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SDP vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDP vs. SPY

Last updated Jun 3, 2026

SDP (ProShares UltraShort Utilities) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SDP returned -20.74%/yr vs 15.57%/yr for SPY. At a correlation of -0.47, they often move in opposite directions. SDP charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

SDP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Utilities (SDP) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SDP achieves a -6.23% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, SDP has underperformed SPY with an annualized return of -20.74%, while SPY has yielded a comparatively higher 15.57% annualized return.

SDP

1D
-3.79%
1M
12.87%
YTD
-6.23%
6M
-1.59%
1Y
-13.53%
3Y*
-19.57%
5Y*
-16.36%
10Y*
-20.74%

SPY

1D
0.14%
1M
5.40%
YTD
11.69%
6M
12.09%
1Y
29.62%
3Y*
22.64%
5Y*
14.20%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SDP vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDP
ProShares UltraShort Utilities		-6.23%-22.59%-30.11%18.95%-12.54%-33.14%-36.27%-35.57%-9.31%-22.03%
SPY
State Street SPDR S&P 500 ETF		11.69%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between SDP and SPY is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

-0.28

Correlation (5Y)
Calculated over the trailing 5-year period

-0.38

Correlation (10Y)
Calculated over the trailing 10-year period

-0.36

Correlation (All Time)
Calculated using the full available price history since Mar 15, 2007

-0.47

Over the past year, the inverse relationship between SDP and SPY has weakened: their correlation has moved from -0.47 to -0.21, meaning they move in opposite directions less often than they have historically.

Compare stocks, funds, or ETFs

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ProShares UltraShort Utilities

State Street SPDR S&P 500 ETF

Often compared with SDP:
SDP vs. UPWSDP vs. YSPYSDP vs. XLUSDP vs. XDQQSDP vs. XTAPSDP vs. IFEDSDP vs. BRKW
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

SDP vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SDP
SDP Risk / Return Rank: 55
Overall Rank
SDP Sharpe Ratio Rank: 55
Sharpe Ratio Rank
SDP Sortino Ratio Rank: 44
Sortino Ratio Rank
SDP Omega Ratio Rank: 55
Omega Ratio Rank
SDP Calmar Ratio Rank: 44
Calmar Ratio Rank
SDP Martin Ratio Rank: 55
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7575
Overall Rank
SPY Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7575
Sortino Ratio Rank
SPY Omega Ratio Rank: 7676
Omega Ratio Rank
SPY Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and State Street SPDR S&P 500 ETF (SPY). 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.

SDPSPYDifference

Sharpe ratio

Return per unit of total volatility

-0.46

2.52

-2.99

Sortino ratio

Return per unit of downside risk

-0.52

3.42

-3.93

Omega ratio

Gain probability vs. loss probability

0.94

1.46

-0.51

Calmar ratio

Return relative to maximum drawdown

-0.47

3.42

-3.89

Martin ratio

Return relative to average drawdown

-0.79

15.93

-16.72

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. SPY - Sharpe Ratio Comparison

The current SDP Sharpe Ratio is -0.46, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SDP and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SDPSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.46

2.52

-2.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.48

0.84

-1.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.55

0.87

-1.43

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.56

0.59

-1.15

Drawdowns

SDP vs. SPY - Drawdown Comparison

The maximum SDP drawdown since its inception was -99.56%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SDP and SPY.

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Drawdown Indicators

SDPSPYDifference

Max Drawdown

Largest peak-to-trough decline

-99.56%

-55.19%

-44.37%

Max Drawdown (1Y)

Largest decline over 1 year

-29.01%

-8.88%

-20.13%

Max Drawdown (3Y)

Largest decline over 3 years

-66.17%

-18.76%

-47.41%

Max Drawdown (5Y)

Largest decline over 5 years

-66.61%

-24.50%

-42.11%

Max Drawdown (10Y)

Largest decline over 10 years

-92.43%

-33.72%

-58.71%

Current Drawdown

Current decline from peak

-99.49%

0.00%

-99.49%

Average Drawdown

Average peak-to-trough decline

-82.12%

-9.05%

-73.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.35%

1.91%

+15.44%

Volatility

SDP vs. SPY - Volatility Comparison

ProShares UltraShort Utilities (SDP) has a higher volatility of 10.90% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that SDP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SDPSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.90%

2.75%

+8.15%

Volatility (6M)

Calculated over the trailing 6-month period

23.55%

8.89%

+14.66%

Volatility (1Y)

Calculated over the trailing 1-year period

29.22%

11.81%

+17.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.37%

17.05%

+17.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.51%

17.94%

+19.57%

SDP vs. SPY - Expense Ratio Comparison

SDP has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SDP vs. SPY - Dividend Comparison

SDP's dividend yield for the trailing twelve months is around 3.90%, more than SPY's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
SDP
ProShares UltraShort Utilities		3.90%3.99%4.66%3.04%0.56%0.00%0.13%0.87%0.05%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.97%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

SDP and SPY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SDP has higher volatility (10.90%) compared to SPY (2.75%). In terms of maximum drawdown, SDP dropped -99.56% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.57% vs -20.74% for SDP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.57% return vs -20.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for SDP.

SDP has the higher dividend yield at 3.90%, compared with 0.97% for SPY.

SDP is categorized as Leveraged Equities, while SPY is S&P 500. SDP tracks Dow Jones U.S. Utilities Index (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SDP and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.52 vs -0.46), 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.

Portfolio Optimizer

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