UPW vs. UVXY
UPW (ProShares Ultra Utilities) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UPW returned 9.38%/yr vs -71.50%/yr for UVXY. Their -0.28 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UPW vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UPW achieves a 5.68% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, UPW has outperformed UVXY with an annualized return of 9.38%, while UVXY has yielded a comparatively lower -71.50% annualized return.
UPW
- 1D
- -1.15%
- 1M
- -6.24%
- 6M
- 3.76%
- YTD
- 5.68%
- 1Y
- 4.16%
- 3Y*
- 17.45%
- 5Y*
- 9.79%
- 10Y*
- 9.38%
- ALL TIME*
- 9.54%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $399.58K | $331.97K | $346.79K | |
| $190.03M | $191.90M | $239.87M |
UPW vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 5.68% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UPW and UVXY is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.28 |
The correlation between UPW and UVXY shifts across timeframes, from -0.28 (all time) to -0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UPW vs. UVXY — Risk / Return Rank
UPW
UVXY
UPW vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.85 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.95 | +1.20 |
| Martin ratioReturn relative to average drawdown | 0.49 | -1.35 | +1.85 |
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Drawdowns
UPW vs. UVXY - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UPW and UVXY.
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Drawdown Indicators
| UPW | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -100.00% | +22.25% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -73.88% | +54.73% |
Max Drawdown (3Y)Largest decline over 3 years | -25.06% | -95.42% | +70.36% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -99.68% | +50.26% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -100.00% | +37.33% |
Current DrawdownCurrent decline from peak | -14.30% | -100.00% | +85.70% |
Average DrawdownAverage peak-to-trough decline | -22.50% | -98.76% | +76.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.91% | 51.60% | -41.69% |
Volatility
UPW vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Utilities (UPW) is 9.72%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that UPW experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPW | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.72% | 22.30% | -12.58% |
Volatility (6M)Calculated over the trailing 6-month period | 24.35% | 65.55% | -41.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.15% | 87.28% | -57.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.49% | 103.39% | -68.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.29% | 112.09% | -74.80% |
UPW vs. UVXY - Expense Ratio Comparison
Both UPW and UVXY have an expense ratio of 0.95%.
Dividends
UPW vs. UVXY - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.48%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 1.48% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UPW and UVXY have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to UPW (9.72%). In terms of maximum drawdown, UPW dropped -77.75% vs UVXY's -100.00%.
On 10-year performance, UPW leads with 9.38% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 9.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPW has performed better with a 9.38% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPW and UVXY have the same expense ratio: 0.95% per year.
UPW has the higher dividend yield at 1.48%, compared with 0.00% for UVXY.
UPW is categorized as Leveraged Equities, while UVXY is Volatility. UPW tracks Dow Jones U.S. Utilities Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UPW currently has the higher Sharpe Ratio (0.16 vs -0.80), 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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