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 -20.74%/yr vs 9.86%/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
Loading charts...
Returns By Period
In the year-to-date period, SDP achieves a -6.23% return, which is significantly lower than UPW's 3.01% return. Over the past 10 years, SDP has underperformed UPW with an annualized return of -20.74%, while UPW has yielded a comparatively higher 9.86% annualized return.
SDP
- 1D
- -3.79%
- 1M
- 12.87%
- YTD
- -6.23%
- 6M
- -1.59%
- 1Y
- -13.53%
- 3Y*
- -19.57%
- 5Y*
- -16.36%
- 10Y*
- -20.74%
UPW
- 1D
- 3.33%
- 1M
- -12.03%
- YTD
- 3.01%
- 6M
- -1.90%
- 1Y
- 10.99%
- 3Y*
- 17.73%
- 5Y*
- 9.50%
- 10Y*
- 9.86%
SDP vs. UPW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -6.23% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
UPW ProShares Ultra Utilities | 3.01% | 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 | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SDP | UPW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.46 | 0.38 | -0.84 |
Sortino ratioReturn per unit of downside risk | -0.52 | 0.70 | -1.22 |
Omega ratioGain probability vs. loss probability | 0.94 | 1.09 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | -0.47 | 0.61 | -1.08 |
Martin ratioReturn relative to average drawdown | -0.79 | 1.33 | -2.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SDP | UPW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.46 | 0.38 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.28 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.27 | -0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.25 | -0.81 |
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.
Loading charts...
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 | -29.01% | -19.15% | -9.86% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -33.16% | -33.01% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -49.42% | -17.19% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -62.67% | -29.76% |
Current DrawdownCurrent decline from peak | -99.49% | -16.46% | -83.03% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -22.59% | -59.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 8.73% | +8.62% |
Volatility
SDP vs. UPW - Volatility Comparison
ProShares UltraShort Utilities (SDP) and ProShares Ultra Utilities (UPW) have volatilities of 10.90% and 11.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SDP | UPW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.90% | 11.15% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 23.55% | 23.82% | -0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.22% | 29.05% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 34.42% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 37.18% | +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 3.90%, more than UPW's 1.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 3.90% | 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 | 1.55% | 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.
UPW has higher volatility (11.15%) compared to SDP (10.90%). In terms of maximum drawdown, SDP dropped -99.56% vs UPW's -77.75%.
On 10-year performance, UPW leads with 9.86% vs -20.74% for SDP. Both ETFs have the same 0.95% expense ratio. On volatility, SDP has been the lower-risk option at 10.90%. 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 9.86% return vs -20.74%. 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 3.90%, compared with 1.55% 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 (0.38 vs -0.46), 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.
Find the right allocation for SDP and UPW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer