SDP vs. USD
SDP (ProShares UltraShort Utilities) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SDP returned -20.69%/yr vs 62.16%/yr for USD. At a correlation of -0.26, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDP vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -5.56% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, SDP has underperformed USD with an annualized return of -20.69%, while USD has yielded a comparatively higher 62.16% annualized 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%
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
SDP vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -5.56% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
USD ProShares Ultra Semiconductors | 114.00% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SDP and USD is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2007 | -0.26 |
The correlation between SDP and USD shifts across timeframes, from -0.26 (all time) to -0.03 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SDP vs. USD — Risk / Return Rank
SDP
USD
SDP vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.24 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.51 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 8.70 | -9.11 |
| Martin ratioReturn relative to average drawdown | -0.69 | 25.16 | -25.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDP | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | 4.53 | -4.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.91 | -1.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | 0.90 | -1.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.49 | -1.05 |
Drawdowns
SDP vs. USD - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SDP and USD.
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Drawdown Indicators
| SDP | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -88.63% | -10.93% |
Max Drawdown (1Y)Largest decline over 1 year | -29.01% | -31.80% | +2.79% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -64.46% | -1.71% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -77.85% | +11.24% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -77.85% | -14.58% |
Current DrawdownCurrent decline from peak | -99.49% | -1.14% | -98.35% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -32.35% | -49.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 10.97% | +6.41% |
Volatility
SDP vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.86%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 20.36% | -9.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 46.39% | -23.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 61.22% | -31.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 76.55% | -42.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 69.23% | -31.72% |
SDP vs. USD - Expense Ratio Comparison
Both SDP and USD have an expense ratio of 0.95%.
Dividends
SDP vs. USD - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 3.87%, more than USD's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 3.87% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.21% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SDP and USD have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to SDP (10.86%). In terms of maximum drawdown, SDP dropped -99.56% vs USD's -88.63%.
On 10-year performance, USD leads with 62.16% vs -20.69% for SDP. Both ETFs have the same 0.95% expense ratio. On volatility, SDP has been the lower-risk option at 10.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 62.16% return vs -20.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP and USD have the same expense ratio: 0.95% per year.
SDP has the higher dividend yield at 3.87%, compared with 0.21% for USD.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.53 vs -0.41), 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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