CNDU.TO vs. SPXU

Last updated Apr 1, 2026

Compare and contrast key facts about BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) and ProShares UltraPro Short S&P500 (SPXU).

CNDU.TO and SPXU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CNDU.TO is a passively managed fund by Horizons ETFs that tracks the performance of the S&P/TSX 60 Index. It was launched on Jan 8, 2007. SPXU is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-300%). It was launched on Jun 25, 2009. Both CNDU.TO and SPXU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CNDU.TO vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

CNDU.TO vs. SPXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNDU.TO BetaPro S&P/TSX 60 2x Daily Bull ETF	4.34%	54.27%	34.82%	15.07%	-17.75%	59.15%	-4.99%	42.24%	-19.24%	15.76%
SPXU ProShares UltraPro Short S&P500	16.58%	-44.40%	-38.44%	-47.21%	45.75%	-58.32%	-70.89%	-58.42%	12.79%	-47.78%

Different Trading Currencies

CNDU.TO is traded in CAD, while SPXU is traded in USD. To make them comparable, the SPXU values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CNDU.TO achieves a 4.34% return, which is significantly lower than SPXU's 16.58% return. Over the past 10 years, CNDU.TO has outperformed SPXU with an annualized return of 18.53%, while SPXU has yielded a comparatively lower -39.34% annualized return.

CNDU.TO

• 1D: 4.89%
• 1M: -6.84%
• YTD: 4.34%
• 6M: 14.56%
• 1Y: 58.23%
• 3Y*: 32.99%
• 5Y*: 21.85%
• 10Y*: 18.53%

SPXU

• 1D: -8.67%
• 1M: 18.32%
• YTD: 16.58%
• 6M: 7.83%
• 1Y: -43.45%
• 3Y*: -36.01%
• 5Y*: -29.99%
• 10Y*: -39.34%

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

CNDU.TO vs. SPXU - Expense Ratio Comparison

CNDU.TO has a 1.15% expense ratio, which is higher than SPXU's 0.93% expense ratio.

CNDU.TO

BetaPro S&P/TSX 60 2x Daily Bull ETF

SPXU

ProShares UltraPro Short S&P500

Return for Risk

CNDU.TO vs. SPXU — Risk / Return Rank

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

CNDU.TO

CNDU.TO Risk / Return Rank: 90
CNDU.TO Sharpe Ratio Rank: 90
CNDU.TO Sortino Ratio Rank: 88
CNDU.TO Omega Ratio Rank: 89
CNDU.TO Calmar Ratio Rank: 89
CNDU.TO Martin Ratio Rank: 93

SPXU

SPXU Risk / Return Rank: 3
SPXU Sharpe Ratio Rank: 2
SPXU Sortino Ratio Rank: 2
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 2
SPXU Martin Ratio Rank: 6

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.

CNDU.TO vs. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) 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.

	CNDU.TO	SPXU	Difference
Sharpe ratio Return per unit of total volatility	2.02	-0.79	+2.80
Sortino ratio Return per unit of downside risk	2.47	-0.99	+3.46
Omega ratio Gain probability vs. loss probability	1.38	0.86	+0.52
Calmar ratio Return relative to maximum drawdown	2.94	-0.66	+3.60
Martin ratio Return relative to average drawdown	13.41	-0.77	+14.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNDU.TO vs. SPXU - Sharpe Ratio Comparison

The current CNDU.TO Sharpe Ratio is 2.02, which is higher than the SPXU Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of CNDU.TO and SPXU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CNDU.TO	SPXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	-0.79	+2.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	-0.56	+1.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	-0.70	+1.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	-0.74	+1.00

Correlation

The correlation between CNDU.TO and SPXU is -0.70. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CNDU.TO vs. SPXU - Dividend Comparison

CNDU.TO has not paid dividends to shareholders, while SPXU's dividend yield for the trailing twelve months is around 5.10%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNDU.TO BetaPro S&P/TSX 60 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXU ProShares UltraPro Short S&P500	5.10%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Drawdowns

CNDU.TO vs. SPXU - Drawdown Comparison

The maximum CNDU.TO drawdown since its inception was -78.08%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for CNDU.TO and SPXU.

Drawdown Indicators

	CNDU.TO	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-78.08%	-99.99%	+21.91%
Max Drawdown (1Y) Largest decline over 1 year	-20.72%	-65.13%	+44.41%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-87.51%	+54.91%
Max Drawdown (10Y) Largest decline over 10 years	-61.51%	-99.51%	+38.00%
Current Drawdown Current decline from peak	-8.17%	-99.99%	+91.82%
Average Drawdown Average peak-to-trough decline	-23.55%	-93.26%	+69.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	55.70%	-51.15%

Volatility

CNDU.TO vs. SPXU - Volatility Comparison

The current volatility for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) is 10.76%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 16.37%. This indicates that CNDU.TO 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

	CNDU.TO	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.76%	16.37%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	19.82%	28.91%	-9.09%
Volatility (1Y) Calculated over the trailing 1-year period	29.08%	55.46%	-26.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.44%	53.67%	-28.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.07%	56.72%	-26.65%