UPW vs. UTES

Last updated Jun 3, 2026

UPW (ProShares Ultra Utilities) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while UTES is a Utilities Equities fund actively managed by Virtus Investment Partners. UPW is passively managed, while UTES is actively managed. Over the past 10 years, UPW returned 9.86%/yr vs 12.51%/yr for UTES. Their correlation of 0.84 suggests significant overlap in exposure. UPW charges 0.95%/yr vs 0.49%/yr for UTES.

Performance

UPW vs. UTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and Virtus Reaves Utilities ETF (UTES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPW achieves a 3.01% return, which is significantly higher than UTES's 1.08% return. Over the past 10 years, UPW has underperformed UTES with an annualized return of 9.86%, while UTES has yielded a comparatively higher 12.51% annualized return.

UPW

• 1D: 3.33%
• 1M: -12.03%
• YTD: 3.01%
• 6M: -1.90%
• 1Y: 10.99%
• 3Y*: 17.73%
• 5Y*: 9.50%
• 10Y*: 9.86%

UTES

• 1D: 2.05%
• 1M: -4.89%
• YTD: 1.08%
• 6M: -1.15%
• 1Y: 9.91%
• 3Y*: 23.18%
• 5Y*: 15.83%
• 10Y*: 12.51%

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

UPW vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	3.01%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
UTES Virtus Reaves Utilities ETF	1.08%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%

Correlation

The correlation between UPW and UTES is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.84

The correlation between UPW and UTES has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

UPW vs. UTES - Sectors Allocation Comparison

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

Return for Risk

UPW vs. UTES — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 15
UPW Sharpe Ratio Rank: 15
UPW Sortino Ratio Rank: 15
UPW Omega Ratio Rank: 15
UPW Calmar Ratio Rank: 16
UPW Martin Ratio Rank: 15

UTES

UTES Risk / Return Rank: 17
UTES Sharpe Ratio Rank: 16
UTES Sortino Ratio Rank: 16
UTES Omega Ratio Rank: 16
UTES Calmar Ratio Rank: 19
UTES Martin Ratio Rank: 17

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. 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 ratio Return per unit of total volatility	0.38	0.47	-0.09
Sortino ratio Return per unit of downside risk	0.70	0.77	-0.07
Omega ratio Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio Return relative to maximum drawdown	0.61	0.79	-0.19
Martin ratio Return relative to average drawdown	1.33	1.82	-0.49
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. UTES - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.38, which is comparable to the UTES Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of UPW and UTES, 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	UTES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	0.47	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.77	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.62	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.70	-0.45

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.

Drawdown Indicators

	UPW	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-35.39%	-42.36%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-13.88%	-5.27%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-17.62%	-15.54%
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 Drawdown Current decline from peak	-16.46%	-8.36%	-8.10%
Average Drawdown Average peak-to-trough decline	-22.59%	-5.52%	-17.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	6.05%	+2.68%

Volatility

UPW vs. UTES - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 11.15% compared to Virtus Reaves Utilities ETF (UTES) at 7.44%. 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.

Volatility by Period

	UPW	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	7.44%	+3.71%
Volatility (6M) Calculated over the trailing 6-month period	23.82%	17.12%	+6.70%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	21.26%	+7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.42%	20.59%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	20.16%	+17.02%

UPW vs. UTES - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is higher than UTES's 0.49% expense ratio.

Dividends

UPW vs. UTES - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.55%, more than UTES's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPW ProShares Ultra Utilities	1.55%	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	1.48%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both UPW and UTES in my portfolio?

UPW and UTES have a correlation of 0.80, 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 UTES?

UPW has higher volatility (11.15%) compared to UTES (7.44%). In terms of maximum drawdown, UPW dropped -77.75% vs UTES's -35.39%.

Which ETF is better, UPW or UTES?

On 10-year performance, UTES leads with 12.51% vs 9.86% for UPW. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or UTES?

Over the 10-year period, UTES has performed better with a 12.51% return vs 9.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or UTES?

UTES is cheaper with a 0.49% expense ratio, compared with 0.95% for UPW.

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

UPW has the higher dividend yield at 1.55%, compared with 1.48% for UTES.

What is the main difference between UPW and UTES?

UPW is categorized as Leveraged Equities, while UTES is Utilities Equities. They also come from different issuers: ProShares and Virtus Investment Partners. Their fees differ too: 0.95% for UPW and 0.49% for UTES.

Which has better risk-adjusted returns?

UTES currently has the higher Sharpe Ratio (0.47 vs 0.38), 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.