SDP vs. SPUU
SDP (ProShares UltraShort Utilities) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SDP returned -20.92%/yr vs 24.81%/yr for SPUU. At a correlation of -0.35, they often move in opposite directions. SDP charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
SDP vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -12.29% return, which is significantly lower than SPUU's 13.33% return. Over the past 10 years, SDP has underperformed SPUU with an annualized return of -20.92%, while SPUU has yielded a comparatively higher 24.81% annualized return.
SDP
- 1D
- -1.74%
- 1M
- -0.17%
- YTD
- -12.29%
- 6M
- -12.43%
- 1Y
- -20.05%
- 3Y*
- -21.12%
- 5Y*
- -18.29%
- 10Y*
- -20.92%
SPUU
- 1D
- -2.91%
- 1M
- -3.20%
- YTD
- 13.33%
- 6M
- 10.95%
- 1Y
- 43.00%
- 3Y*
- 34.33%
- 5Y*
- 18.44%
- 10Y*
- 24.81%
SDP vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -12.29% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.33% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between SDP and SPUU is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.35 |
The correlation between SDP and SPUU shifts across timeframes, from -0.37 (5 years) to -0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SDP vs. SPUU — Risk / Return Rank
SDP
SPUU
SDP vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.15 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.30 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.38 | -3.09 |
| Martin ratioReturn relative to average drawdown | -1.18 | 10.11 | -11.29 |
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Drawdowns
SDP vs. SPUU - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SDP and SPUU.
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Drawdown Indicators
| SDP | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -59.35% | -40.21% |
Max Drawdown (1Y)Largest decline over 1 year | -28.09% | -18.19% | -9.90% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -35.18% | -30.99% |
Max Drawdown (5Y)Largest decline over 5 years | -66.55% | -46.59% | -19.96% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -59.35% | -33.08% |
Current DrawdownCurrent decline from peak | -99.52% | -6.62% | -92.90% |
Average DrawdownAverage peak-to-trough decline | -82.15% | -9.48% | -72.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 4.27% | +12.69% |
Volatility
SDP vs. SPUU - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.60% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that SDP's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 9.70% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 23.45% | 19.93% | +3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.51% | 25.22% | +4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.35% | 33.67% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.56% | 35.81% | +1.75% |
SDP vs. SPUU - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
SDP vs. SPUU - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.17%, more than SPUU's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.17% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.42% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
SDP and SPUU have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.60%) compared to SPUU (9.70%). In terms of maximum drawdown, SDP dropped -99.56% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.81% vs -20.92% for SDP. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.81% return vs -20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for SDP.
SDP has the higher dividend yield at 4.17%, compared with 1.42% for SPUU.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDP and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.72 vs -0.68), 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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