SPXU vs. ^SP100

Last updated Jun 5, 2026

SPXU (ProShares UltraPro Short S&P500) is Leveraged Equities fund tracking the S&P 500 Index (-300%), while ^SP100 (S&P 100 Index) is an index. Over the past 10 years, SPXU returned -41.92%/yr vs 14.96%/yr for ^SP100. At a correlation of -0.98, they often move in opposite directions.

Performance

SPXU vs. ^SP100 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and S&P 100 Index (^SP100). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXU achieves a -26.41% return, which is significantly lower than ^SP100's 9.46% return. Over the past 10 years, SPXU has underperformed ^SP100 with an annualized return of -41.92%, while ^SP100 has yielded a comparatively higher 14.96% annualized return.

SPXU

• 1D: -1.06%
• 1M: -12.09%
• YTD: -26.41%
• 6M: -25.70%
• 1Y: -49.60%
• 3Y*: -43.32%
• 5Y*: -35.03%
• 10Y*: -41.92%

^SP100

• 1D: 0.35%
• 1M: 4.77%
• YTD: 9.46%
• 6M: 9.14%
• 1Y: 28.71%
• 3Y*: 23.43%
• 5Y*: 14.42%
• 10Y*: 14.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXU vs. ^SP100 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	-26.41%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%
^SP100 S&P 100 Index	9.46%	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 26, 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.

Return for Risk

SPXU vs. ^SP100 — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXU

SPXU Risk / Return Rank: 0
SPXU Sharpe Ratio Rank: 0
SPXU Sortino Ratio Rank: 0
SPXU Omega Ratio Rank: 0
SPXU Calmar Ratio Rank: 0
SPXU Martin Ratio Rank: 1

^SP100

^SP100 Risk / Return Rank: 73
^SP100 Sharpe Ratio Rank: 78
^SP100 Sortino Ratio Rank: 78
^SP100 Omega Ratio Rank: 78
^SP100 Calmar Ratio Rank: 62
^SP100 Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	SPXU	^SP100	Difference
Sharpe ratio: Return per unit of total volatility	-1.41	2.27	-3.68
Sortino ratio: Return per unit of downside risk	-2.38	3.10	-5.48
Omega ratio: Gain probability vs. loss probability	0.75	1.41	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.98	2.55	-3.53
Martin ratio: Return relative to average drawdown	-1.64	10.65	-12.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXU vs. ^SP100 - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.41, which is lower than the ^SP100 Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SPXU and ^SP100, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPXU	^SP100	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.41	2.27	-3.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	0.82	-1.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	0.81	-1.60
Sharpe Ratio (All Time) Calculated using the full available price history	-0.84	0.55	-1.39

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.

Drawdown Indicators

	SPXU	^SP100	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-61.31%	-38.68%
Max Drawdown (1Y) Largest decline over 1 year	-50.82%	-11.30%	-39.52%
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	-99.63%	-31.53%	-68.10%
Current Drawdown Current decline from peak	-99.99%	-0.68%	-99.31%
Average Drawdown Average peak-to-trough decline	-93.33%	-12.67%	-80.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.23%	2.70%	+27.53%

Volatility

SPXU vs. ^SP100 - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 8.41% compared to S&P 100 Index (^SP100) at 3.23%. 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.

Volatility by Period

	SPXU	^SP100	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	3.23%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	26.86%	9.52%	+17.34%
Volatility (1Y) Calculated over the trailing 1-year period	35.34%	12.68%	+22.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.31%	17.75%	+32.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.37%	18.47%	+34.90%

Frequently Asked Questions

Can I hold both SPXU and ^SP100 in my portfolio?

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.

Which is riskier, SPXU or ^SP100?

SPXU has higher volatility (8.41%) compared to ^SP100 (3.23%). In terms of maximum drawdown, SPXU dropped -99.99% vs ^SP100's -61.31%.

Which has better risk-adjusted returns?

^SP100 currently has the higher Sharpe Ratio (2.27 vs -1.41), 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.