UPW vs. UTSL

Last updated Jun 3, 2026

UPW (ProShares Ultra Utilities) and UTSL (Direxion Daily Utilities Bull 3X Shares) are both Leveraged Equities funds - UPW tracks the Dow Jones U.S. Utilities Index (200%) while UTSL tracks the Utilities Select Sector Index (300%). Both are passively managed. Over the past 5 years, UPW returned 9.50%/yr vs 8.52%/yr for UTSL. With a 0.96 correlation, they move nearly in lockstep. UPW charges 0.95%/yr vs 0.99%/yr for UTSL.

Performance

UPW vs. UTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and Direxion Daily Utilities Bull 3X Shares (UTSL). 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 UTSL's 2.68% 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%

UTSL

• 1D: 5.67%
• 1M: -17.30%
• YTD: 2.68%
• 6M: -4.83%
• 1Y: 11.96%
• 3Y*: 21.28%
• 5Y*: 8.52%
• 10Y*: —

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

UPW vs. UTSL - 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%	8.81%
UTSL Direxion Daily Utilities Bull 3X Shares	2.68%	29.03%	54.24%	-35.55%	-14.06%	48.16%	-38.58%	81.07%	-2.27%	11.26%

Correlation

The correlation between UPW and UTSL is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.96

The correlation between UPW and UTSL has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

UPW vs. UTSL - Sectors Allocation Comparison

Sectors	UPW	UTSL
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. UTSL — 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

UTSL

UTSL Risk / Return Rank: 14
UTSL Sharpe Ratio Rank: 13
UTSL Sortino Ratio Rank: 14
UTSL Omega Ratio Rank: 14
UTSL Calmar Ratio Rank: 14
UTSL Martin Ratio Rank: 13

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. 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 ratio Return per unit of total volatility	0.38	0.28	+0.10
Sortino ratio Return per unit of downside risk	0.70	0.66	+0.04
Omega ratio Gain probability vs. loss probability	1.09	1.08	0.00
Calmar ratio Return relative to maximum drawdown	0.61	0.46	+0.15
Martin ratio Return relative to average drawdown	1.33	0.99	+0.34
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. UTSL - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.38, which is higher than the UTSL Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of UPW and UTSL, 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	UTSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	0.28	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.16	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.14	+0.11

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.

Drawdown Indicators

	UPW	UTSL	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-79.55%	+1.80%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-28.45%	+9.30%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-46.22%	+13.06%
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 Drawdown Current decline from peak	-16.46%	-24.40%	+7.94%
Average Drawdown Average peak-to-trough decline	-22.59%	-33.24%	+10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	13.24%	-4.51%

Volatility

UPW vs. UTSL - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 11.15%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 16.49%. 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.

Volatility by Period

	UPW	UTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	16.49%	-5.34%
Volatility (6M) Calculated over the trailing 6-month period	23.82%	35.50%	-11.68%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	43.39%	-14.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.42%	52.02%	-17.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	59.29%	-22.11%

UPW vs. UTSL - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is lower than UTSL's 0.99% expense ratio.

Dividends

UPW vs. UTSL - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.55%, less than UTSL's 1.77% 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%
UTSL Direxion Daily Utilities Bull 3X Shares	1.77%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPW and UTSL in my portfolio?

With a correlation of 0.99, UPW and UTSL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPW or UTSL?

UTSL has higher volatility (16.49%) compared to UPW (11.15%). In terms of maximum drawdown, UPW dropped -77.75% vs UTSL's -79.55%.

Which ETF is better, UPW or UTSL?

On 5-year performance, UPW leads with 9.50% vs 8.52% for UTSL. On fees, UPW is cheaper at 0.95% per year. On volatility, UPW has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or UTSL?

Over the 5-year period, UPW has performed better with a 9.50% return vs 8.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or UTSL?

UPW is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.

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

UTSL has the higher dividend yield at 1.77%, compared with 1.55% for UPW.

What is the main difference between UPW and UTSL?

UPW tracks Dow Jones U.S. Utilities Index (200%), while UTSL tracks Utilities Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UPW and 0.99% for UTSL.

Which has better risk-adjusted returns?

UPW currently has the higher Sharpe Ratio (0.38 vs 0.28), 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.