.1%

Industrials

UPW

-

SPUU
3.5%

Real Estate

UPW

-

SPUU
0.9%

Technology

UPW

-

SPUU
17.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Utilities

Direxion Daily S&P 500 Bull 2X ETF

Often compared with UPW:
UPW vs. UTSLUPW vs. SDPUPW vs. XLUUPW vs. UTESUPW vs. VPUUPW vs. SOXLUPW vs. FUTY
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. QQQSPUU vs. DDM

Return for Risk

UPW vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
UPW
UPW Risk / Return Rank: 1515
Overall Rank
UPW Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
UPW Sortino Ratio Rank: 1515
Sortino Ratio Rank
UPW Omega Ratio Rank: 1515
Omega Ratio Rank
UPW Calmar Ratio Rank: 1515
Calmar Ratio Rank
UPW Martin Ratio Rank: 1414
Martin Ratio Rank
SPUU
SPUU Risk / Return Rank: 5454
Overall Rank
SPUU Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPUU Omega Ratio Rank: 5252
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPUU Martin Ratio Rank: 6262
Martin Ratio Rank
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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.

UPWSPUUDifference
Sharpe ratioReturn per unit of total volatility
0.16
1.30

-1.14

Sortino ratioReturn per unit of downside risk
0.43
1.80

-1.37

Omega ratioGain probability vs. loss probability

1.05

1.23

-0.18

Calmar ratioReturn relative to maximum drawdown

0.25

1.85

-1.60

Martin ratioReturn relative to average drawdown

0.49

7.47

-6.97

UPW vs. SPUU - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.16, which is lower than the SPUU Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of UPW and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

UPW vs. SPUU - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for UPW and SPUU.

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Drawdown Indicators

UPWSPUUDifference

Max Drawdown

Largest peak-to-trough decline

-77.75%

-59.35%

-18.40%

Max Drawdown (1Y)

Largest decline over 1 year

-19.15%

-18.19%

-0.96%

Max Drawdown (3Y)

Largest decline over 3 years

-25.06%

-35.18%

+10.12%

Max Drawdown (5Y)

Largest decline over 5 years

-49.42%

-46.59%

-2.83%

Max Drawdown (10Y)

Largest decline over 10 years

-62.67%

-59.35%

-3.32%

Current Drawdown

Current decline from peak

-14.30%

-3.83%

-10.47%

Average Drawdown

Average peak-to-trough decline

-22.50%

-9.44%

-13.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.91%

4.51%

+5.40%

Volatility

UPW vs. SPUU - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 9.72% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UPWSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.72%

7.10%

+2.62%

Volatility (6M)

Calculated over the trailing 6-month period

24.35%

20.38%

+3.97%

Volatility (1Y)

Calculated over the trailing 1-year period

30.15%

25.88%

+4.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.49%

33.70%

+0.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.29%

35.79%

+1.50%

UPW vs. SPUU - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

UPW vs. SPUU - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.48%, more than SPUU's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
SPUU
Direxion Daily S&P 500 Bull 2X ETF		1.34%1.63%0.55%0.83%0.88%3.04%8.03%1.80%5.50%6.96%8.08%4.42%
UPW
ProShares Ultra Utilities		1.48%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 SPUU have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UPW has higher volatility (9.72%) compared to SPUU (7.10%). In terms of maximum drawdown, UPW dropped -77.75% vs SPUU's -59.35%.

On 10-year performance, SPUU leads with 23.82% vs 9.38% for UPW. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPUU has performed better with a 23.82% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for UPW.

UPW has the higher dividend yield at 1.48%, compared with 1.34% for SPUU.

UPW tracks Dow Jones U.S. Utilities Index (200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UPW and 0.60% for SPUU.

SPUU currently has the higher Sharpe Ratio (1.30 vs 0.16), 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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