SDP vs. UPRO
SDP (ProShares UltraShort Utilities) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, SDP returned -20.92%/yr vs 30.18%/yr for UPRO. At a correlation of -0.42, they often move in opposite directions. SDP charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SDP vs. UPRO - 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 UPRO's 17.21% return. Over the past 10 years, SDP has underperformed UPRO with an annualized return of -20.92%, while UPRO has yielded a comparatively higher 30.18% 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%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
SDP vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SDP and UPRO 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 | -0.36 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.42 |
Over the past year, the inverse relationship between SDP and UPRO has weakened: their correlation has moved from -0.42 to -0.17, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDP vs. UPRO — Risk / Return Rank
SDP
UPRO
SDP vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.28 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 2.34 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.18 | 9.52 | -10.70 |
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Drawdowns
SDP vs. UPRO - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SDP and UPRO.
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Drawdown Indicators
| SDP | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -76.82% | -22.74% |
Max Drawdown (1Y)Largest decline over 1 year | -28.09% | -26.78% | -1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -48.87% | -17.30% |
Max Drawdown (5Y)Largest decline over 5 years | -66.55% | -63.94% | -2.61% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -76.82% | -15.61% |
Current DrawdownCurrent decline from peak | -99.52% | -10.27% | -89.25% |
Average DrawdownAverage peak-to-trough decline | -82.15% | -14.39% | -67.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 6.57% | +10.39% |
Volatility
SDP vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.60%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 14.68% | -4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 23.45% | 29.49% | -6.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.51% | 37.35% | -7.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.35% | 50.62% | -16.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.56% | 53.79% | -16.23% |
SDP vs. UPRO - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SDP vs. UPRO - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.17%, more than UPRO's 0.74% 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SDP and UPRO 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.
UPRO has higher volatility (14.68%) compared to SDP (10.60%). In terms of maximum drawdown, SDP dropped -99.56% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -20.92% for SDP. On fees, UPRO is cheaper at 0.89% per year. On volatility, SDP has been the lower-risk option at 10.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SDP.
SDP has the higher dividend yield at 4.17%, compared with 0.74% for UPRO.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SDP and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 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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