SDP vs. UVXY
SDP (ProShares UltraShort Utilities) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SDP returned -20.69%/yr vs -72.67%/yr for UVXY. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SDP vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -5.56% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SDP has outperformed UVXY with an annualized return of -20.69%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SDP vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SDP and UVXY is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.27 |
The correlation between SDP and UVXY shifts across timeframes, from 0.15 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SDP vs. UVXY — Risk / Return Rank
SDP
UVXY
SDP vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.82 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | -0.97 | +0.55 |
| Martin ratioReturn relative to average drawdown | -0.69 | -1.31 | +0.62 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.41 | -0.87 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | -0.66 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | -0.64 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.68 | +0.11 |
Drawdowns
SDP vs. UVXY - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDP and UVXY.
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Drawdown Indicators
| SDP | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -100.00% | +0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -29.01% | -75.22% | +46.21% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -95.45% | +29.28% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -99.68% | +33.07% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -100.00% | +7.57% |
Current DrawdownCurrent decline from peak | -99.49% | -100.00% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -98.55% | +16.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.38% | 55.63% | -38.25% |
Volatility
SDP vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.86%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.86% | 11.77% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 62.64% | -39.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 84.42% | -55.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 103.85% | -69.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 113.82% | -76.31% |
SDP vs. UVXY - Expense Ratio Comparison
Both SDP and UVXY have an expense ratio of 0.95%.
Dividends
SDP vs. UVXY - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 3.87%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 3.87% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDP and UVXY have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to SDP (10.86%). In terms of maximum drawdown, SDP dropped -99.56% vs UVXY's -100.00%.
On 10-year performance, SDP leads with -20.69% vs -72.67% for UVXY. 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, SDP has performed better with a -20.69% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP and UVXY have the same expense ratio: 0.95% per year.
SDP has the higher dividend yield at 3.87%, compared with 0.00% for UVXY.
SDP is categorized as Leveraged Equities, while UVXY is Volatility. SDP tracks Dow Jones U.S. Utilities Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SDP currently has the higher Sharpe Ratio (-0.41 vs -0.87), 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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