UYG vs. FAS

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Financials (UYG) and Direxion Daily Financial Bull 3X Shares (FAS).

UYG and FAS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UYG is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Financials Index (200%). It was launched on Jan 30, 2007. FAS is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (300%). It was launched on Nov 6, 2008. Both UYG and FAS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UYG vs. FAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) and Direxion Daily Financial Bull 3X Shares (FAS). The values are adjusted to include any dividend payments, if applicable.

UYG vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-19.79%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
FAS Direxion Daily Financial Bull 3X Shares	-29.25%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Returns By Period

In the year-to-date period, UYG achieves a -19.79% return, which is significantly higher than FAS's -29.25% return. Over the past 10 years, UYG has underperformed FAS with an annualized return of 16.07%, while FAS has yielded a comparatively higher 18.68% annualized return.

UYG

• 1D: 4.23%
• 1M: -7.23%
• YTD: -19.79%
• 6M: -17.96%
• 1Y: -8.20%
• 3Y*: 25.33%
• 5Y*: 11.21%
• 10Y*: 16.07%

FAS

• 1D: 6.35%
• 1M: -11.64%
• YTD: -29.25%
• 6M: -27.65%
• 1Y: -18.17%
• 3Y*: 32.31%
• 5Y*: 7.69%
• 10Y*: 18.68%

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

UYG vs. FAS - Expense Ratio Comparison

UYG has a 0.95% expense ratio, which is lower than FAS's 1.00% expense ratio.

FAS

Direxion Daily Financial Bull 3X Shares

UYG

ProShares Ultra Financials

Return for Risk

UYG vs. FAS — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 9
UYG Sharpe Ratio Rank: 8
UYG Sortino Ratio Rank: 9
UYG Omega Ratio Rank: 9
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 8

FAS

FAS Risk / Return Rank: 7
FAS Sharpe Ratio Rank: 7
FAS Sortino Ratio Rank: 9
FAS Omega Ratio Rank: 9
FAS Calmar Ratio Rank: 6
FAS Martin Ratio Rank: 4

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.

UYG vs. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and Direxion Daily Financial Bull 3X Shares (FAS). 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.

	UYG	FAS	Difference
Sharpe ratio Return per unit of total volatility	-0.21	-0.32	+0.10
Sortino ratio Return per unit of downside risk	-0.04	-0.08	+0.04
Omega ratio Gain probability vs. loss probability	0.99	0.99	+0.01
Calmar ratio Return relative to maximum drawdown	-0.20	-0.37	+0.17
Martin ratio Return relative to average drawdown	-0.58	-1.01	+0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. FAS - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is -0.21, which is higher than the FAS Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of UYG and FAS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UYG	FAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	-0.32	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.14	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.31	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.19	-0.20

Correlation

The correlation between UYG and FAS is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UYG vs. FAS - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 14.56%, more than FAS's 11.79% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UYG ProShares Ultra Financials	14.56%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%
FAS Direxion Daily Financial Bull 3X Shares	11.79%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%	0.00%

Drawdowns

UYG vs. FAS - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than FAS's maximum drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for UYG and FAS.

Drawdown Indicators

	UYG	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-91.61%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-40.88%	+11.97%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-66.88%	+19.11%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-85.99%	+16.01%
Current Drawdown Current decline from peak	-24.25%	-35.08%	+10.83%
Average Drawdown Average peak-to-trough decline	-63.78%	-31.15%	-32.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.08%	14.87%	-4.79%

Volatility

UYG vs. FAS - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 9.55%, while Direxion Daily Financial Bull 3X Shares (FAS) has a volatility of 14.32%. This indicates that UYG experiences smaller price fluctuations and is considered to be less risky than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	14.32%	-4.77%
Volatility (6M) Calculated over the trailing 6-month period	23.04%	34.33%	-11.29%
Volatility (1Y) Calculated over the trailing 1-year period	38.69%	57.51%	-18.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.17%	55.69%	-19.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.08%	61.35%	-20.27%