SDP vs. EMLP
SDP (ProShares UltraShort Utilities) and EMLP (First Trust North American Energy Infrastructure Fund) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while EMLP is a Infrastructure Equities fund actively managed by First Trust. SDP is passively managed, while EMLP is actively managed. Over the past 10 years, SDP returned -20.32%/yr vs 10.12%/yr for EMLP. Their -0.62 correlation means they have often moved in opposite directions in the past. SDP charges 0.95%/yr vs 0.96%/yr for EMLP.
Performance
SDP vs. EMLP - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -9.16% return, which is significantly lower than EMLP's 17.75% return. Over the past 10 years, SDP has underperformed EMLP with an annualized return of -20.32%, while EMLP has yielded a comparatively higher 10.12% annualized return.
SDP
- 1D
- 1.06%
- 1M
- 6.29%
- 6M
- -7.08%
- YTD
- -9.16%
- 1Y
- -8.19%
- 3Y*
- -19.35%
- 5Y*
- -16.38%
- 10Y*
- -20.32%
- ALL TIME*
- -21.28%
EMLP
- 1D
- 0.37%
- 1M
- 0.62%
- 6M
- 11.20%
- YTD
- 17.75%
- 1Y
- 19.09%
- 3Y*
- 20.43%
- 5Y*
- 16.56%
- 10Y*
- 10.12%
- ALL TIME*
- 9.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.88M | $10.50M | $12.16M | |
| $172.54K | $93.38K | $80.16K |
SDP vs. EMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.16% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
EMLP First Trust North American Energy Infrastructure Fund | 17.75% | 9.67% | 33.39% | 8.05% | 10.39% | 23.20% | -13.36% | 23.40% | -8.70% | 1.07% |
Correlation
The correlation between SDP and EMLP is -0.72, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.72 |
Correlation (3Y) Balances recent behavior with more history. | -0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.72 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2012 | -0.62 |
The correlation between SDP and EMLP shifts across timeframes, from -0.74 (3 years) to -0.62 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SDP vs. EMLP — Risk / Return Rank
SDP
EMLP
SDP vs. EMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and First Trust North American Energy Infrastructure Fund (EMLP). 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.
| SDP | EMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.30 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 3.72 | -4.07 |
| Martin ratioReturn relative to average drawdown | -0.57 | 10.54 | -11.11 |
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Drawdowns
SDP vs. EMLP - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than EMLP's maximum drawdown of -43.61%. Use the drawdown chart below to compare losses from any high point for SDP and EMLP.
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Drawdown Indicators
| SDP | EMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -43.61% | -55.95% |
Max Drawdown (1Y)Largest decline over 1 year | -25.44% | -4.94% | -20.50% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -11.47% | -54.70% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -14.59% | -51.58% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -43.61% | -48.82% |
Current DrawdownCurrent decline from peak | -99.50% | -1.94% | -97.56% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -5.71% | -76.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.45% | 1.74% | +13.71% |
Volatility
SDP vs. EMLP - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 9.55% compared to First Trust North American Energy Infrastructure Fund (EMLP) at 3.87%. This indicates that SDP's price experiences larger fluctuations and is considered to be riskier than EMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | EMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.55% | 3.87% | +5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 8.48% | +15.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.16% | 10.36% | +19.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 14.49% | +19.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.63% | 17.67% | +19.96% |
SDP vs. EMLP - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is lower than EMLP's 0.96% expense ratio.
Dividends
SDP vs. EMLP - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.09%, more than EMLP's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMLP First Trust North American Energy Infrastructure Fund | 2.76% | 3.18% | 3.19% | 3.92% | 3.15% | 3.29% | 4.70% | 3.71% | 4.71% | 3.80% | 3.62% | 4.63% |
SDP ProShares UltraShort Utilities | 4.09% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDP and EMLP have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (9.55%) compared to EMLP (3.87%). In terms of maximum drawdown, SDP dropped -99.56% vs EMLP's -43.61%.
On 10-year performance, EMLP leads with 10.12% vs -20.32% for SDP. On fees, SDP is cheaper at 0.95% per year. On volatility, EMLP has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EMLP has performed better with a 10.12% return vs -20.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP is cheaper with a 0.95% expense ratio, compared with 0.96% for EMLP.
SDP has the higher dividend yield at 4.09%, compared with 2.76% for EMLP.
SDP is categorized as Leveraged Equities, while EMLP is Infrastructure Equities. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SDP and 0.96% for EMLP.
EMLP currently has the higher Sharpe Ratio (1.78 vs -0.29), 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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