UPW vs. TSMX

Last updated Jun 24, 2026

UPW (ProShares Ultra Utilities) and TSMX (Direxion Daily TSM Bull 2X Shares) are both Leveraged Equities funds. UPW is passively managed, while TSMX is actively managed. Over the past year, UPW returned 20.48% vs 240.03% for TSMX. At a 0.14 correlation, their price movements are largely independent. UPW charges 0.95%/yr vs 1.05%/yr for TSMX.

Performance

UPW vs. TSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, UPW achieves a 10.19% return, which is significantly lower than TSMX's 80.35% 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%

TSMX

• 1D: -13.50%
• 1M: 12.92%
• YTD: 80.35%
• 6M: 88.28%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPW vs. TSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPW ProShares Ultra Utilities	10.19%	23.61%	-14.64%
TSMX Direxion Daily TSM Bull 2X Shares	80.35%	81.48%	16.84%

Correlation

The correlation between UPW and TSMX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.14

UPW vs. TSMX - Sectors Allocation Comparison

Sectors	UPW	TSMX
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%

Return for Risk

UPW vs. TSMX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPW

UPW Risk / Return Rank: 21
UPW Sharpe Ratio Rank: 21
UPW Sortino Ratio Rank: 21
UPW Omega Ratio Rank: 20
UPW Calmar Ratio Rank: 23
UPW Martin Ratio Rank: 20

TSMX

TSMX Risk / Return Rank: 85
TSMX Sharpe Ratio Rank: 93
TSMX Sortino Ratio Rank: 75
TSMX Omega Ratio Rank: 69
TSMX Calmar Ratio Rank: 94
TSMX Martin Ratio Rank: 92

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. TSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Direxion Daily TSM Bull 2X Shares (TSMX). 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	TSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	3.15	-2.45
Sortino ratio: Return per unit of downside risk	1.09	3.15	-2.06
Omega ratio: Gain probability vs. loss probability	1.14	1.39	-0.25
Calmar ratio: Return relative to maximum drawdown	1.07	6.92	-5.85
Martin ratio: Return relative to average drawdown	2.20	22.13	-19.93

UPW vs. TSMX - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.70, which is lower than the TSMX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of UPW and TSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UPW vs. TSMX - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than TSMX's maximum drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for UPW and TSMX.

Drawdown Indicators

	UPW	TSMX	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-63.80%	-13.95%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-34.93%	+15.78%
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	-10.63%	-13.50%	+2.87%
Average Drawdown Average peak-to-trough decline	-22.57%	-15.59%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.35%	10.90%	-1.55%

Volatility

UPW vs. TSMX - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 10.08%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 33.01%. This indicates that UPW experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	TSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	33.01%	-22.93%
Volatility (6M) Calculated over the trailing 6-month period	23.61%	60.15%	-36.54%
Volatility (1Y) Calculated over the trailing 1-year period	29.31%	76.69%	-47.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.38%	82.69%	-48.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.23%	82.69%	-45.46%

UPW vs. TSMX - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.

Dividends

UPW vs. TSMX - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.45%, less than TSMX's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSMX Direxion Daily TSM Bull 2X Shares	4.58%	8.01%	0.53%	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

Can I hold both UPW and TSMX in my portfolio?

UPW and TSMX have a correlation of 0.15, 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 TSMX?

TSMX has higher volatility (33.01%) compared to UPW (10.08%). In terms of maximum drawdown, UPW dropped -77.75% vs TSMX's -63.80%.

Which ETF is better, UPW or TSMX?

On 1-year performance, TSMX leads with 240.03% vs 20.48% for UPW. On fees, UPW is cheaper at 0.95% per year. On volatility, UPW has been the lower-risk option at 10.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or TSMX?

Over the 1-year period, TSMX has performed better with a 240.03% return vs 20.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or TSMX?

UPW is cheaper with a 0.95% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.58%, compared with 1.45% for UPW.

What is the main difference between UPW and TSMX?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UPW and 1.05% for TSMX.

Which has better risk-adjusted returns?

TSMX currently has the higher Sharpe Ratio (3.15 vs 0.70), 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.