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 10.32%/yr vs -73.85%/yr for UVXY. At a correlation of -0.29, they often move in opposite directions. 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 10.19% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, UPW has outperformed UVXY with an annualized return of 10.32%, while UVXY has yielded a comparatively lower -73.85% annualized 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
UPW vs. UVXY - 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% | 22.53% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -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 -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.29 |
The correlation between UPW and UVXY shifts across timeframes, from -0.29 (all time) to -0.14 (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 | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.81 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | -1.01 | +2.08 |
| Martin ratioReturn relative to average drawdown | 2.20 | -1.45 | +3.65 |
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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% | -73.51% | +54.36% |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | -94.93% | +61.77% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -99.71% | +50.29% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -100.00% | +37.33% |
Current DrawdownCurrent decline from peak | -10.63% | -100.00% | +89.37% |
Average DrawdownAverage peak-to-trough decline | -22.57% | -98.75% | +76.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.35% | 55.34% | -45.99% |
Volatility
UPW vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Utilities (UPW) is 10.08%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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 | 10.08% | 25.85% | -15.77% |
Volatility (6M)Calculated over the trailing 6-month period | 23.61% | 66.46% | -42.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.31% | 85.46% | -56.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 103.96% | -69.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.23% | 112.39% | -75.16% |
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 1.45%, 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 | 1.45% | 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 -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to UPW (10.08%). In terms of maximum drawdown, UPW dropped -77.75% vs UVXY's -100.00%.
On 10-year performance, UPW leads with 10.32% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. 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 10-year period, UPW has performed better with a 10.32% return vs -73.85%. 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 1.45%, 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 (0.70 vs -0.87), 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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