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UPW vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPW vs. UVXY

Last updated Jun 4, 2026

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 9.80%/yr vs -72.67%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UPW achieves a 2.44% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UPW has outperformed UVXY with an annualized return of 9.80%, while UVXY has yielded a comparatively lower -72.67% annualized return.

UPW

1D
-0.56%
1M
-11.72%
YTD
2.44%
6M
-1.65%
1Y
9.80%
3Y*
17.51%
5Y*
9.49%
10Y*
9.80%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UPW vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UPW
ProShares Ultra Utilities		2.44%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		-19.06%-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 -0.16, 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

-0.16

Correlation (3Y)
Calculated over the trailing 3-year period

-0.21

Correlation (5Y)
Calculated over the trailing 5-year period

-0.28

Correlation (10Y)
Calculated over the trailing 10-year period

-0.25

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.29

The correlation between UPW and UVXY shifts across timeframes, from -0.29 (all time) to -0.16 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Utilities

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UPW:
UPW vs. UTSLUPW vs. SDPUPW vs. XLUUPW vs. VPUUPW vs. UTESUPW vs. FUTYUPW vs. SOXL
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UPW vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UPW
UPW Risk / Return Rank: 1414
Overall Rank
UPW Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
UPW Sortino Ratio Rank: 1414
Sortino Ratio Rank
UPW Omega Ratio Rank: 1414
Omega Ratio Rank
UPW Calmar Ratio Rank: 1515
Calmar Ratio Rank
UPW Martin Ratio Rank: 1414
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
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. 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.

UPWUVXYDifference

Sharpe ratio

Return per unit of total volatility

0.34

-0.87

+1.20

Sortino ratio

Return per unit of downside risk

0.65

-1.60

+2.25

Omega ratio

Gain probability vs. loss probability

1.08

0.82

+0.26

Calmar ratio

Return relative to maximum drawdown

0.51

-0.97

+1.49

Martin ratio

Return relative to average drawdown

1.12

-1.31

+2.43

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. UVXY - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.34, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UPW and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UPWUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.34

-0.87

+1.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

-0.66

+0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

-0.64

+0.90

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

-0.68

+0.93

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

UPWUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-77.75%

-100.00%

+22.25%

Max Drawdown (1Y)

Largest decline over 1 year

-19.15%

-75.22%

+56.07%

Max Drawdown (3Y)

Largest decline over 3 years

-33.16%

-95.45%

+62.29%

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 Drawdown

Current decline from peak

-16.92%

-100.00%

+83.08%

Average Drawdown

Average peak-to-trough decline

-22.59%

-98.55%

+75.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.80%

55.63%

-46.83%

Volatility

UPW vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 11.15%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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

UPWUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.15%

11.77%

-0.62%

Volatility (6M)

Calculated over the trailing 6-month period

23.31%

62.64%

-39.33%

Volatility (1Y)

Calculated over the trailing 1-year period

29.05%

84.42%

-55.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.41%

103.85%

-69.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.17%

113.82%

-76.65%

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 1.56%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UPW
ProShares Ultra Utilities		1.56%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 -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to UPW (11.15%). In terms of maximum drawdown, UPW dropped -77.75% vs UVXY's -100.00%.

On 10-year performance, UPW leads with 9.80% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. 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.

Over the 10-year period, UPW has performed better with a 9.80% return vs -72.67%. 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 1.56%, 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 (0.34 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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