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 -20.83%/yr vs -9.37%/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 -6.57% return, which is significantly lower than ERX's 66.84% return. Over the past 10 years, SDP has underperformed ERX with an annualized return of -20.83%, while ERX has yielded a comparatively higher -9.37% annualized return.
SDP
- 1D
- -1.07%
- 1M
- 11.41%
- YTD
- -6.57%
- 6M
- -3.26%
- 1Y
- -16.19%
- 3Y*
- -19.49%
- 5Y*
- -16.51%
- 10Y*
- -20.83%
ERX
- 1D
- -0.05%
- 1M
- -3.57%
- YTD
- 66.84%
- 6M
- 58.30%
- 1Y
- 98.14%
- 3Y*
- 24.19%
- 5Y*
- 28.74%
- 10Y*
- -9.37%
SDP vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -6.57% | -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 | 66.84% | 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 -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.24 |
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 20, 2008 | -0.31 |
Over the past year, the inverse relationship between SDP and ERX has weakened: their correlation has moved from -0.31 to -0.04, 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.
| SDP | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.35 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 4.23 | -4.79 |
| Martin ratioReturn relative to average drawdown | -0.93 | 11.45 | -12.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDP | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 2.42 | -2.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.56 | -1.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | -0.14 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.09 | -0.48 |
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 | -29.01% | -23.34% | -5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -42.34% | -23.83% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -46.90% | -19.71% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -98.59% | +6.16% |
Current DrawdownCurrent decline from peak | -99.49% | -91.58% | -7.91% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -67.03% | -15.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.42% | 8.60% | +8.82% |
Volatility
SDP vs. ERX - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.92%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. 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 | 10.92% | 16.49% | -5.57% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 33.31% | -10.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 41.08% | -11.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 51.98% | -17.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.50% | 69.16% | -31.66% |
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 3.91%, more than ERX's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SDP ProShares UltraShort Utilities | 3.91% | 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 -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (16.49%) compared to SDP (10.92%). In terms of maximum drawdown, SDP dropped -99.56% vs ERX's -99.54%.
On 10-year performance, ERX leads with -9.37% vs -20.83% for SDP. On fees, SDP is cheaper at 0.95% per year. On volatility, SDP has been the lower-risk option at 10.92%. 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 -9.37% return vs -20.83%. 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 3.91%, compared with 1.61% 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 (2.42 vs -0.56), 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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