SDP vs. UPW
SDP (ProShares UltraShort Utilities) and UPW (ProShares Ultra Utilities) are both Leveraged Equities funds from ProShares - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while UPW tracks the Dow Jones U.S. Utilities Index (200%). Both are passively managed. Over the past 10 years, SDP returned -20.92%/yr vs 10.32%/yr for UPW. At a correlation of -0.92, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDP vs. UPW - 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 UPW's 10.19% return. Over the past 10 years, SDP has underperformed UPW with an annualized return of -20.92%, while UPW has yielded a comparatively higher 10.32% 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%
UPW
- 1D
- 1.77%
- 1M
- -0.06%
- YTD
- 10.19%
- 6M
- 10.66%
- 1Y
- 20.48%
- 3Y*
- 20.05%
- 5Y*
- 12.26%
- 10Y*
- 10.32%
SDP vs. UPW - 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% |
UPW ProShares Ultra Utilities | 10.19% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
Correlation
The correlation between SDP and UPW is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.92 |
The correlation between SDP and UPW has been stable across timeframes, ranging from -0.99 to -0.92 - a consistent structural relationship.
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Return for Risk
SDP vs. UPW — Risk / Return Rank
SDP
UPW
SDP vs. UPW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and ProShares Ultra Utilities (UPW). 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 | UPW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.14 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 1.07 | -1.79 |
| Martin ratioReturn relative to average drawdown | -1.18 | 2.20 | -3.38 |
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Drawdowns
SDP vs. UPW - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than UPW's maximum drawdown of -77.75%. Use the drawdown chart below to compare losses from any high point for SDP and UPW.
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Drawdown Indicators
| SDP | UPW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -77.75% | -21.81% |
Max Drawdown (1Y)Largest decline over 1 year | -28.09% | -19.15% | -8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -33.16% | -33.01% |
Max Drawdown (5Y)Largest decline over 5 years | -66.55% | -49.42% | -17.13% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -62.67% | -29.76% |
Current DrawdownCurrent decline from peak | -99.52% | -10.63% | -88.89% |
Average DrawdownAverage peak-to-trough decline | -82.15% | -22.57% | -59.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.96% | 9.35% | +7.61% |
Volatility
SDP vs. UPW - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.60% compared to ProShares Ultra Utilities (UPW) at 10.08%. This indicates that SDP's price experiences larger fluctuations and is considered to be riskier than UPW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | UPW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.60% | 10.08% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 23.45% | 23.61% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.51% | 29.31% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.35% | 34.38% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.56% | 37.23% | +0.33% |
SDP vs. UPW - Expense Ratio Comparison
Both SDP and UPW have an expense ratio of 0.95%.
Dividends
SDP vs. UPW - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.17%, more than UPW's 1.45% 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% |
UPW ProShares Ultra Utilities | 1.45% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
Frequently Asked Questions
SDP and UPW have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.60%) compared to UPW (10.08%). In terms of maximum drawdown, SDP dropped -99.56% vs UPW's -77.75%.
On 10-year performance, UPW leads with 10.32% vs -20.92% for SDP. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 10.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPW has performed better with a 10.32% return vs -20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP and UPW have the same expense ratio: 0.95% per year.
SDP has the higher dividend yield at 4.17%, compared with 1.45% for UPW.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while UPW tracks Dow Jones U.S. Utilities Index (200%).
UPW currently has the higher Sharpe Ratio (0.70 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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