^SP100 vs. SPXU
^SP100 (S&P 100 Index) is an index, while SPXU (ProShares UltraPro Short S&P500) is S&P 500 fund tracking the S&P 500 Index (-300%). Over the past 10 years, ^SP100 returned 14.64%/yr vs -41.43%/yr for SPXU. At a correlation of -0.98, they often move in opposite directions.
Performance
^SP100 vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, ^SP100 achieves a 8.64% return, which is significantly higher than SPXU's -26.27% return. Over the past 10 years, ^SP100 has outperformed SPXU with an annualized return of 14.64%, while SPXU has yielded a comparatively lower -41.43% annualized return.
^SP100
- 1D
- 0.54%
- 1M
- 2.29%
- 6M
- 7.61%
- YTD
- 8.64%
- 1Y
- 21.31%
- 3Y*
- 21.89%
- 5Y*
- 13.20%
- 10Y*
- 14.64%
SPXU
- 1D
- -1.13%
- 1M
- -5.48%
- 6M
- -22.51%
- YTD
- -26.27%
- 1Y
- -42.27%
- 3Y*
- -41.31%
- 5Y*
- -33.63%
- 10Y*
- -41.43%
^SP100 vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^SP100 S&P 100 Index | 8.64% | 18.76% | 29.25% | 30.83% | -22.12% | 27.55% | 19.30% | 29.47% | -5.86% | 19.34% |
SPXU ProShares UltraPro Short S&P500 | -26.27% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
Correlation
The correlation between ^SP100 and SPXU is -0.96, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.98 |
The correlation between ^SP100 and SPXU has been stable across timeframes, ranging from -0.98 to -0.96 - a consistent structural relationship.
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Return for Risk
^SP100 vs. SPXU — Risk / Return Rank
^SP100
SPXU
^SP100 vs. SPXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for S&P 100 Index (^SP100) and ProShares UltraPro Short S&P500 (SPXU). 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.
| ^SP100 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.92 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.81 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | -0.95 | +2.82 |
| Martin ratioReturn relative to average drawdown | 7.25 | -1.66 | +8.92 |
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Drawdowns
^SP100 vs. SPXU - Drawdown Comparison
The maximum ^SP100 drawdown since its inception was -61.31%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ^SP100 and SPXU.
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Drawdown Indicators
| ^SP100 | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.31% | -99.99% | +38.68% |
Max Drawdown (1Y)Largest decline over 1 year | -11.30% | -43.83% | +32.53% |
Max Drawdown (3Y)Largest decline over 3 years | -19.89% | -84.36% | +64.47% |
Max Drawdown (5Y)Largest decline over 5 years | -27.23% | -90.23% | +63.00% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -99.56% | +68.03% |
Current DrawdownCurrent decline from peak | -1.42% | -99.99% | +98.57% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -93.35% | +80.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.91% | 25.04% | -22.13% |
Volatility
^SP100 vs. SPXU - Volatility Comparison
The current volatility for S&P 100 Index (^SP100) is 4.54%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 13.32%. This indicates that ^SP100 experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^SP100 | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.54% | 13.32% | -8.78% |
Volatility (6M)Calculated over the trailing 6-month period | 10.66% | 29.88% | -19.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.39% | 37.43% | -24.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 50.64% | -32.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.48% | 53.33% | -34.85% |
Frequently Asked Questions
^SP100 and SPXU have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXU has higher volatility (13.32%) compared to ^SP100 (4.54%). In terms of maximum drawdown, ^SP100 dropped -61.31% vs SPXU's -99.99%.
^SP100 currently has the higher Sharpe Ratio (1.58 vs -1.11), 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.
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