VPU vs. UPW

Last updated Jun 26, 2026

VPU (Vanguard Utilities ETF) and UPW (ProShares Ultra Utilities) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%). Both are passively managed. Over the past 10 years, VPU returned 9.30%/yr vs 10.40%/yr for UPW. Their correlation of 0.94 suggests significant overlap in exposure. VPU charges 0.09%/yr vs 0.95%/yr for UPW.

Performance

VPU vs. UPW - Performance Comparison

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

Returns By Period

In the year-to-date period, VPU achieves a 8.52% return, which is significantly lower than UPW's 13.46% return. Over the past 10 years, VPU has underperformed UPW with an annualized return of 9.30%, while UPW has yielded a comparatively higher 10.40% annualized return.

VPU

• 1D: 0.66%
• 1M: 1.44%
• YTD: 8.52%
• 6M: 8.11%
• 1Y: 16.97%
• 3Y*: 15.09%
• 5Y*: 10.47%
• 10Y*: 9.30%

UPW

• 1D: 1.02%
• 1M: 2.86%
• YTD: 13.46%
• 6M: 12.69%
• 1Y: 26.48%
• 3Y*: 20.54%
• 5Y*: 12.41%
• 10Y*: 10.40%

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

VPU vs. UPW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	8.52%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
UPW ProShares Ultra Utilities	13.46%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%

Correlation

The correlation between VPU and UPW 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 1, 2007	0.94

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

VPU vs. UPW - Sectors Allocation Comparison

Sectors	VPU	UPW
Utilities	99.3%	100.0%
Energy	0.5%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

VPU vs. UPW — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 36
VPU Sharpe Ratio Rank: 37
VPU Sortino Ratio Rank: 34
VPU Omega Ratio Rank: 34
VPU Calmar Ratio Rank: 43
VPU Martin Ratio Rank: 31

UPW

UPW Risk / Return Rank: 27
UPW Sharpe Ratio Rank: 27
UPW Sortino Ratio Rank: 26
UPW Omega Ratio Rank: 26
UPW Calmar Ratio Rank: 31
UPW Martin Ratio Rank: 24

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.

VPU vs. UPW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) and ProShares Ultra Utilities (UPW). 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.

	VPU	UPW	Difference
Sharpe ratio: Return per unit of total volatility	1.19	0.91	+0.27
Sortino ratio: Return per unit of downside risk	1.64	1.33	+0.31
Omega ratio: Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.91	1.39	+0.53
Martin ratio: Return relative to average drawdown	4.07	2.83	+1.24

VPU vs. UPW - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 1.19, which is higher than the UPW Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of VPU and UPW, 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

VPU vs. UPW - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, smaller than the maximum UPW drawdown of -77.75%. Use the drawdown chart below to compare losses from any high point for VPU and UPW.

Drawdown Indicators

	VPU	UPW	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-77.75%	+31.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-19.15%	+10.25%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-33.16%	+15.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-49.42%	+24.27%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-62.67%	+26.25%
Current Drawdown Current decline from peak	-2.46%	-7.98%	+5.52%
Average Drawdown Average peak-to-trough decline	-7.78%	-22.56%	+14.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	9.37%	-5.19%

Volatility

VPU vs. UPW - Volatility Comparison

The current volatility for Vanguard Utilities ETF (VPU) is 5.22%, while ProShares Ultra Utilities (UPW) has a volatility of 10.21%. This indicates that VPU experiences smaller price fluctuations and is considered to be less risky than UPW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPU	UPW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	10.21%	-4.99%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	23.51%	-12.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.42%	29.28%	-14.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	34.38%	-17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	37.22%	-18.08%

VPU vs. UPW - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than UPW's 0.95% expense ratio.

Dividends

VPU vs. UPW - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 3.23%, more than UPW's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPW ProShares Ultra Utilities	1.37%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%
VPU Vanguard Utilities ETF	3.23%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and UPW in my portfolio?

With a correlation of 0.99, VPU and UPW 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, VPU or UPW?

UPW has higher volatility (10.21%) compared to VPU (5.22%). In terms of maximum drawdown, VPU dropped -46.31% vs UPW's -77.75%.

Which ETF is better, VPU or UPW?

On 10-year performance, UPW leads with 10.40% vs 9.30% for VPU. On fees, VPU is cheaper at 0.09% per year. On volatility, VPU has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or UPW?

Over the 10-year period, UPW has performed better with a 10.40% return vs 9.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or UPW?

VPU is cheaper with a 0.09% expense ratio, compared with 0.95% for UPW.

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

VPU has the higher dividend yield at 3.23%, compared with 1.37% for UPW.

What is the main difference between VPU and UPW?

VPU is categorized as Utilities Equities, while UPW is Leveraged Equities. VPU tracks MSCI US Investable Market Utilities 25/50 Index, while UPW tracks Dow Jones U.S. Utilities Index (200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.09% for VPU and 0.95% for UPW.

Which has better risk-adjusted returns?

VPU currently has the higher Sharpe Ratio (1.19 vs 0.91), 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.