SDP vs. TERG

Last updated Jun 4, 2026

SDP (ProShares UltraShort Utilities) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. SDP is passively managed, while TERG is actively managed. At a correlation of -0.26, they often move in opposite directions. SDP charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

SDP vs. TERG - Performance Comparison

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

Returns By Period

In the year-to-date period, SDP achieves a -5.56% return, which is significantly lower than TERG's 229.64% return.

SDP

• 1D: 0.71%
• 1M: 11.99%
• YTD: -5.56%
• 6M: -1.63%
• 1Y: -12.04%
• 3Y*: -19.38%
• 5Y*: -16.33%
• 10Y*: -20.69%

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDP vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
SDP ProShares UltraShort Utilities	-5.56%	8.87%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between SDP and TERG is -0.26, 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 (All Time) Calculated using the full available price history since Nov 18, 2025	-0.26

Return for Risk

SDP vs. TERG — Risk / Return Rank

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

SDP

SDP Risk / Return Rank: 5
SDP Sharpe Ratio Rank: 5
SDP Sortino Ratio Rank: 5
SDP Omega Ratio Rank: 5
SDP Calmar Ratio Rank: 5
SDP Martin Ratio Rank: 6

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	—	—
Sortino ratio: Return per unit of downside risk	-0.43	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.42	—	—
Martin ratio: Return relative to average drawdown	-0.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SDP	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.56	9.90	-10.46

Drawdowns

SDP vs. TERG - Drawdown Comparison

The maximum SDP drawdown since its inception was -99.56%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for SDP and TERG.

Drawdown Indicators

	SDP	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-99.56%	-49.52%	-50.04%
Max Drawdown (1Y) Largest decline over 1 year	-29.01%	—	—
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%	-15.98%	-83.51%
Average Drawdown Average peak-to-trough decline	-82.12%	-13.73%	-68.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.38%	—	—

Volatility

Volatility by Period

	SDP	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	29.23%	139.25%	-110.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.37%	139.25%	-104.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.51%	139.25%	-101.74%

SDP vs. TERG - Expense Ratio Comparison

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

Dividends

SDP vs. TERG - Dividend Comparison

SDP's dividend yield for the trailing twelve months is around 3.87%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SDP ProShares UltraShort Utilities	3.87%	3.99%	4.66%	3.04%	0.56%	0.00%	0.13%	0.87%	0.05%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDP and TERG in my portfolio?

SDP and TERG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SDP or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SDP or TERG?

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

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

SDP has the higher dividend yield at 3.87%, compared with 0.00% for TERG.

What is the main difference between SDP and TERG?

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