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DDM vs UPW

ProShares Ultra Dow30

DDMBNYSE Arca

ProShares Ultra Utilities

UPWBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

DDM0.95%UPW0.95%

Avg volume · 30D

DDM 9.5×the volume

DDM185KUPW19.6K

10Y return · a year

DDM +10.6pt

DDM+19.2%UPW+8.6%

DDM vs UPW Performance

Oct 29, 2021 – Oct 30, 2026

+68.8%DDM+39.5%UPW

Oct 29, 2021 to Oct 30, 2026. DDM +68.8%. UPW +39.5%. Use the arrow keys to read each point.−25%0%25%Oct 2021Apr 2024Oct 2026
Expense ratio
DDM 0.95%
UPW 0.95%
Fund size
DDM $507M
UPW $13M
1Y total return
DDM +13.4%, better
UPW −7.7%
Yield (12M)
DDM 0.98%
UPW 1.77%, better
Holdings
DDM 34
UPW 32
Avg volume (30D)
DDM 185K sh, better
UPW 19.6K sh
NAV per share
DDM $62.99
UPW $21.49
52W range

ETF.net Grade

DDM: Cost 51, Risk 79, Mission 92, Tradability 93, Holdings 53, Durability 79. UPW: Cost 51, Risk 62, Mission not scored, Tradability 57, Holdings 69, Durability 65.
Pillar letters and Scores for DDM, UPW, with each pillar’s weight
PillarDDMUPW
Cost30% weightC51C51
Mission25% weightA92Not scored
Risk15% weightA79HigherB62
Tradability15% weightA93HigherB57
Holdings10% weightC53B69Higher
Durability5% weightA79HigherB65

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DDM and UPW are both graded against the same 95 Leveraged Long (2x & Other) funds, so their Grades compare head to head.

Leveraged Long (2x & Other)⁠

Category · 95 funds
See all 95 ›

DDM ranks 4th and UPW 20th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 3AROMProShares Ultra TechnologyScore 71
  4. Rank 4BDDMProShares Ultra Dow30Score 69
  5. Rank 5BUSDProShares Ultra SemiconductorsScore 68
  6. Rank 18BUREProShares Ultra Real EstateScore 56
  7. Rank 20BUPWProShares Ultra UtilitiesScore 55
  8. Rank 20BYCLProShares Ultra YenScore 55

Our read on each fund

ETF.net Research

DDMBProShares Ultra Dow30

UPWBProShares Ultra Utilities

In short

DDM The Dow dates to 1896. DDM is the only ETF built to double its daily move: 2x the Dow Jones Industrial Average, reset every single day, for 0.95% a year, running since 2006.

UPW Utilities are the market's sleepy defensive corner. UPW is the only ETF that bolts 2x daily leverage onto them, and it has been running that trade since 2007.

Stated mandate

DDM The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the Dow Jones Industrial Average.

UPW The fund seeks daily investment results, before fees and expenses, equal to two times the daily performance of the S&P Utilities Select Sector SM Index.

Why people hold it

  • DDM The only ETF that targets 2x the daily return of the Dow Jones Industrial Average. Leveraged blue-chip exposure through one ticker, no margin account needed.proshares.com
  • Trading since 2006, and its day-to-day results have stayed close to the 2x daily target across nearly two decades of market cycles.proshares.com
  • Easy to get in and out of for a fund its size, and one of the strongest implementations in its peer group of leveraged bull funds.
  • The 0.95% fee sits near the typical charge for leveraged funds, and it is the standing rate, not a number propped up by a temporary waiver.
  • UPW ProShares says UPW is the only ETF targeting 2x the daily return of the utilities sector. One ticker, no rival lineup to price-shop.proshares.com
  • Fee is 0.95% net of a waiver through September 30, 2027, near the typical leveraged bull charge and the same net price as stablemate DDM (0.95%).
  • The benchmark is the utilities inside the S&P 500: a few dozen electric, gas, water and multi-utility names. ProShares moved to that index in 2023 from a broader Dow Jones gauge.proshares.comsec.gov
  • Trading since January 2007, a long run for a leveraged sector fund, and it pays distributions quarterly.

