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CNDU.TO vs. SPXU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNDU.TO vs. SPXU

Last updated Jun 4, 2026

CNDU.TO (BetaPro S&P/TSX 60 2x Daily Bull ETF) and SPXU (ProShares UltraPro Short S&P500) are both Leveraged Equities funds - CNDU.TO tracks the S&P/TSX 60 Index while SPXU tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, CNDU.TO returned 18.70%/yr vs -41.53%/yr for SPXU. At a correlation of -0.69, they often move in opposite directions. CNDU.TO charges 1.15%/yr vs 0.93%/yr for SPXU.

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.

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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 17.93% return, which is significantly higher than SPXU's -24.68% return. Over the past 10 years, CNDU.TO has outperformed SPXU with an annualized return of 18.70%, while SPXU has yielded a comparatively lower -41.53% annualized return.

CNDU.TO

1D
-1.69%
1M
6.67%
YTD
17.93%
6M
21.59%
1Y
62.18%
3Y*
38.91%
5Y*
22.02%
10Y*
18.70%

SPXU

1D
2.48%
1M
-11.47%
YTD
-24.68%
6M
-25.33%
1Y
-48.30%
3Y*
-42.36%
5Y*
-33.03%
10Y*
-41.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNDU.TO vs. SPXU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		17.93%54.27%34.82%15.07%-17.75%59.15%-4.99%42.24%-19.24%15.76%
SPXU
ProShares UltraPro Short S&P500		-24.68%-44.40%-38.44%-47.21%45.75%-58.32%-70.89%-58.42%12.79%-47.78%

Correlation

The correlation between CNDU.TO and SPXU is -0.61, 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

-0.61

Correlation (3Y)
Calculated over the trailing 3-year period

-0.66

Correlation (5Y)
Calculated over the trailing 5-year period

-0.71

Correlation (10Y)
Calculated over the trailing 10-year period

-0.69

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2009

-0.69

The correlation between CNDU.TO and SPXU shifts across timeframes, from -0.71 (5 years) to -0.61 (1 year), reflecting how their relationship changes across market environments.

CNDU.TO vs. SPXU - Sectors Allocation Comparison

Sectors
CNDU.TO
SPXU

Financial Services

37.2%
70.6%

Energy

19.1%

-

Basic Materials

14.6%

-

Technology

8.7%

-

Industrials

7.9%

-

Consumer Cyclical

4.1%

-

Consumer Defensive

3.4%

-

Utilities

2.8%

-

Communication Services

2.2%

-

Real Estate

0.2%

-

Healthcare

-

-

Financial Services

CNDU.TO
37.2%
SPXU
70.6%

Energy

CNDU.TO
19.1%
SPXU

-

Basic Materials

CNDU.TO
14.6%
SPXU

-

Technology

CNDU.TO
8.7%
SPXU

-

Industrials

CNDU.TO
7.9%
SPXU

-

Consumer Cyclical

CNDU.TO
4.1%
SPXU

-

Consumer Defensive

CNDU.TO
3.4%
SPXU

-

Utilities

CNDU.TO
2.8%
SPXU

-

Communication Services

CNDU.TO
2.2%
SPXU

-

Real Estate

CNDU.TO
0.2%
SPXU

-

Healthcare

CNDU.TO

-

SPXU

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

ProShares UltraPro Short S&P500

Often compared with CNDU.TO:
CNDU.TO vs. SLVU.TOCNDU.TO vs. HXD.TOCNDU.TO vs. AMHE.TOCNDU.TO vs. USSL.TOCNDU.TO vs. UPROCNDU.TO vs. TCND.TOCNDU.TO vs. HXT.TO
Often compared with SPXU:
SPXU vs. SPXSSPXU vs. SDSSPXU vs. SQQQSPXU vs. UPROSPXU vs. SPXLSPXU vs. SPYSPXU vs. PSQ

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: 7979
Overall Rank
CNDU.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CNDU.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
CNDU.TO Omega Ratio Rank: 7474
Omega Ratio Rank
CNDU.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
CNDU.TO Martin Ratio Rank: 8686
Martin Ratio Rank
SPXU
SPXU Risk / Return Rank: 11
Overall Rank
SPXU Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXU Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXU Omega Ratio Rank: 00
Omega Ratio Rank
SPXU Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXU Martin Ratio Rank: 11
Martin Ratio Rank
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.TOSPXUDifference
Sharpe ratioReturn per unit of total volatility
2.65
-1.32

+3.97

Sortino ratioReturn per unit of downside risk
3.27
-2.19

+5.45

Omega ratioGain probability vs. loss probability

1.44

0.77

+0.67

Calmar ratioReturn relative to maximum drawdown

4.10

-0.96

+5.06

Martin ratioReturn relative to average drawdown

18.17

-1.64

+19.81

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 2.65, which is higher than the SPXU Sharpe Ratio of -1.32. The chart below compares the historical Sharpe Ratios of CNDU.TO 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.

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Sharpe Ratios by Period

CNDU.TOSPXUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.65

-1.32

+3.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

-0.62

+1.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.62

-0.73

+1.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

-0.76

+1.04

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.

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Drawdown Indicators

CNDU.TOSPXUDifference

Max Drawdown

Largest peak-to-trough decline

-78.08%

-99.99%

+21.91%

Max Drawdown (1Y)

Largest decline over 1 year

-15.26%

-50.22%

+34.96%

Max Drawdown (3Y)

Largest decline over 3 years

-24.52%

-84.39%

+59.87%

Max Drawdown (5Y)

Largest decline over 5 years

-32.60%

-90.17%

+57.57%

Max Drawdown (10Y)

Largest decline over 10 years

-61.51%

-99.60%

+38.09%

Current Drawdown

Current decline from peak

-1.69%

-99.99%

+98.30%

Average Drawdown

Average peak-to-trough decline

-23.36%

-93.97%

+70.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

29.51%

-26.08%

Volatility

CNDU.TO vs. SPXU - Volatility Comparison

The current volatility for BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) is 6.36%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 8.80%. 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.

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Volatility by Period

CNDU.TOSPXUDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.36%

8.80%

-2.44%

Volatility (6M)

Calculated over the trailing 6-month period

18.86%

27.81%

-8.95%

Volatility (1Y)

Calculated over the trailing 1-year period

23.58%

36.69%

-13.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.54%

53.62%

-28.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.10%

56.74%

-26.64%

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.

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 7.89%.

PositionTTM202520242023202220212020201920182017
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		7.89%7.02%9.53%7.06%0.39%0.00%0.70%2.14%1.41%0.10%

Frequently Asked Questions

CNDU.TO and SPXU have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPXU is cheaper at 0.93% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXU is cheaper with a 0.93% expense ratio, compared with 1.15% for CNDU.TO.

CNDU.TO tracks S&P/TSX 60 Index, while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Horizons ETFs and ProShares. Their fees differ too: 1.15% for CNDU.TO and 0.93% for SPXU.

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