SDP vs. SPY
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 -20.62%/yr vs 15.09%/yr for SPY. Their -0.46 correlation means they have often moved in opposite directions in the past. SDP charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
SDP vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -9.06% return, which is significantly lower than SPY's 11.70% return. Over the past 10 years, SDP has underperformed SPY with an annualized return of -20.62%, while SPY has yielded a comparatively higher 15.09% annualized return.
SDP
- 1D
- 0.11%
- 1M
- 6.41%
- 6M
- -9.83%
- YTD
- -9.06%
- 1Y
- -8.08%
- 3Y*
- -21.20%
- 5Y*
- -15.97%
- 10Y*
- -20.62%
- ALL TIME*
- -21.26%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $191.10K | $103.59K | $83.62K | |
| $38.19B | $36.17B | $39.59B |
SDP vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.06% | -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 | 11.70% | 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 -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.36 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.46 |
Over the past year, the inverse relationship between SDP and SPY has weakened: their correlation has moved from -0.46 to -0.13, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDP vs. SPY — Risk / Return Rank
SDP
SPY
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.
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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.32 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 2.62 | -2.94 |
| Martin ratioReturn relative to average drawdown | -0.52 | 11.20 | -11.72 |
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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
| SDP | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -55.19% | -44.37% |
Max Drawdown (1Y)Largest decline over 1 year | -25.44% | -8.88% | -16.56% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -18.76% | -47.41% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -24.50% | -41.67% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -33.72% | -58.71% |
Current DrawdownCurrent decline from peak | -99.50% | 0.00% | -99.50% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -9.01% | -73.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.48% | 2.08% | +13.40% |
Volatility
SDP vs. SPY - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 8.39% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. 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
| SDP | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 3.84% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 10.23% | +13.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.20% | 12.87% | +17.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 17.19% | +17.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.64% | 17.96% | +19.68% |
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 4.08%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.08% | 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 | 0.99% | 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 -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (8.39%) compared to SPY (3.84%). In terms of maximum drawdown, SDP dropped -99.56% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.09% vs -20.62% for SDP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.84%. 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 15.09% return vs -20.62%. 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 4.08%, compared with 0.99% 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 (1.82 vs -0.27), 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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