XPP vs. UTSL

Last updated Aug 2, 2026

XPP (ProShares Ultra FTSE China 50) and UTSL (Direxion Daily Utilities Bull 3X Shares) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while UTSL is a Leveraged Equities fund tracking the Utilities Select Sector Index (300%). Both are passively managed. Over the past 5 years, XPP returned -14.42%/yr vs 8.32%/yr for UTSL. Their 0.11 correlation means their historical movements had little consistent relationship. XPP charges 0.95%/yr vs 0.99%/yr for UTSL.

Performance

XPP vs. UTSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and Direxion Daily Utilities Bull 3X Shares (UTSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPP achieves a -13.25% return, which is significantly lower than UTSL's 4.80% return.

XPP

• 1D: -0.03%
• 1M: 29.99%
• 6M: -18.24%
• YTD: -13.25%
• 1Y: -7.90%
• 3Y*: 4.02%
• 5Y*: -14.42%
• 10Y*: -5.62%
• ALL TIME*: -4.67%

UTSL

• 1D: -2.23%
• 1M: -10.12%
• 6M: 1.79%
• YTD: 4.80%
• 1Y: 1.29%
• 3Y*: 20.22%
• 5Y*: 8.32%
• 10Y*: —
• ALL TIME*: 8.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UTSL Direxion Daily Utilities Bull 3X Shares	$4.76M	$4.30M	$4.57M
XPP ProShares Ultra FTSE China 50	$97.64K	$74.04K	$132.37K

XPP vs. UTSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-13.25%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	47.56%
UTSL Direxion Daily Utilities Bull 3X Shares	4.80%	29.03%	54.24%	-35.55%	-14.06%	48.16%	-38.58%	81.07%	-2.27%	11.00%

Correlation

The correlation between XPP and UTSL is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.11

The correlation between XPP and UTSL shifts across timeframes, from 0.02 (1 year) to 0.14 (3 years), reflecting how their relationship changes across market environments.

XPP vs. UTSL - Sectors Allocation Comparison

Sectors	XPP	UTSL
Financial Services	48.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

XPP vs. UTSL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XPP

XPP Risk / Return Rank: 8
XPP Sharpe Ratio Rank: 7
XPP Sortino Ratio Rank: 8
XPP Omega Ratio Rank: 8
XPP Calmar Ratio Rank: 8
XPP Martin Ratio Rank: 7

UTSL

UTSL Risk / Return Rank: 13
UTSL Sharpe Ratio Rank: 12
UTSL Sortino Ratio Rank: 14
UTSL Omega Ratio Rank: 14
UTSL Calmar Ratio Rank: 12
UTSL Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XPP vs. UTSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) and Direxion Daily Utilities Bull 3X Shares (UTSL). 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.

	XPP	UTSL	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.03	-0.30
Sortino ratio: Return per unit of downside risk	-0.12	0.36	-0.47
Omega ratio: Gain probability vs. loss probability	0.99	1.04	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.24	0.05	-0.29
Martin ratio: Return relative to average drawdown	-0.50	0.10	-0.60

XPP vs. UTSL - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.27, which is lower than the UTSL Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of XPP and UTSL, 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

XPP vs. UTSL - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than UTSL's maximum drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for XPP and UTSL.

Drawdown Indicators

	XPP	UTSL	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-79.55%	-10.35%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	-28.45%	-16.33%
Max Drawdown (3Y) Largest decline over 3 years	-48.56%	-35.97%	-12.59%
Max Drawdown (5Y) Largest decline over 5 years	-81.38%	-68.01%	-13.37%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-77.04%	-22.83%	-54.21%
Average Drawdown Average peak-to-trough decline	-48.11%	-32.96%	-15.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.55%	15.17%	+6.38%

Volatility

XPP vs. UTSL - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 10.66%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 13.70%. This indicates that XPP experiences smaller price fluctuations and is considered to be less risky than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPP	UTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.66%	13.70%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	29.57%	36.19%	-6.62%
Volatility (1Y) Calculated over the trailing 1-year period	40.39%	44.78%	-4.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.33%	52.07%	+10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	59.06%	-4.26%

XPP vs. UTSL - Expense Ratio Comparison

XPP has a 0.95% expense ratio, which is lower than UTSL's 0.99% expense ratio.

Dividends

XPP vs. UTSL - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.41%, more than UTSL's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTSL Direxion Daily Utilities Bull 3X Shares	1.68%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%
XPP ProShares Ultra FTSE China 50	2.41%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%

Frequently Asked Questions

Can I hold both XPP and UTSL in my portfolio?

XPP and UTSL have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or UTSL?

UTSL has higher volatility (13.70%) compared to XPP (10.66%). In terms of maximum drawdown, XPP dropped -89.90% vs UTSL's -79.55%.

Which ETF is better, XPP or UTSL?

On 5-year performance, UTSL leads with 8.32% vs -14.42% for XPP. On fees, XPP is cheaper at 0.95% per year. On volatility, XPP has been the lower-risk option at 10.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or UTSL?

Over the 5-year period, UTSL has performed better with a 8.32% return vs -14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or UTSL?

XPP is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.

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

XPP has the higher dividend yield at 2.41%, compared with 1.68% for UTSL.

What is the main difference between XPP and UTSL?

XPP is categorized as China Equities, while UTSL is Leveraged Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while UTSL tracks Utilities Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for XPP and 0.99% for UTSL.

Which has better risk-adjusted returns?

UTSL currently has the higher Sharpe Ratio (0.03 vs -0.27), 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.