UPW vs. UXI

Last updated Aug 2, 2026

UPW (ProShares Ultra Utilities) and UXI (ProShares Ultra Industrials) are both Leveraged Equities funds from ProShares - UPW tracks the Dow Jones U.S. Utilities Index (200%) while UXI tracks the Dow Jones U.S. Industrials Index (200%). Both are passively managed. Over the past 10 years, UPW returned 9.38%/yr vs 19.45%/yr for UXI. Their 0.45 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

UPW vs. UXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and ProShares Ultra Industrials (UXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPW achieves a 5.68% return, which is significantly lower than UXI's 28.57% return. Over the past 10 years, UPW has underperformed UXI with an annualized return of 9.38%, while UXI has yielded a comparatively higher 19.45% 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%

UXI

• 1D: 1.77%
• 1M: -4.74%
• 6M: 14.00%
• YTD: 28.57%
• 1Y: 35.83%
• 3Y*: 29.57%
• 5Y*: 12.67%
• 10Y*: 19.45%
• ALL TIME*: 13.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UPW ProShares Ultra Utilities	$399.58K	$331.97K	$346.79K
UXI ProShares Ultra Industrials	$192.00K	$302.67K	$285.62K

UPW vs. UXI - 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%
UXI ProShares Ultra Industrials	28.57%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%

Correlation

The correlation between UPW and UXI is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (10Y) Provides a long-term view across more market conditions.	0.36
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.45

The correlation between UPW and UXI shifts across timeframes, from 0.32 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

UPW vs. UXI - Sectors Allocation Comparison

Sectors	UPW	UXI
Utilities	100.0%	2.8%
Basic Materials	-	1.2%
Communication Services	-	-
Consumer Cyclical	-	0.2%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	55.2%
Real Estate	-	-
Technology	-	3.8%

Return for Risk

UPW vs. UXI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPW

UPW Risk / Return Rank: 15
UPW Sharpe Ratio Rank: 14
UPW Sortino Ratio Rank: 15
UPW Omega Ratio Rank: 15
UPW Calmar Ratio Rank: 15
UPW Martin Ratio Rank: 14

UXI

UXI Risk / Return Rank: 39
UXI Sharpe Ratio Rank: 39
UXI Sortino Ratio Rank: 39
UXI Omega Ratio Rank: 37
UXI Calmar Ratio Rank: 39
UXI Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPW vs. UXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and ProShares Ultra Industrials (UXI). 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	UXI	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.95	-0.79
Sortino ratio: Return per unit of downside risk	0.43	1.46	-1.04
Omega ratio: Gain probability vs. loss probability	1.05	1.17	-0.12
Calmar ratio: Return relative to maximum drawdown	0.25	1.36	-1.11
Martin ratio: Return relative to average drawdown	0.49	4.85	-4.36

UPW vs. UXI - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.16, which is lower than the UXI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of UPW and UXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UPW vs. UXI - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum UXI drawdown of -89.01%. Use the drawdown chart below to compare losses from any high point for UPW and UXI.

Drawdown Indicators

	UPW	UXI	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-89.01%	+11.26%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-23.59%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-25.06%	-36.42%	+11.36%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-48.25%	-1.17%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-66.48%	+3.81%
Current Drawdown Current decline from peak	-14.30%	-6.42%	-7.88%
Average Drawdown Average peak-to-trough decline	-22.50%	-22.46%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	6.62%	+3.29%

Volatility

UPW vs. UXI - Volatility Comparison

ProShares Ultra Utilities (UPW) and ProShares Ultra Industrials (UXI) have volatilities of 9.72% and 9.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	UXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	9.93%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	27.91%	-3.56%
Volatility (1Y) Calculated over the trailing 1-year period	30.15%	33.76%	-3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.49%	36.24%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.29%	39.50%	-2.21%

UPW vs. UXI - Expense Ratio Comparison

Both UPW and UXI have an expense ratio of 0.95%.

Dividends

UPW vs. UXI - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.48%, more than UXI's 0.51% yield.

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%
UXI ProShares Ultra Industrials	0.51%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UPW and UXI in my portfolio?

UPW and UXI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or UXI?

UXI has higher volatility (9.93%) compared to UPW (9.72%). In terms of maximum drawdown, UPW dropped -77.75% vs UXI's -89.01%.

Which ETF is better, UPW or UXI?

On 10-year performance, UXI leads with 19.45% vs 9.38% for UPW. 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.

Which ETF has performed better, UPW or UXI?

Over the 10-year period, UXI has performed better with a 19.45% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or UXI?

UPW and UXI have the same expense ratio: 0.95% per year.

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

UPW has the higher dividend yield at 1.48%, compared with 0.51% for UXI.

What is the main difference between UPW and UXI?

UPW tracks Dow Jones U.S. Utilities Index (200%), while UXI tracks Dow Jones U.S. Industrials Index (200%).

Which has better risk-adjusted returns?

UXI currently has the higher Sharpe Ratio (0.95 vs 0.16), 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.