UYG vs. UWM

Last updated Jun 24, 2026

UYG (ProShares Ultra Financials) and UWM (ProShares Ultra Russell2000) are both Leveraged Equities funds from ProShares - UYG tracks the Dow Jones U.S. Financials Index (200%) while UWM tracks the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, UYG returned 18.56%/yr vs 13.44%/yr for UWM. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UYG vs. UWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) and ProShares Ultra Russell2000 (UWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UYG achieves a -5.36% return, which is significantly lower than UWM's 38.71% return. Over the past 10 years, UYG has outperformed UWM with an annualized return of 18.56%, while UWM has yielded a comparatively lower 13.44% annualized return.

UYG

• 1D: 0.67%
• 1M: 7.89%
• YTD: -5.36%
• 6M: -7.63%
• 1Y: 7.16%
• 3Y*: 31.42%
• 5Y*: 12.07%
• 10Y*: 18.56%

UWM

• 1D: -1.93%
• 1M: 6.86%
• YTD: 38.71%
• 6M: 32.01%
• 1Y: 81.03%
• 3Y*: 27.92%
• 5Y*: 1.93%
• 10Y*: 13.44%

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

UYG vs. UWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-5.36%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
UWM ProShares Ultra Russell2000	38.71%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%

Correlation

The correlation between UYG and UWM is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.80

Over the past year, the correlation between UYG and UWM has dropped to 0.58 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

UYG vs. UWM - Sectors Allocation Comparison

Sectors	UYG	UWM
Financial Services	98.0%	15.5%
Technology	1.8%	19.1%
Industrials	0.2%	17.8%
Basic Materials	-	4.7%
Communication Services	-	2.5%
Consumer Cyclical	-	7.9%
Consumer Defensive	-	2.2%
Energy	-	5.4%
Healthcare	-	16.3%
Real Estate	-	5.9%
Utilities	-	2.7%

Return for Risk

UYG vs. UWM — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 12
UYG Sharpe Ratio Rank: 12
UYG Sortino Ratio Rank: 12
UYG Omega Ratio Rank: 12
UYG Calmar Ratio Rank: 11
UYG Martin Ratio Rank: 11

UWM

UWM Risk / Return Rank: 65
UWM Sharpe Ratio Rank: 68
UWM Sortino Ratio Rank: 60
UWM Omega Ratio Rank: 53
UWM Calmar Ratio Rank: 75
UWM Martin Ratio Rank: 71

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. UWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) and ProShares Ultra Russell2000 (UWM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UYG	UWM	Difference
Sharpe ratio: Return per unit of total volatility	0.25	2.09	-1.84
Sortino ratio: Return per unit of downside risk	0.53	2.65	-2.12
Omega ratio: Gain probability vs. loss probability	1.07	1.31	-0.25
Calmar ratio: Return relative to maximum drawdown	0.25	3.66	-3.41
Martin ratio: Return relative to average drawdown	0.58	12.47	-11.88

UYG vs. UWM - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.25, which is lower than the UWM Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of UYG and UWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UYG vs. UWM - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than UWM's maximum drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for UYG and UWM.

Drawdown Indicators

	UYG	UWM	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-88.21%	-9.69%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-22.28%	-6.63%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-49.79%	+19.44%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-61.62%	+13.85%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-71.46%	+1.48%
Current Drawdown Current decline from peak	-10.62%	-1.93%	-8.69%
Average Drawdown Average peak-to-trough decline	-63.22%	-30.80%	-32.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.27%	6.52%	+5.75%

Volatility

UYG vs. UWM - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.17%, while ProShares Ultra Russell2000 (UWM) has a volatility of 13.03%. This indicates that UYG experiences smaller price fluctuations and is considered to be less risky than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UYG	UWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	13.03%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	28.39%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	29.20%	39.12%	-9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.14%	45.16%	-9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.95%	46.13%	-5.18%

UYG vs. UWM - Expense Ratio Comparison

Both UYG and UWM have an expense ratio of 0.95%.

Dividends

UYG vs. UWM - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 12.34%, more than UWM's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UWM ProShares Ultra Russell2000	0.74%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%
UYG ProShares Ultra Financials	12.34%	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

Can I hold both UYG and UWM in my portfolio?

UYG and UWM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or UWM?

UWM has higher volatility (13.03%) compared to UYG (8.17%). In terms of maximum drawdown, UYG dropped -97.90% vs UWM's -88.21%.

Which ETF is better, UYG or UWM?

On 10-year performance, UYG leads with 18.56% vs 13.44% for UWM. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or UWM?

Over the 10-year period, UYG has performed better with a 18.56% return vs 13.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or UWM?

UYG and UWM have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, UYG or UWM?

UYG has the higher dividend yield at 12.34%, compared with 0.74% for UWM.

What is the main difference between UYG and UWM?

UYG tracks Dow Jones U.S. Financials Index (200%), while UWM tracks Russell 2000 Index (200%).

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.09 vs 0.25), 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.