UPW vs. UTES
Compare and contrast key facts about ProShares Ultra Utilities (UPW) and Virtus Reaves Utilities ETF (UTES).
UPW and UTES 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. UTES is an actively managed fund by Virtus Investment Partners. It was launched on Sep 23, 2015.
Performance
UPW vs. UTES - Performance Comparison
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UPW vs. UTES - 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% |
UTES Virtus Reaves Utilities ETF | 1.60% | 25.71% | 45.35% | -2.46% | 0.80% | 20.74% | -0.30% | 25.48% | 5.14% | 14.21% |
Returns By Period
In the year-to-date period, UPW achieves a 14.41% return, which is significantly higher than UTES's 1.60% return. Over the past 10 years, UPW has underperformed UTES with an annualized return of 11.18%, while UTES has yielded a comparatively higher 12.83% 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%
UTES
- 1D
- 0.11%
- 1M
- -6.27%
- YTD
- 1.60%
- 6M
- -3.38%
- 1Y
- 25.54%
- 3Y*
- 22.73%
- 5Y*
- 16.38%
- 10Y*
- 12.83%
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UPW vs. UTES - Expense Ratio Comparison
UPW has a 0.95% expense ratio, which is higher than UTES's 0.49% expense ratio.
Return for Risk
UPW vs. UTES — Risk / Return Rank
UPW
UTES
UPW vs. UTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Virtus Reaves Utilities ETF (UTES). 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 | UTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.13 | -0.14 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.56 | -0.15 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.21 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.88 | -0.10 |
Martin ratioReturn relative to average drawdown | 4.17 | 4.68 | -0.51 |
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 | UTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.13 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.81 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.64 | -0.34 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.72 | -0.45 |
Correlation
The correlation between UPW and UTES is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
UPW vs. UTES - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.40%, less than UTES's 1.47% 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% |
UTES Virtus Reaves Utilities ETF | 1.47% | 1.42% | 1.51% | 2.44% | 2.13% | 1.94% | 2.09% | 1.84% | 2.09% | 3.44% | 3.53% | 0.61% |
Drawdowns
UPW vs. UTES - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, which is greater than UTES's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for UPW and UTES.
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Drawdown Indicators
| UPW | UTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -35.39% | -42.36% |
Max Drawdown (1Y)Largest decline over 1 year | -18.93% | -13.88% | -5.05% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -20.40% | -29.02% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -35.39% | -27.28% |
Current DrawdownCurrent decline from peak | -7.21% | -7.89% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -22.71% | -5.51% | -17.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.09% | 5.59% | +2.50% |
Volatility
UPW vs. UTES - Volatility Comparison
ProShares Ultra Utilities (UPW) has a higher volatility of 10.16% compared to Virtus Reaves Utilities ETF (UTES) at 8.04%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | UTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.16% | 8.04% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 20.93% | 16.26% | +4.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.45% | 22.79% | +8.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.11% | 20.28% | +13.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.07% | 20.03% | +17.04% |