UTSL vs. TERG

Last updated Jun 4, 2026

UTSL (Direxion Daily Utilities Bull 3X Shares) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. UTSL is passively managed, while TERG is actively managed. At a 0.27 correlation, their price movements are largely independent. UTSL charges 0.99%/yr vs 0.75%/yr for TERG.

Performance

UTSL vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Utilities Bull 3X Shares (UTSL) and Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTSL achieves a 1.14% return, which is significantly lower than TERG's 229.64% return.

UTSL

• 1D: -1.50%
• 1M: -17.87%
• YTD: 1.14%
• 6M: -5.29%
• 1Y: 9.70%
• 3Y*: 20.67%
• 5Y*: 8.32%
• 10Y*: —

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTSL vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
UTSL Direxion Daily Utilities Bull 3X Shares	1.14%	-13.01%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between UTSL and TERG is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.27

Return for Risk

UTSL vs. TERG — Risk / Return Rank

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

UTSL

UTSL Risk / Return Rank: 13
UTSL Sharpe Ratio Rank: 12
UTSL Sortino Ratio Rank: 13
UTSL Omega Ratio Rank: 13
UTSL Calmar Ratio Rank: 13
UTSL Martin Ratio Rank: 12

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.

UTSL vs. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) and Leverage Shares 2X Long TER Daily ETF (TERG). 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.

	UTSL	TERG	Difference
Sharpe ratio Return per unit of total volatility	0.22	—	—
Sortino ratio Return per unit of downside risk	0.60	—	—
Omega ratio Gain probability vs. loss probability	1.07	—	—
Calmar ratio Return relative to maximum drawdown	0.34	—	—
Martin ratio Return relative to average drawdown	0.73	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UTSL	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	9.90	-9.76

Drawdowns

UTSL vs. TERG - Drawdown Comparison

The maximum UTSL drawdown since its inception was -79.55%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for UTSL and TERG.

Drawdown Indicators

	UTSL	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-79.55%	-49.52%	-30.03%
Max Drawdown (1Y) Largest decline over 1 year	-28.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-46.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-68.01%	—	—
Current Drawdown Current decline from peak	-25.53%	-15.98%	-9.55%
Average Drawdown Average peak-to-trough decline	-33.23%	-13.73%	-19.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.34%	—	—

Volatility

Volatility by Period

	UTSL	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.41%	139.25%	-95.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.02%	139.25%	-87.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.28%	139.25%	-79.97%

UTSL vs. TERG - Expense Ratio Comparison

UTSL has a 0.99% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

UTSL vs. TERG - Dividend Comparison

UTSL's dividend yield for the trailing twelve months is around 1.80%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UTSL Direxion Daily Utilities Bull 3X Shares	1.80%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%

Frequently Asked Questions

Can I hold both UTSL and TERG in my portfolio?

UTSL and TERG have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UTSL or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UTSL or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 0.99% for UTSL.

Which ETF pays a higher dividend yield, UTSL or TERG?

UTSL has the higher dividend yield at 1.80%, compared with 0.00% for TERG.

What is the main difference between UTSL and TERG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.99% for UTSL and 0.75% for TERG.