SPXU vs. ^SP100
SPXU (ProShares UltraPro Short S&P500) is S&P 500 fund tracking the S&P 500 Index (-300%), while ^SP100 (S&P 100 Index) is an index. Over the past 10 years, SPXU returned -41.20%/yr vs 14.51%/yr for ^SP100. At a correlation of -0.98, they often move in opposite directions.
Performance
SPXU vs. ^SP100 - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -25.00% return, which is significantly lower than ^SP100's 8.30% return. Over the past 10 years, SPXU has underperformed ^SP100 with an annualized return of -41.20%, while ^SP100 has yielded a comparatively higher 14.51% annualized return.
SPXU
- 1D
- 1.61%
- 1M
- -0.30%
- 6M
- -21.86%
- YTD
- -25.00%
- 1Y
- -41.21%
- 3Y*
- -39.91%
- 5Y*
- -33.74%
- 10Y*
- -41.20%
^SP100
- 1D
- -0.70%
- 1M
- 0.69%
- 6M
- 8.12%
- YTD
- 8.30%
- 1Y
- 20.45%
- 3Y*
- 20.82%
- 5Y*
- 13.28%
- 10Y*
- 14.51%
SPXU vs. ^SP100 - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -25.00% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
^SP100 S&P 100 Index | 8.30% | 18.76% | 29.25% | 30.83% | -22.12% | 27.55% | 19.30% | 29.47% | -5.86% | 19.34% |
Correlation
The correlation between SPXU and ^SP100 is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.98 |
The correlation between SPXU and ^SP100 has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
SPXU vs. ^SP100 — Risk / Return Rank
SPXU
^SP100
SPXU vs. ^SP100 - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and S&P 100 Index (^SP100). 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.
| SPXU | ^SP100 | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.63 | ||
| Sortino ratioReturn per unit of downside risk | -3.82 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.27 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 1.82 | -2.76 |
| Martin ratioReturn relative to average drawdown | -1.61 | 7.03 | -8.64 |
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Drawdowns
SPXU vs. ^SP100 - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, which is greater than ^SP100's maximum drawdown of -61.31%. Use the drawdown chart below to compare losses from any high point for SPXU and ^SP100.
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Drawdown Indicators
| SPXU | ^SP100 | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -61.31% | -38.68% |
Max Drawdown (1Y)Largest decline over 1 year | -43.83% | -11.30% | -32.53% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -19.89% | -64.47% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -27.23% | -63.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | -31.53% | -68.03% |
Current DrawdownCurrent decline from peak | -99.99% | -1.73% | -98.26% |
Average DrawdownAverage peak-to-trough decline | -93.36% | -12.64% | -80.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.60% | 2.92% | +22.68% |
Volatility
SPXU vs. ^SP100 - Volatility Comparison
ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 10.37% compared to S&P 100 Index (^SP100) at 3.63%. This indicates that SPXU's price experiences larger fluctuations and is considered to be riskier than ^SP100 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXU | ^SP100 | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 3.63% | +6.74% |
Volatility (6M)Calculated over the trailing 6-month period | 30.00% | 10.75% | +19.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.51% | 13.47% | +24.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 17.89% | +32.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.33% | 18.48% | +34.85% |
Frequently Asked Questions
SPXU and ^SP100 have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXU has higher volatility (10.37%) compared to ^SP100 (3.63%). In terms of maximum drawdown, SPXU dropped -99.99% vs ^SP100's -61.31%.
^SP100 currently has the higher Sharpe Ratio (1.52 vs -1.10), 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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