^SP100 vs. SPXU

Last updated Jun 5, 2026

^SP100 (S&P 100 Index) is an index, while SPXU (ProShares UltraPro Short S&P500) is Leveraged Equities fund tracking the S&P 500 Index (-300%). Over the past 10 years, ^SP100 returned 14.96%/yr vs -41.92%/yr for SPXU. At a correlation of -0.98, they often move in opposite directions.

Performance

^SP100 vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 100 Index (^SP100) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SP100 achieves a 9.46% return, which is significantly higher than SPXU's -26.41% return. Over the past 10 years, ^SP100 has outperformed SPXU with an annualized return of 14.96%, while SPXU has yielded a comparatively lower -41.92% annualized return.

^SP100

• 1D: 0.35%
• 1M: 4.77%
• YTD: 9.46%
• 6M: 9.14%
• 1Y: 28.71%
• 3Y*: 23.43%
• 5Y*: 14.42%
• 10Y*: 14.96%

SPXU

• 1D: -1.06%
• 1M: -12.09%
• YTD: -26.41%
• 6M: -25.70%
• 1Y: -49.60%
• 3Y*: -43.32%
• 5Y*: -35.03%
• 10Y*: -41.92%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^SP100 vs. SPXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SP100 S&P 100 Index	9.46%	18.76%	29.25%	30.83%	-22.12%	27.55%	19.30%	29.47%	-5.86%	19.34%
SPXU ProShares UltraPro Short S&P500	-26.41%	-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 -0.97, 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	-0.97
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 26, 2009	-0.98

The correlation between ^SP100 and SPXU has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.

Return for Risk

^SP100 vs. SPXU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SP100

^SP100 Risk / Return Rank: 73
^SP100 Sharpe Ratio Rank: 78
^SP100 Sortino Ratio Rank: 78
^SP100 Omega Ratio Rank: 78
^SP100 Calmar Ratio Rank: 62
^SP100 Martin Ratio Rank: 71

SPXU

SPXU Risk / Return Rank: 0
SPXU Sharpe Ratio Rank: 0
SPXU Sortino Ratio Rank: 0
SPXU Omega Ratio Rank: 0
SPXU Calmar Ratio Rank: 0
SPXU Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^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.

	^SP100	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	2.27	-1.41	+3.68
Sortino ratio: Return per unit of downside risk	3.10	-2.38	+5.48
Omega ratio: Gain probability vs. loss probability	1.41	0.75	+0.66
Calmar ratio: Return relative to maximum drawdown	2.55	-0.98	+3.53
Martin ratio: Return relative to average drawdown	10.65	-1.64	+12.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP100 vs. SPXU - Sharpe Ratio Comparison

The current ^SP100 Sharpe Ratio is 2.27, which is higher than the SPXU Sharpe Ratio of -1.41. The chart below compares the historical Sharpe Ratios of ^SP100 and SPXU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^SP100	SPXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	-1.41	+3.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	-0.70	+1.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	-0.79	+1.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	-0.84	+1.39

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.

Drawdown Indicators

	^SP100	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-61.31%	-99.99%	+38.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-50.82%	+39.52%
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%	-99.63%	+68.10%
Current Drawdown Current decline from peak	-0.68%	-99.99%	+99.31%
Average Drawdown Average peak-to-trough decline	-12.67%	-93.33%	+80.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	30.23%	-27.53%

Volatility

^SP100 vs. SPXU - Volatility Comparison

The current volatility for S&P 100 Index (^SP100) is 3.23%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 8.41%. 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.

Volatility by Period

	^SP100	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	8.41%	-5.18%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	26.86%	-17.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	35.34%	-22.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	50.31%	-32.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	53.37%	-34.90%

Frequently Asked Questions

Can I hold both ^SP100 and SPXU in my portfolio?

^SP100 and SPXU have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^SP100 or SPXU?

SPXU has higher volatility (8.41%) compared to ^SP100 (3.23%). In terms of maximum drawdown, ^SP100 dropped -61.31% vs SPXU's -99.99%.

Which has better risk-adjusted returns?

^SP100 currently has the higher Sharpe Ratio (2.27 vs -1.41), 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.