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UYG vs. IYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UYG vs. IYW

Last updated Jun 5, 2026

UYG (ProShares Ultra Financials) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, UYG returned 16.31%/yr vs 26.00%/yr for IYW. A 0.63 correlation means they provide meaningful diversification when combined. UYG charges 0.95%/yr vs 0.38%/yr for IYW.

Performance

UYG vs. IYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) and iShares U.S. Technology ETF (IYW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UYG achieves a -11.64% return, which is significantly lower than IYW's 28.46% return. Over the past 10 years, UYG has underperformed IYW with an annualized return of 16.31%, while IYW has yielded a comparatively higher 26.00% annualized return.

UYG

1D
5.26%
1M
1.69%
YTD
-11.64%
6M
-7.39%
1Y
0.42%
3Y*
28.93%
5Y*
9.24%
10Y*
16.31%

IYW

1D
-0.44%
1M
13.87%
YTD
28.46%
6M
27.22%
1Y
58.25%
3Y*
35.17%
5Y*
22.76%
10Y*
26.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UYG vs. IYW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UYG
ProShares Ultra Financials		-11.64%19.77%55.71%22.14%-32.11%76.26%-20.32%66.15%-22.61%39.28%
IYW
iShares U.S. Technology ETF		28.46%25.38%30.25%65.44%-34.83%35.44%47.45%46.64%-0.93%36.60%

Correlation

The correlation between UYG and IYW is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.53

Correlation (10Y)
Calculated over the trailing 10-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Feb 2, 2007

0.63

Over the past year, the correlation between UYG and IYW has dropped to 0.34 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

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ProShares Ultra Financials

iShares U.S. Technology ETF

Often compared with UYG:
UYG vs. SKFUYG vs. QLDUYG vs. XLFUYG vs. FASUYG vs. BRK-BUYG vs. ROMUYG vs. UWM
Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. SMHIYW vs. IWFIYW vs. SOXX

Return for Risk

UYG vs. IYW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UYG
UYG Risk / Return Rank: 1010
Overall Rank
UYG Sharpe Ratio Rank: 99
Sharpe Ratio Rank
UYG Sortino Ratio Rank: 1010
Sortino Ratio Rank
UYG Omega Ratio Rank: 1010
Omega Ratio Rank
UYG Calmar Ratio Rank: 99
Calmar Ratio Rank
UYG Martin Ratio Rank: 99
Martin Ratio Rank
IYW
IYW Risk / Return Rank: 7676
Overall Rank
IYW Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 8282
Sortino Ratio Rank
IYW Omega Ratio Rank: 8080
Omega Ratio Rank
IYW Calmar Ratio Rank: 6767
Calmar Ratio Rank
IYW Martin Ratio Rank: 6161
Martin Ratio Rank
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. IYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and iShares U.S. Technology ETF (IYW). 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.

UYGIYWDifference
Sharpe ratioReturn per unit of total volatility
0.01
2.92

-2.90

Sortino ratioReturn per unit of downside risk
0.22
3.63

-3.42

Omega ratioGain probability vs. loss probability

1.03

1.47

-0.45

Calmar ratioReturn relative to maximum drawdown

0.01

3.29

-3.27

Martin ratioReturn relative to average drawdown

0.04

10.76

-10.72

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. IYW - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is lower than the IYW Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of UYG and IYW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UYGIYWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.01

2.92

-2.90

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

0.88

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

1.04

-0.64

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.00

0.35

-0.36

Drawdowns

UYG vs. IYW - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than IYW's maximum drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for UYG and IYW.

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Drawdown Indicators

UYGIYWDifference

Max Drawdown

Largest peak-to-trough decline

-97.90%

-81.90%

-16.00%

Max Drawdown (1Y)

Largest decline over 1 year

-28.91%

-17.81%

-11.10%

Max Drawdown (3Y)

Largest decline over 3 years

-30.35%

-26.47%

-3.88%

Max Drawdown (5Y)

Largest decline over 5 years

-47.77%

-39.44%

-8.33%

Max Drawdown (10Y)

Largest decline over 10 years

-69.98%

-39.44%

-30.54%

Current Drawdown

Current decline from peak

-16.55%

-1.35%

-15.20%

Average Drawdown

Average peak-to-trough decline

-63.36%

-34.65%

-28.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.92%

5.43%

+6.49%

Volatility

UYG vs. IYW - Volatility Comparison

ProShares Ultra Financials (UYG) has a higher volatility of 8.39% compared to iShares U.S. Technology ETF (IYW) at 6.28%. This indicates that UYG's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UYGIYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.39%

6.28%

+2.11%

Volatility (6M)

Calculated over the trailing 6-month period

22.49%

15.84%

+6.65%

Volatility (1Y)

Calculated over the trailing 1-year period

29.32%

20.07%

+9.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.21%

25.86%

+10.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

41.06%

25.09%

+15.97%

UYG vs. IYW - Expense Ratio Comparison

UYG has a 0.95% expense ratio, which is higher than IYW's 0.38% expense ratio.

Dividends

UYG vs. IYW - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.22%, more than IYW's 0.11% yield.

PositionTTM20252024202320222021202020192018201720162015
IYW
iShares U.S. Technology ETF		0.11%0.14%0.21%0.34%0.50%0.31%0.56%0.72%0.92%0.82%1.14%1.12%
UYG
ProShares Ultra Financials		13.22%11.72%0.51%0.79%0.77%9.39%0.66%0.90%1.28%0.56%0.76%0.72%

Frequently Asked Questions

UYG and IYW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UYG has higher volatility (8.39%) compared to IYW (6.28%). In terms of maximum drawdown, UYG dropped -97.90% vs IYW's -81.90%.

On 10-year performance, IYW leads with 26.00% vs 16.31% for UYG. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 6.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYW has performed better with a 26.00% return vs 16.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IYW is cheaper with a 0.38% expense ratio, compared with 0.95% for UYG.

UYG has the higher dividend yield at 13.22%, compared with 0.11% for IYW.

UYG is categorized as Leveraged Equities, while IYW is Technology Equities. UYG tracks Dow Jones U.S. Financials Index (200%), while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UYG and 0.38% for IYW.

IYW currently has the higher Sharpe Ratio (2.92 vs 0.01), 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.

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