Worth knowing

  • DDM The 2x target resets daily. Hold for weeks and compounding takes over, so results can land well away from twice the Dow's move, especially in choppy markets.proshares.com
  • The Dow is price-weighted across 30 blue chips, so a high-priced stock swings it more than a far larger company does.spglobal.com
  • Sibling leveraged funds cost a little less: QLD charges 0.89% net of a waiver through September 30, 2027, against a 0.96% gross rate.
  • UPW The 2x target covers one day only. Over longer holds compounding takes over: choppier, sideways stretches tend to drag results below 2x the index move.sec.gov
  • That 0.95% is net of a waiver. The gross expense ratio is 1.55%, so the sticker price past September 30, 2027 hangs on whether ProShares extends it.
  • Small and lightly traded next to the giant leveraged index ETFs, so bid-ask spreads and the size of your order matter more here.

Full DDM profile⁠

Full UPW profile⁠

DDM vs UPW Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DDM vs UPW Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DDM 0.95%

    $17,869

  • UPW 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DDM 0.95%
  • UPW 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DDM $17,869UPW $17,869

Year by year

YearDDMUPW
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%DDM
  • 0.95%UPW
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

DDM 32nd cheapest of 95 funds

UPW 32nd cheapest of 95 funds

DDM vs UPW Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DDM 0.98%
UPW 1.77%, better
Payout (12M)
DDM $0.62
UPW $0.38
Last payment
DDM $0.15
UPW $0.13
Ex-dividend
DDM Sep 23, 2026
UPW Sep 23, 2026
Paid on
DDM Sep 29, 2026
UPW Sep 29, 2026
Frequency
DDM Quarterly
UPW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DDMQuarterly · 33 paymentsAll DDM payments⁠
One bar per payment. 33 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.04; Jun 21, 2017 $0.03; Sep 27, 2017 $0.04; Dec 26, 2017 $0.04; Mar 21, 2018 $0.03; Jun 20, 2018 $0.03; Sep 26, 2018 $0.06; Dec 26, 2018 $0.04; Mar 20, 2019 $0.04; Jun 25, 2019 $0.05; Dec 24, 2019 $0.07; Mar 25, 2020 $0.06; Jun 24, 2020 $0.0055; Dec 23, 2020 $0.02; Mar 23, 2021 $0.01; Sep 22, 2021 $0.0052; Dec 23, 2021 $0.05; Mar 23, 2022 $0.07; Jun 22, 2022 $0.04; Sep 21, 2022 $0.04; Dec 22, 2022 $0.12; Dec 20, 2023 $0.11; Mar 20, 2024 $0.12; Jun 26, 2024 $0.13; Sep 25, 2024 $0.14; Dec 23, 2024 $0.09; Mar 26, 2025 $0.13; Jun 25, 2025 $0.13; Sep 24, 2025 $0.15; Dec 24, 2025 $0.14; Mar 25, 2026 $0.16; Jun 24, 2026 $0.17; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$0.202017202020232026YTD
UPWQuarterly · 13 paymentsAll UPW payments⁠
One bar per payment. 13 payments from 2017 to 2026 YTD. Dec 24, 2019 $0.09; Mar 25, 2020 $0.06; Dec 23, 2020 $0.05; Mar 20, 2024 $0.06; Jun 26, 2024 $0.08; Dec 23, 2024 $0.13; Mar 26, 2025 $0.08; Jun 25, 2025 $0.11; Sep 24, 2025 $0.09; Dec 24, 2025 $0.09; Mar 25, 2026 $0.07; Jun 24, 2026 $0.10; Sep 23, 2026 $0.13. Use the arrow keys to read each point.$0$0.202017202020232026YTD

DDM vs UPW Risk

Fall from peak · 5 years

  • DDM
  • UPW
Oct 29, 2021 to Oct 30, 2026. Worst fall: UPW −50.6% · Oct 2023. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DDM 24.6%, betterUPW 32.0%
Return per unit of riskSharpe ratio, 3 years
DDM 0.96, betterUPW 0.69
Worst fallMax drawdown, 5 years
DDM −40.2%, betterUPW −50.6%
Market sensitivityBeta, 5 years
DDM 1.74UPW 0.80

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