IFED vs. SDP
IFED (ETRACS IFED Invest with the Fed TR Index ETN) and SDP (ProShares UltraShort Utilities) are both Leveraged Equities funds - IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross while SDP tracks the Dow Jones U.S. Utilities Index (-200%). Both are passively managed. Over the past 3 years, IFED returned 14.90%/yr vs -19.90%/yr for SDP. At a correlation of -0.30, they often move in opposite directions. IFED charges 0.45%/yr vs 0.95%/yr for SDP.
Performance
IFED vs. SDP - Performance Comparison
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Returns By Period
In the year-to-date period, IFED achieves a -3.70% return, which is significantly higher than SDP's -12.49% return.
IFED
- 1D
- 0.00%
- 1M
- -2.20%
- 6M
- -3.47%
- YTD
- -3.70%
- 1Y
- 0.44%
- 3Y*
- 14.90%
- 5Y*
- —
- 10Y*
- —
SDP
- 1D
- 2.18%
- 1M
- -2.97%
- 6M
- -10.76%
- YTD
- -12.49%
- 1Y
- -19.02%
- 3Y*
- -19.90%
- 5Y*
- -16.84%
- 10Y*
- -20.57%
IFED vs. SDP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.70% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
SDP ProShares UltraShort Utilities | -12.49% | -22.59% | -30.11% | 18.95% | -12.54% | -14.91% |
Correlation
The correlation between IFED and SDP is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.30 |
Over the past year, the inverse relationship between IFED and SDP has weakened: their correlation has moved from -0.30 to -0.05, meaning they move in opposite directions less often than they have historically.
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Return for Risk
IFED vs. SDP — Risk / Return Rank
IFED
SDP
IFED vs. SDP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) and ProShares UltraShort Utilities (SDP). 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.
| IFED | SDP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.91 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.75 | +0.78 |
| Martin ratioReturn relative to average drawdown | 0.07 | -1.25 | +1.32 |
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Drawdowns
IFED vs. SDP - Drawdown Comparison
The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum SDP drawdown of -99.56%. Use the drawdown chart below to compare losses from any high point for IFED and SDP.
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Drawdown Indicators
| IFED | SDP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.36% | -99.56% | +77.20% |
Max Drawdown (1Y)Largest decline over 1 year | -14.65% | -25.57% | +10.92% |
Max Drawdown (3Y)Largest decline over 3 years | -22.36% | -66.17% | +43.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -66.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.43% | — |
Current DrawdownCurrent decline from peak | -5.67% | -99.52% | +93.85% |
Average DrawdownAverage peak-to-trough decline | -5.83% | -82.20% | +76.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.04% | 15.25% | -9.21% |
Volatility
IFED vs. SDP - Volatility Comparison
The current volatility for ETRACS IFED Invest with the Fed TR Index ETN (IFED) is 7.00%, while ProShares UltraShort Utilities (SDP) has a volatility of 9.10%. This indicates that IFED experiences smaller price fluctuations and is considered to be less risky than SDP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IFED | SDP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.00% | 9.10% | -2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 15.09% | 23.69% | -8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.73% | 30.00% | -12.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.00% | 34.44% | -14.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.00% | 37.59% | -17.59% |
IFED vs. SDP - Expense Ratio Comparison
IFED has a 0.45% expense ratio, which is lower than SDP's 0.95% expense ratio.
Dividends
IFED vs. SDP - Dividend Comparison
IFED has not paid dividends to shareholders, while SDP's dividend yield for the trailing twelve months is around 4.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDP ProShares UltraShort Utilities | 4.24% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% |
Frequently Asked Questions
IFED and SDP have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (9.10%) compared to IFED (7.00%). In terms of maximum drawdown, IFED dropped -22.36% vs SDP's -99.56%.
On 3-year performance, IFED leads with 14.90% vs -19.90% for SDP. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 7.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 14.90% return vs -19.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for SDP.
SDP has the higher dividend yield at 4.24%, compared with 0.00% for IFED.
IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while SDP tracks Dow Jones U.S. Utilities Index (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.45% for IFED and 0.95% for SDP.
IFED currently has the higher Sharpe Ratio (0.02 vs -0.64), 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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