{"url":"https://etfiq.com/compare/leverage/upw-vs-utsl","section":"compare","title":"UPW vs UTSL: which held to its multiple? | ETFIQ","description":"UPW sets out to return +2 times XLU each day and UTSL +3 times. Over the three months to Sep 30, 2026 they finished \u22120.1 pts and +0.8 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, UPW or UTSL?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, UPW finished 0.1 points from what its multiple implies and UTSL finished 0.8 points from its own, so UPW came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are UPW and UTSL levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on utilities, UPW at +2 times and UTSL at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, UPW or UTSL?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window UPW\u2019s moved at 14% annualized and UTSL\u2019s at 14%, so UPW has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold UPW or UTSL for a year?","acceptedAnswer":{"@type":"Answer","text":"Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, UPW or UTSL?","acceptedAnswer":{"@type":"Answer","text":"UPW charges 0.95% a year and UTSL charges 0.97%, so UPW is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"UPW vs UTSL","item":"https://etfiq.com/compare/leverage/upw-vs-utsl"}]},{"@type":"WebPage","name":"UPW vs UTSL: which held to its multiple?","description":"UPW sets out to return +2 times XLU each day and UTSL +3 times. Over the three months to Sep 30, 2026 they finished \u22120.1 pts and +0.8 pts away.","url":"https://etfiq.com/compare/leverage/upw-vs-utsl","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, UPW finished 0.9 points short and UTSL 1.8 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of UPW and UTSL","description":"UPW sets out to return +2 times XLU each day and UTSL +3 times. Over the three months to Sep 30, 2026 they finished \u22120.1 pts and +0.8 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/upw-vs-utsl","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6782,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / UPW vs UTSL \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n UPW vs UTSL: which held to its multiple?\n\n Over three months against its own daily promise, UPW finished 0.9 points short and UTSL 1.8 points short.\n Copy this for sharing \n \n ProShares Ultra Utilities and Direxion Daily Utilities Bull 3X ETF.\n\n Download as PDF \n\n \u221222.6% UPW returned, 3 months \n \u221233.0% UTSL returned, 3 months \n \u22120.1 pts UPW from its stated multiple \n +0.8 pts UTSL from its stated multiple \n\n ETFIQ Decay Resistance Score: UPW scores higher\n Did it keep up ","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/upw-vs-utsl","a":{"ticker":"UPW","name":"ProShares Ultra Utilities","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UPW returned \u221222.6% where its own daily promise gave \u221221.7%, 0.9 points short.","url":"https://etfiq.com/funds/upw","key_facts":[{"label":"What XLU did","value":"\u221211.3%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"\u221221.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221222.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22120.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$11m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"UTSL","name":"Direxion Daily Utilities Bull 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UTSL returned \u221233.0% where its own daily promise gave \u221231.2%, 1.8 points short.","url":"https://etfiq.com/funds/utsl","key_facts":[{"label":"What XLU did","value":"\u221211.3%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"\u221231.2%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u221233.0%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.8 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$55m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.97%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/upw-vs-utsl"}