SDP vs. XLU
SDP (ProShares UltraShort Utilities) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, SDP returned -20.32%/yr vs 8.92%/yr for XLU. Their -0.93 correlation means they have often moved in opposite directions in the past. SDP charges 0.95%/yr vs 0.08%/yr for XLU.
Performance
SDP vs. XLU - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -9.16% return, which is significantly lower than XLU's 5.28% return. Over the past 10 years, SDP has underperformed XLU with an annualized return of -20.32%, while XLU has yielded a comparatively higher 8.92% annualized return.
SDP
- 1D
- 1.06%
- 1M
- 6.29%
- 6M
- -7.08%
- YTD
- -9.16%
- 1Y
- -8.19%
- 3Y*
- -19.35%
- 5Y*
- -16.38%
- 10Y*
- -20.32%
- ALL TIME*
- -21.28%
XLU
- 1D
- -0.69%
- 1M
- -3.08%
- 6M
- 3.92%
- YTD
- 5.28%
- 1Y
- 6.26%
- 3Y*
- 13.58%
- 5Y*
- 9.34%
- 10Y*
- 8.92%
- ALL TIME*
- 7.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $172.54K | $93.38K | $80.16K | |
| $827.32M | $819.54M | $911.53M |
SDP vs. XLU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.16% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
XLU State Street Utilities Select Sector SPDR ETF | 5.28% | 16.03% | 23.31% | -7.18% | 1.44% | 17.70% | 0.51% | 25.93% | 3.94% | 12.05% |
Correlation
The correlation between SDP and XLU is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.93 |
The correlation between SDP and XLU has been stable across timeframes, ranging from -0.99 to -0.93 - a consistent structural relationship.
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Return for Risk
SDP vs. XLU — Risk / Return Rank
SDP
XLU
SDP vs. XLU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and State Street Utilities Select Sector SPDR ETF (XLU). 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 | XLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.08 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.35 | 0.70 | -1.05 |
| Martin ratioReturn relative to average drawdown | -0.57 | 1.44 | -2.01 |
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Drawdowns
SDP vs. XLU - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for SDP and XLU.
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Drawdown Indicators
| SDP | XLU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -51.98% | -47.58% |
Max Drawdown (1Y)Largest decline over 1 year | -25.44% | -9.18% | -16.26% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -13.15% | -53.02% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -25.26% | -40.91% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -36.07% | -56.36% |
Current DrawdownCurrent decline from peak | -99.50% | -5.83% | -93.67% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -10.19% | -72.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.45% | 4.48% | +10.97% |
Volatility
SDP vs. XLU - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 9.55% compared to State Street Utilities Select Sector SPDR ETF (XLU) at 4.59%. This indicates that SDP's price experiences larger fluctuations and is considered to be riskier than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | XLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.55% | 4.59% | +4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 12.01% | +12.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.16% | 15.00% | +15.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 17.34% | +17.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.63% | 19.30% | +18.33% |
SDP vs. XLU - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is higher than XLU's 0.08% expense ratio.
Dividends
SDP vs. XLU - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.09%, more than XLU's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.09% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
XLU State Street Utilities Select Sector SPDR ETF | 2.70% | 2.71% | 2.96% | 3.39% | 2.92% | 2.79% | 3.14% | 2.95% | 3.33% | 3.33% | 3.41% | 3.67% |
Frequently Asked Questions
SDP and XLU 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 (9.55%) compared to XLU (4.59%). In terms of maximum drawdown, SDP dropped -99.56% vs XLU's -51.98%.
On 10-year performance, XLU leads with 8.92% vs -20.32% for SDP. On fees, XLU is cheaper at 0.08% per year. On volatility, XLU has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLU has performed better with a 8.92% return vs -20.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLU is cheaper with a 0.08% expense ratio, compared with 0.95% for SDP.
SDP has the higher dividend yield at 4.09%, compared with 2.70% for XLU.
SDP is categorized as Leveraged Equities, while XLU is Utilities Equities. SDP tracks Dow Jones U.S. Utilities Index (-200%), while XLU tracks Utilities Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SDP and 0.08% for XLU.
XLU currently has the higher Sharpe Ratio (0.43 vs -0.29), 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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