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 -20.74%/yr vs 28.77%/yr for UPRO. At a correlation of -0.41, 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 -14.36% return, which is significantly lower than UPRO's 25.19% return. Over the past 10 years, SDP has underperformed UPRO with an annualized return of -20.74%, while UPRO has yielded a comparatively higher 28.77% annualized return.
SDP
- 1D
- -0.10%
- 1M
- -6.21%
- 6M
- -13.88%
- YTD
- -14.36%
- 1Y
- -19.40%
- 3Y*
- -20.47%
- 5Y*
- -17.50%
- 10Y*
- -20.74%
UPRO
- 1D
- 1.09%
- 1M
- 3.72%
- 6M
- 19.35%
- YTD
- 25.19%
- 1Y
- 54.82%
- 3Y*
- 44.60%
- 5Y*
- 20.39%
- 10Y*
- 28.77%
SDP vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -14.36% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
UPRO ProShares UltraPro S&P 500 | 25.19% | 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 -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.36 |
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 | -0.41 |
Over the past year, the inverse relationship between SDP and UPRO has weakened: their correlation has moved from -0.41 to -0.12, 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 | -2.12 | ||
| Sortino ratioReturn per unit of downside risk | -2.79 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.26 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.06 | -2.82 |
| Martin ratioReturn relative to average drawdown | -1.28 | 8.12 | -9.40 |
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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 | -25.59% | -26.78% | +1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -48.87% | -17.30% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -63.94% | -2.23% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -76.82% | -15.61% |
Current DrawdownCurrent decline from peak | -99.53% | -4.16% | -95.37% |
Average DrawdownAverage peak-to-trough decline | -82.20% | -14.37% | -67.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.20% | 6.77% | +8.43% |
Volatility
SDP vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 8.89%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 11.73%. 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 | 8.89% | 11.73% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 23.58% | 29.96% | -6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.92% | 37.57% | -7.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 50.68% | -16.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.59% | 53.72% | -16.13% |
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 4.34%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.34% | 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 | 0.75% | 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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (11.73%) compared to SDP (8.89%). In terms of maximum drawdown, SDP dropped -99.56% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.77% vs -20.74% for SDP. On fees, UPRO is cheaper at 0.89% per year. On volatility, SDP has been the lower-risk option at 8.89%. 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 28.77% return vs -20.74%. 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 4.34%, compared with 0.75% 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 (1.47 vs -0.65), 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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