UPW vs. UTSL
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 12.26%/yr vs 12.23%/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
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Returns By Period
In the year-to-date period, UPW achieves a 10.19% return, which is significantly lower than UTSL's 11.66% 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%
UTSL
- 1D
- 2.11%
- 1M
- -1.85%
- YTD
- 11.66%
- 6M
- 12.07%
- 1Y
- 24.77%
- 3Y*
- 24.32%
- 5Y*
- 12.23%
- 10Y*
- —
UPW vs. UTSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 10.19% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 8.98% |
UTSL Direxion Daily Utilities Bull 3X Shares | 11.66% | 29.03% | 54.24% | -35.55% | -14.06% | 48.16% | -38.58% | 81.07% | -2.27% | 11.00% |
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 3, 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
Basic Materials
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-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
UPW
UTSL
Basic Materials
UPW
-
UTSL
-
Communication Services
UPW
-
UTSL
-
Consumer Cyclical
UPW
-
UTSL
-
Consumer Defensive
UPW
-
UTSL
-
Energy
UPW
-
UTSL
-
Financial Services
UPW
-
UTSL
-
Healthcare
UPW
-
UTSL
-
Industrials
UPW
-
UTSL
-
Real Estate
UPW
-
UTSL
-
Technology
UPW
-
UTSL
-
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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.
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 | UTSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.13 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | 0.87 | +0.20 |
| Martin ratioReturn relative to average drawdown | 2.20 | 1.75 | +0.45 |
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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 | -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 DrawdownCurrent decline from peak | -10.63% | -17.79% | +7.16% |
Average DrawdownAverage peak-to-trough decline | -22.57% | -33.16% | +10.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.35% | 14.20% | -4.85% |
Volatility
UPW vs. UTSL - Volatility Comparison
The current volatility for ProShares Ultra Utilities (UPW) is 10.08%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 15.77%. 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 | 10.08% | 15.77% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 23.61% | 35.31% | -11.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 43.76% | -14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 51.96% | -17.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.23% | 59.18% | -21.95% |
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 1.45%, less than UTSL's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UTSL Direxion Daily Utilities Bull 3X Shares | 1.63% | 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
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.
UTSL has higher volatility (15.77%) compared to UPW (10.08%). In terms of maximum drawdown, UPW dropped -77.75% vs UTSL's -79.55%.
On 5-year performance, UPW leads with 12.26% vs 12.23% for UTSL. 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.
Over the 5-year period, UPW has performed better with a 12.26% return vs 12.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPW is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.
UTSL has the higher dividend yield at 1.63%, compared with 1.45% for UPW.
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.
UPW currently has the higher Sharpe Ratio (0.70 vs 0.57), 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.
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