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 -20.83%/yr vs -72.73%/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 -6.57% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, SDP has outperformed UVXY with an annualized return of -20.83%, while UVXY has yielded a comparatively lower -72.73% annualized return.
SDP
- 1D
- -1.07%
- 1M
- 11.41%
- YTD
- -6.57%
- 6M
- -3.26%
- 1Y
- -16.19%
- 3Y*
- -19.49%
- 5Y*
- -16.51%
- 10Y*
- -20.83%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
SDP vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -6.57% | -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 | -23.07% | -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 (5 years), 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 | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.81 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | -0.97 | +0.41 |
| Martin ratioReturn relative to average drawdown | -0.93 | -1.33 | +0.40 |
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 | -0.56 | -0.88 | +0.32 |
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 | -0.56 | -0.64 | +0.08 |
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% | -76.19% | +47.18% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -95.25% | +29.08% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -99.69% | +33.08% |
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 | 17.42% | 55.83% | -38.41% |
Volatility
SDP vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.92%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. 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 | 10.92% | 12.26% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 62.79% | -39.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 84.51% | -55.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 103.82% | -69.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.50% | 113.81% | -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 3.91%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 3.91% | 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 (12.26%) compared to SDP (10.92%). In terms of maximum drawdown, SDP dropped -99.56% vs UVXY's -100.00%.
On 10-year performance, SDP leads with -20.83% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SDP has been the lower-risk option at 10.92%. 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 -20.83% return vs -72.73%. 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 3.91%, 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 (-0.56 vs -0.88), 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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