UPW vs. UXI

Last updated Jun 4, 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 9.80%/yr vs 19.32%/yr for UXI. At a 0.45 correlation, their price movements are largely independent. 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 2.44% return, which is significantly lower than UXI's 21.82% return. Over the past 10 years, UPW has underperformed UXI with an annualized return of 9.80%, while UXI has yielded a comparatively higher 19.32% 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%

UXI

• 1D: 0.07%
• 1M: 3.06%
• YTD: 21.82%
• 6M: 23.67%
• 1Y: 38.90%
• 3Y*: 35.05%
• 5Y*: 11.54%
• 10Y*: 19.32%

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

UPW vs. UXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	2.44%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
UXI ProShares Ultra Industrials	21.82%	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 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.45

UPW vs. UXI - Sectors Allocation Comparison

Sectors	UPW	UXI
Utilities	100.0%	3.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	56.8%
Real Estate	-	-
Technology	-	2.4%

Return for Risk

UPW vs. UXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UPW

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

UXI

UXI Risk / Return Rank: 35
UXI Sharpe Ratio Rank: 35
UXI Sortino Ratio Rank: 35
UXI Omega Ratio Rank: 32
UXI Calmar Ratio Rank: 34
UXI Martin Ratio Rank: 38

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. 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.

	UPW	UXI	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.27	-0.93
Sortino ratio: Return per unit of downside risk	0.65	1.87	-1.22
Omega ratio: Gain probability vs. loss probability	1.08	1.22	-0.14
Calmar ratio: Return relative to maximum drawdown	0.51	1.66	-1.14
Martin ratio: Return relative to average drawdown	1.12	5.93	-4.81
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. UXI - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.34, which is lower than the UXI Sharpe Ratio of 1.27. 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.

Sharpe Ratios by Period

	UPW	UXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	1.27	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.32	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.49	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.29	-0.04

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	-33.16%	-36.42%	+3.26%
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	-16.92%	-7.08%	-9.84%
Average Drawdown Average peak-to-trough decline	-22.59%	-22.61%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.80%	6.57%	+2.23%

Volatility

UPW vs. UXI - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 11.15% compared to ProShares Ultra Industrials (UXI) at 9.86%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than UXI based on this measure. 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	11.15%	9.86%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	25.69%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	30.91%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	35.90%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.17%	39.42%	-2.25%

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 1.56%, more than UXI's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UXI ProShares Ultra Industrials	0.67%	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 0.35, 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?

UPW has higher volatility (11.15%) compared to UXI (9.86%). 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 19.32% vs 9.80% for UPW. Both ETFs have the same 0.95% expense ratio. On volatility, UXI has been the lower-risk option at 9.86%. 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 19.32% return vs 9.80%. 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 1.56%, compared with 0.67% 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 (1.27 vs 0.34), 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.