UPW vs. UTSL
Compare and contrast key facts about ProShares Ultra Utilities (UPW) and Direxion Daily Utilities Bull 3X Shares (UTSL).
UPW and UTSL 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. UTSL is a passively managed fund by Direxion that tracks the performance of the Utilities Select Sector Index (300%). It was launched on May 3, 2017. Both UPW and UTSL 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. UTSL - Performance Comparison
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UPW vs. UTSL - 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% | 8.81% |
UTSL Direxion Daily Utilities Bull 3X Shares | 20.69% | 29.03% | 54.24% | -35.55% | -14.06% | 48.16% | -38.58% | 81.07% | -2.27% | 11.26% |
Returns By Period
In the year-to-date period, UPW achieves a 14.41% return, which is significantly lower than UTSL's 20.69% 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%
UTSL
- 1D
- -0.75%
- 1M
- -11.14%
- YTD
- 20.69%
- 6M
- 11.50%
- 1Y
- 42.18%
- 3Y*
- 21.90%
- 5Y*
- 13.39%
- 10Y*
- —
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UPW vs. UTSL - Expense Ratio Comparison
UPW has a 0.95% expense ratio, which is lower than UTSL's 0.99% expense ratio.
Return for Risk
UPW vs. UTSL — Risk / Return Rank
UPW
UTSL
UPW vs. UTSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Direxion Daily Utilities Bull 3X Shares (UTSL). 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 | UTSL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 0.90 | +0.09 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.37 | +0.04 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.67 | +0.11 |
Martin ratioReturn relative to average drawdown | 4.17 | 3.80 | +0.36 |
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 | UTSL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.90 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.26 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.17 | +0.10 |
Correlation
The correlation between UPW and UTSL is 0.96, 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. UTSL - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.40%, less than UTSL's 1.51% 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% |
UTSL Direxion Daily Utilities Bull 3X Shares | 1.51% | 1.69% | 1.61% | 3.61% | 1.15% | 1.19% | 1.40% | 5.01% | 1.46% | 0.57% | 0.00% | 0.00% |
Drawdowns
UPW vs. UTSL - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, roughly equal to the maximum UTSL drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for UPW and UTSL.
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Drawdown Indicators
| UPW | UTSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -79.55% | +1.80% |
Max Drawdown (1Y)Largest decline over 1 year | -18.93% | -27.94% | +9.01% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -68.01% | +18.59% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | — | — |
Current DrawdownCurrent decline from peak | -7.21% | -11.14% | +3.93% |
Average DrawdownAverage peak-to-trough decline | -22.71% | -33.61% | +10.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.09% | 12.30% | -4.21% |
Volatility
UPW vs. UTSL - Volatility Comparison
The current volatility for ProShares Ultra Utilities (UPW) is 10.16%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 15.69%. This indicates that UPW experiences smaller price fluctuations and is considered to be less risky than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | UTSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.16% | 15.69% | -5.53% |
Volatility (6M)Calculated over the trailing 6-month period | 20.93% | 31.12% | -10.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.45% | 47.20% | -15.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.11% | 51.60% | -17.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.07% | 59.39% | -22.32% |