SDP vs. NVDG

Last updated Jun 5, 2026

SDP (ProShares UltraShort Utilities) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. SDP is passively managed, while NVDG is actively managed. Over the past year, SDP returned -16.19% vs 88.87% for NVDG. At a correlation of -0.08, they often move in opposite directions. SDP charges 0.95%/yr vs 0.75%/yr for NVDG.

Performance

SDP vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Utilities (SDP) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDP achieves a -6.57% return, which is significantly lower than NVDG's 23.86% 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%

NVDG

• 1D: 4.14%
• 1M: 21.48%
• YTD: 23.86%
• 6M: 26.22%
• 1Y: 88.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDP vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDP ProShares UltraShort Utilities	-6.57%	-22.59%	3.66%
NVDG Leverage Shares 2X Long NVDA Daily ETF	23.86%	32.45%	-0.75%

Correlation

The correlation between SDP and NVDG is -0.01, 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	-0.01
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	-0.08

Return for Risk

SDP vs. NVDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDP

SDP Risk / Return Rank: 4
SDP Sharpe Ratio Rank: 4
SDP Sortino Ratio Rank: 4
SDP Omega Ratio Rank: 4
SDP Calmar Ratio Rank: 4
SDP Martin Ratio Rank: 5

NVDG

NVDG Risk / Return Rank: 37
NVDG Sharpe Ratio Rank: 38
NVDG Sortino Ratio Rank: 38
NVDG Omega Ratio Rank: 36
NVDG Calmar Ratio Rank: 43
NVDG Martin Ratio Rank: 32

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.

SDP vs. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	1.32	-1.88
Sortino ratio: Return per unit of downside risk	-0.68	1.94	-2.61
Omega ratio: Gain probability vs. loss probability	0.93	1.23	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.56	2.09	-2.65
Martin ratio: Return relative to average drawdown	-0.93	4.75	-5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDP vs. NVDG - Sharpe Ratio Comparison

The current SDP Sharpe Ratio is -0.56, which is lower than the NVDG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SDP and NVDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SDP	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	1.32	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	0.44	-1.00

Drawdowns

SDP vs. NVDG - Drawdown Comparison

The maximum SDP drawdown since its inception was -99.56%, which is greater than NVDG's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for SDP and NVDG.

Drawdown Indicators

	SDP	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-99.56%	-66.19%	-33.37%
Max Drawdown (1Y) Largest decline over 1 year	-29.01%	-42.72%	+13.71%
Max Drawdown (3Y) Largest decline over 3 years	-66.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.43%	—	—
Current Drawdown Current decline from peak	-99.49%	-14.96%	-84.53%
Average Drawdown Average peak-to-trough decline	-82.12%	-23.05%	-59.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.42%	18.79%	-1.37%

Volatility

SDP vs. NVDG - Volatility Comparison

The current volatility for ProShares UltraShort Utilities (SDP) is 10.92%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.17%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDP	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.92%	25.17%	-14.25%
Volatility (6M) Calculated over the trailing 6-month period	23.04%	50.28%	-27.24%
Volatility (1Y) Calculated over the trailing 1-year period	29.23%	67.73%	-38.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.37%	90.65%	-56.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.50%	90.65%	-53.15%

SDP vs. NVDG - Expense Ratio Comparison

SDP has a 0.95% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

SDP vs. NVDG - Dividend Comparison

SDP's dividend yield for the trailing twelve months is around 3.91%, less than NVDG's 9.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.54%	11.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDP ProShares UltraShort Utilities	3.91%	3.99%	4.66%	3.04%	0.56%	0.00%	0.13%	0.87%	0.05%

Frequently Asked Questions

Can I hold both SDP and NVDG in my portfolio?

SDP and NVDG have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDP or NVDG?

NVDG has higher volatility (25.17%) compared to SDP (10.92%). In terms of maximum drawdown, SDP dropped -99.56% vs NVDG's -66.19%.

Which ETF is better, SDP or NVDG?

On 1-year performance, NVDG leads with 88.87% vs -16.19% for SDP. On fees, NVDG is cheaper at 0.75% 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.

Which ETF has performed better, SDP or NVDG?

Over the 1-year period, NVDG has performed better with a 88.87% return vs -16.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDP or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.95% for SDP.

Which ETF pays a higher dividend yield, SDP or NVDG?

NVDG has the higher dividend yield at 9.54%, compared with 3.91% for SDP.

What is the main difference between SDP and NVDG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SDP and 0.75% for NVDG.

Which has better risk-adjusted returns?

NVDG currently has the higher Sharpe Ratio (1.32 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.