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ProShares UltraPro Short S&P500 (SPXU) Diversifiers

ETF · Currency in USD · Last updated Jun 4, 2026

SPXU, or the ProShares UltraPro Short S&P 500 ETF, is a passively managed exchange-traded fund that seeks to provide 300% of the inverse of the daily performance of the S&P 500 Index. This means that the ETF aims to deliver returns that are opposite to the returns of the S&P 500 Index, making it suitable for investors who are looking to bet against the market.

The S&P 500 Index is a widely followed benchmark that tracks the performance of 500 large companies listed on stock exchanges in the United States. It is considered a good indicator of the overall health of the U.S. stock market and the economy.

SPXU was launched on June 25, 2009, and has an expense ratio of 0.93%. This expense ratio is considered to be relatively high compared to other ETFs.

It is important to note that inverse ETFs such as SPXU are unsuitable for all investors and carry a higher risk level than traditional ETFs. In addition, inverse ETFs can be more volatile and have a greater potential for losses than conventional ETFs, especially in a rising market. Therefore, conducting thorough research and seeking professional advice is recommended before making an investment decision.

Looking to diversify beyond SPXU? The ETFs below have the lowest correlation with SPXU — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from SPXU.

Best Diversifiers for SPXU

1598 ETFs have low correlation with SPXU (below 0.3), 1530 of which are negatively correlated. The least correlated is Direxion Daily S&P 500 Bull 3X ETF (SPXL) (Leveraged Equities) with a 1Y correlation of -1.00, roughly unchanged from -1.00 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
SPXL
Direxion Daily S&P 500 Bull 3X ETF-1.00-1.00-1.00
63
Leveraged Equities, S&P 500SPXU vs SPXL
UPRO
ProShares UltraPro S&P 500-1.00-1.00-1.00
62
Leveraged Equities, S&P 500SPXU vs UPRO
SSO
ProShares Ultra S&P500-1.00-1.00-1.00
62
Leveraged Equities, S&P 500SPXU vs SSO
SPYM
State Street SPDR Portfolio S&P 500 ETF-1.00-1.00-1.00
70
S&P 500SPXU vs SPYM
VOO
Vanguard S&P 500 ETF-1.00-1.00-1.00
70
S&P 500SPXU vs VOO
See all 1599 diversifiers for SPXU

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from SPXU, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SPXU and solid risk/return profiles. The least correlated is The Goldman Sachs Group, Inc. (GS) (Financial Services) with a 1Y correlation of -0.67, roughly unchanged from -0.67 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
GS
The Goldman Sachs Group, Inc.-0.67-0.64-0.67
90
Financial Services
BN
Brookfield Corp-0.66-0.66-0.68
53
Financial Services
MS
Morgan Stanley-0.63-0.57-0.61
89
Financial Services
LRCX
Lam Research Corporation-0.63-0.62-0.65
98
Technology
IBKR
Interactive Brokers Group, Inc.-0.61-0.46-0.48
83
Financial Services
See all 122 low-correlation stocks for SPXU

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Diversification Analysis

Build a portfolio that complements SPXU

Add SPXU to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with SPXU