SDP vs. ERX
SDP (ProShares UltraShort Utilities) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, SDP returned -20.62%/yr vs -10.35%/yr for ERX. At a correlation of -0.31, they often move in opposite directions. SDP charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
SDP vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -13.42% return, which is significantly lower than ERX's 57.54% return. Over the past 10 years, SDP has underperformed ERX with an annualized return of -20.62%, while ERX has yielded a comparatively higher -10.35% annualized return.
SDP
- 1D
- -1.06%
- 1M
- -2.64%
- 6M
- -9.81%
- YTD
- -13.42%
- 1Y
- -19.85%
- 3Y*
- -20.83%
- 5Y*
- -17.02%
- 10Y*
- -20.62%
ERX
- 1D
- 1.76%
- 1M
- 6.94%
- 6M
- 39.75%
- YTD
- 57.54%
- 1Y
- 68.66%
- 3Y*
- 19.68%
- 5Y*
- 34.10%
- 10Y*
- -10.35%
SDP vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -13.42% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
ERX Direxion Daily Energy Bull 2X Shares | 57.54% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between SDP and ERX is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.31 |
Over the past year, the inverse relationship between SDP and ERX has weakened: their correlation has moved from -0.31 to -0.07, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDP vs. ERX — Risk / Return Rank
SDP
ERX
SDP vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.97 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.26 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 2.30 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.32 | 5.95 | -7.27 |
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Drawdowns
SDP vs. ERX - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SDP and ERX.
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Drawdown Indicators
| SDP | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -99.54% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -25.44% | -29.97% | +4.53% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -42.34% | -23.83% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -46.90% | -19.27% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -98.59% | +6.16% |
Current DrawdownCurrent decline from peak | -99.53% | -92.05% | -7.48% |
Average DrawdownAverage peak-to-trough decline | -82.21% | -67.18% | -15.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 11.57% | +3.71% |
Volatility
SDP vs. ERX - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 9.08%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.31%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.08% | 12.31% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 23.68% | 33.63% | -9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.97% | 42.09% | -12.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.43% | 51.72% | -17.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.59% | 68.92% | -31.33% |
SDP vs. ERX - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
SDP vs. ERX - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.29%, more than ERX's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.62% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SDP ProShares UltraShort Utilities | 4.29% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% |
Frequently Asked Questions
SDP and ERX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (12.31%) compared to SDP (9.08%). In terms of maximum drawdown, SDP dropped -99.56% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.35% vs -20.62% for SDP. On fees, SDP is cheaper at 0.95% per year. On volatility, SDP has been the lower-risk option at 9.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.35% return vs -20.62%. 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 1.09% for ERX.
SDP has the higher dividend yield at 4.29%, compared with 1.62% for ERX.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDP and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.64 vs -0.66), 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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