UPW vs. XLU

Last updated Jun 3, 2026

UPW (ProShares Ultra Utilities) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, UPW returned 9.86%/yr vs 9.19%/yr for XLU. Their correlation of 0.94 suggests significant overlap in exposure. UPW charges 0.95%/yr vs 0.08%/yr for XLU.

Performance

UPW vs. XLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and State Street Utilities Select Sector SPDR ETF (XLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPW achieves a 3.01% return, which is significantly lower than XLU's 3.55% return. Over the past 10 years, UPW has outperformed XLU with an annualized return of 9.86%, while XLU has yielded a comparatively lower 9.19% annualized return.

UPW

• 1D: 3.33%
• 1M: -12.03%
• YTD: 3.01%
• 6M: -1.90%
• 1Y: 10.99%
• 3Y*: 17.73%
• 5Y*: 9.50%
• 10Y*: 9.86%

XLU

• 1D: 1.86%
• 1M: -5.69%
• YTD: 3.55%
• 6M: 1.36%
• 1Y: 9.88%
• 3Y*: 13.91%
• 5Y*: 9.31%
• 10Y*: 9.19%

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

UPW vs. XLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	3.01%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
XLU State Street Utilities Select Sector SPDR ETF	3.55%	16.03%	23.31%	-7.18%	1.44%	17.70%	0.51%	25.93%	3.94%	12.05%

Correlation

The correlation between UPW and XLU is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.94

The correlation between UPW and XLU has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

UPW vs. XLU - Sectors Allocation Comparison

Sectors	UPW	XLU
Utilities	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

UPW vs. XLU — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 15
UPW Sharpe Ratio Rank: 15
UPW Sortino Ratio Rank: 15
UPW Omega Ratio Rank: 15
UPW Calmar Ratio Rank: 16
UPW Martin Ratio Rank: 15

XLU

XLU Risk / Return Rank: 21
XLU Sharpe Ratio Rank: 20
XLU Sortino Ratio Rank: 19
XLU Omega Ratio Rank: 20
XLU Calmar Ratio Rank: 23
XLU Martin Ratio Rank: 21

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. XLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and State Street Utilities Select Sector SPDR ETF (XLU). 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	XLU	Difference
Sharpe ratio Return per unit of total volatility	0.38	0.68	-0.30
Sortino ratio Return per unit of downside risk	0.70	1.01	-0.31
Omega ratio Gain probability vs. loss probability	1.09	1.13	-0.04
Calmar ratio Return relative to maximum drawdown	0.61	1.11	-0.51
Martin ratio Return relative to average drawdown	1.33	2.52	-1.18
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. XLU - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.38, which is lower than the XLU Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of UPW and XLU, 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	XLU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	0.68	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.54	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.48	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.40	-0.15

Drawdowns

UPW vs. XLU - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for UPW and XLU.

Drawdown Indicators

	UPW	XLU	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-51.98%	-25.77%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-9.18%	-9.97%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-17.26%	-15.90%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-25.26%	-24.16%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-36.07%	-26.60%
Current Drawdown Current decline from peak	-16.46%	-7.38%	-9.08%
Average Drawdown Average peak-to-trough decline	-22.59%	-10.22%	-12.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	4.07%	+4.66%

Volatility

UPW vs. XLU - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 11.15% compared to State Street Utilities Select Sector SPDR ETF (XLU) at 5.41%. This indicates that UPW's price experiences larger fluctuations and is considered to be riskier than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	XLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	5.41%	+5.74%
Volatility (6M) Calculated over the trailing 6-month period	23.82%	11.76%	+12.06%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	14.56%	+14.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.42%	17.32%	+17.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	19.26%	+17.92%

UPW vs. XLU - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is higher than XLU's 0.08% expense ratio.

Dividends

UPW vs. XLU - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.55%, less than XLU's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPW ProShares Ultra Utilities	1.55%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%
XLU State Street Utilities Select Sector SPDR ETF	2.71%	2.71%	2.96%	3.39%	2.92%	2.79%	3.14%	2.95%	3.33%	3.33%	3.41%	3.67%

Frequently Asked Questions

Can I hold both UPW and XLU in my portfolio?

With a correlation of 0.99, UPW and XLU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPW or XLU?

UPW has higher volatility (11.15%) compared to XLU (5.41%). In terms of maximum drawdown, UPW dropped -77.75% vs XLU's -51.98%.

Which ETF is better, UPW or XLU?

On 10-year performance, UPW leads with 9.86% vs 9.19% for XLU. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or XLU?

Over the 10-year period, UPW has performed better with a 9.86% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or XLU?

XLU is cheaper with a 0.08% expense ratio, compared with 0.95% for UPW.

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

XLU has the higher dividend yield at 2.71%, compared with 1.55% for UPW.

What is the main difference between UPW and XLU?

UPW is categorized as Leveraged Equities, while XLU is Utilities Equities. UPW tracks Dow Jones U.S. Utilities Index (200%), while XLU tracks Utilities Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UPW and 0.08% for XLU.

Which has better risk-adjusted returns?

XLU currently has the higher Sharpe Ratio (0.68 vs 0.38), 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.