Which came closer to its stated multiple, UPW or XLUX?

Over the window to Sep 30, 2026, UPW finished 0.1 points from what its multiple implies and XLUX finished 0.6 points from its own, so UPW came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are UPW and XLUX levered on the same thing?

Yes. Both are levered on utilities, UPW at +2 times and XLUX at +2 times the daily move.

Which one decays faster, UPW or XLUX?

Decay follows how much the underlying moves about. Over this window UPW’s moved at 14% annualized and XLUX’s at 14%, so UPW has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold UPW or XLUX for a year?

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’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, UPW or XLUX?

UPW charges 0.95% a year and XLUX charges 0.45%, so XLUX is cheaper. Fees come from each fund's prospectus.

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UPW vs XLUX: which held to its multiple?

Over the days both have traded, UPW finished 0.1 points from its stated multiple and XLUX 0.6. ProShares Ultra Utilities and Corgi U.S. Utilities 2x Daily ETF.

−22.6%

UPW returned, 3 months

−23.1%

XLUX returned, 3 months

−0.1 pts

UPW from its stated multiple

−0.6 pts

XLUX from its stated multiple

UPW · 3 months to Sep 30, 2026On its stated multiple

UPW returned −22.6% while 2 times XLU's move would have been −22.5%

XLUX · 3 months to Sep 30, 20260.6 pts short of its stated multiple

XLUX returned −23.1% while 2 times XLU's move would have been −22.5%

ETFIQ Decay Resistance Score · UPW scores higherDid it keep up with its own daily multiple, compounded day by day?

UPW 96.1

XLUX 87.8

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	UPW	XLUX	UPW	XLUX	UPW	XLUX
1 month	−12.2%	−12.4%	−11.8%	−11.8%	−0.3 pts	−0.6 pts
3 months	−22.6%	−23.1%	−22.5%	−22.5%	−0.1 pts	−0.6 pts
6 months	−27.9%	not published	−26.6%	not published	−1.3 pts	not published
1 year	−20.2%	not published	−14.0%	not published	−6.3 pts	not published
3 years	+62.3%	not published	+92.6%	not published	−30.3 pts	not published
Since launch UPW Jan 2010 · XLUX Jun 2026	+650.1%	−19.1%	not meaningful	−17.0%	not meaningful	−2.1 pts

UPW and XLUX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

UPW

ProShares Ultra Utilities · Aims to return twice the daily move of utilities (XLU)

XLUX

Corgi U.S. Utilities 2x Daily ETF · Aims to return twice the daily move of utilities (XLU)

Issuer ProShares Corgi

Sets out to return +2x +2x

Underlying asset XLU XLU

Segment sector sector

Fund returned, 3 months or since launch −22.6% −23.1%

Underlying returned, over that window −11.3% −11.3%

What the stated multiple implies, over that window −22.5% −22.5%

Difference from stated, over that window −0.1 pts −0.6 pts

Fund returned, 1 year or since launch −20.2% −19.1%

Difference from stated, over that window −6.3 pts −2.1 pts

Underlying volatility 14% 14%

Difference over the days both have traded −0.1 pts −0.6 pts

Expense ratio 0.95% 0.45%

Launched Jan 4, 2010 Jun 3, 2026

Net assets $11m $299,403

UPW and XLUX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

UPW in plain words

Three months to Sep 30, 2026: UPW returned −22.6% where its own daily promise gave −21.7%, 0.9 points short. Read the multiple against the whole window instead and 2 times XLU's −11.3% implies −22.5%, which makes UPW look 0.1 points short. 0.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UPW aims to return +2 times XLU's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. XLU moved at 14% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

XLUX in plain words

Three months to Sep 30, 2026: XLUX returned −23.1% where its own daily promise gave −21.7%, 1.5 points short. Read the multiple against the whole window instead and 2 times XLU's −11.3% implies −22.5%, which makes XLUX look 0.6 points short. XLUX aims to return +2 times XLU's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, UPW or XLUX?: Over the window to Sep 30, 2026, UPW finished 0.1 points from what its multiple implies and XLUX finished 0.6 points from its own, so UPW came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are UPW and XLUX levered on the same thing?: Yes. Both are levered on utilities, UPW at +2 times and XLUX at +2 times the daily move.
Which one decays faster, UPW or XLUX?: Decay follows how much the underlying moves about. Over this window UPW’s moved at 14% annualized and XLUX’s at 14%, so UPW has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold UPW or XLUX for a year?: 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’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, UPW or XLUX?: UPW charges 0.95% a year and XLUX charges 0.45%, so XLUX is cheaper. Fees come from each fund's prospectus.

Other comparisons

UPW vs UTSL UPW vs SDP XLUX vs SDP XLUX vs UTSL

XLU →UPW on its own →XLUX on its own →How every figure is computed →Standards and sources →

Where these figures came from

UPW filings on SEC EDGAR ↗UPW prospectus with the expense ratio (SEC) ↗ProShares page for UPW ↗XLUX filings on SEC EDGAR ↗XLUX prospectus with the expense ratio (SEC) ↗Corgi website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, UPW against XLUX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/upw-vs-xlux

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.