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SPXU vs. CNDU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXU vs. CNDU.TO

Last updated Jul 17, 2026
Documentation

SPXU (ProShares UltraPro Short S&P500) and CNDU.TO (BetaPro S&P/TSX 60 2x Daily Bull ETF) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while CNDU.TO is a Leveraged Equities fund tracking the S&P/TSX 60 Index. Both are passively managed. Over the past 10 years, SPXU returned -41.20%/yr vs 17.99%/yr for CNDU.TO. At a correlation of -0.68, they often move in opposite directions. SPXU charges 0.90%/yr vs 1.15%/yr for CNDU.TO.

Performance

SPXU vs. CNDU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPXU is traded in USD, while CNDU.TO is traded in CAD. To make them comparable, the CNDU.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPXU achieves a -25.00% return, which is significantly lower than CNDU.TO's 22.22% return. Over the past 10 years, SPXU has underperformed CNDU.TO with an annualized return of -41.20%, while CNDU.TO has yielded a comparatively higher 17.99% 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%

CNDU.TO

1D
0.08%
1M
1.88%
6M
15.72%
YTD
22.22%
1Y
61.16%
3Y*
38.10%
5Y*
20.65%
10Y*
17.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXU vs. CNDU.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		22.22%61.65%24.30%17.87%-22.65%59.27%-2.73%48.44%-25.51%24.18%

Correlation

The correlation between SPXU and CNDU.TO is -0.58, 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

-0.58

Correlation (3Y)
Calculated over the trailing 3-year period

-0.65

Correlation (5Y)
Calculated over the trailing 5-year period

-0.69

Correlation (10Y)
Calculated over the trailing 10-year period

-0.67

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2009

-0.68

The correlation between SPXU and CNDU.TO shifts across timeframes, from -0.69 (5 years) to -0.58 (1 year), reflecting how their relationship changes across market environments.

SPXU vs. CNDU.TO - Sectors Allocation Comparison

Sectors
SPXU
CNDU.TO

Financial Services

80.4%
40.3%

Basic Materials

-

13.6%

Communication Services

-

2.0%

Consumer Cyclical

-

3.9%

Consumer Defensive

-

3.2%

Energy

-

17.7%

Healthcare

-

-

Industrials

-

7.8%

Real Estate

-

0.2%

Technology

-

8.8%

Utilities

-

2.6%

Financial Services

SPXU
80.4%
CNDU.TO
40.3%

Basic Materials

SPXU

-

CNDU.TO
13.6%

Communication Services

SPXU

-

CNDU.TO
2.0%

Consumer Cyclical

SPXU

-

CNDU.TO
3.9%

Consumer Defensive

SPXU

-

CNDU.TO
3.2%

Energy

SPXU

-

CNDU.TO
17.7%

Healthcare

SPXU

-

CNDU.TO

-

Industrials

SPXU

-

CNDU.TO
7.8%

Real Estate

SPXU

-

CNDU.TO
0.2%

Technology

SPXU

-

CNDU.TO
8.8%

Utilities

SPXU

-

CNDU.TO
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short S&P500

BetaPro S&P/TSX 60 2x Daily Bull ETF

Often compared with SPXU:
SPXU vs. SPXSSPXU vs. SDSSPXU vs. SQQQSPXU vs. UPROSPXU vs. SPXLSPXU vs. SPYSPXU vs. PSQ
Often compared with CNDU.TO:
CNDU.TO vs. SLVU.TOCNDU.TO vs. TCND.TOCNDU.TO vs. AMHE.TOCNDU.TO vs. USSL.TOCNDU.TO vs. UPROCNDU.TO vs. HXT.TOCNDU.TO vs. TQQQ.TO

Return for Risk

SPXU vs. CNDU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXU
SPXU Risk / Return Rank: 11
Overall Rank
SPXU Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SPXU Sortino Ratio Rank: 11
Sortino Ratio Rank
SPXU Omega Ratio Rank: 11
Omega Ratio Rank
SPXU Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXU Martin Ratio Rank: 00
Martin Ratio Rank
CNDU.TO
CNDU.TO Risk / Return Rank: 9191
Overall Rank
CNDU.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
CNDU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
CNDU.TO Omega Ratio Rank: 8989
Omega Ratio Rank
CNDU.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CNDU.TO Martin Ratio Rank: 9393
Martin Ratio Rank
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. CNDU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO). 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.

SPXUCNDU.TODifference
Sharpe ratioReturn per unit of total volatility
-1.10
2.51

-3.61

Sortino ratioReturn per unit of downside risk
-1.71
3.08

-4.78

Omega ratioGain probability vs. loss probability

0.81

1.41

-0.60

Calmar ratioReturn relative to maximum drawdown

-0.94

3.92

-4.86

Martin ratioReturn relative to average drawdown

-1.61

16.65

-18.26

SPXU vs. CNDU.TO - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.10, which is lower than the CNDU.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of SPXU and CNDU.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPXU vs. CNDU.TO - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, which is greater than CNDU.TO's maximum drawdown of -83.22%. Use the drawdown chart below to compare losses from any high point for SPXU and CNDU.TO.

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Drawdown Indicators

SPXUCNDU.TODifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-83.22%

-16.77%

Max Drawdown (1Y)

Largest decline over 1 year

-43.83%

-15.68%

-28.15%

Max Drawdown (3Y)

Largest decline over 3 years

-84.36%

-24.20%

-60.16%

Max Drawdown (5Y)

Largest decline over 5 years

-90.23%

-38.81%

-51.42%

Max Drawdown (10Y)

Largest decline over 10 years

-99.56%

-64.74%

-34.82%

Current Drawdown

Current decline from peak

-99.99%

0.00%

-99.99%

Average Drawdown

Average peak-to-trough decline

-93.36%

-29.70%

-63.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.60%

3.68%

+21.92%

Volatility

SPXU vs. CNDU.TO - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 10.37% compared to BetaPro S&P/TSX 60 2x Daily Bull ETF (CNDU.TO) at 4.35%. This indicates that SPXU's price experiences larger fluctuations and is considered to be riskier than CNDU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXUCNDU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.37%

4.35%

+6.02%

Volatility (6M)

Calculated over the trailing 6-month period

30.00%

19.42%

+10.58%

Volatility (1Y)

Calculated over the trailing 1-year period

37.51%

24.54%

+12.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.67%

26.53%

+24.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.33%

30.74%

+22.59%

SPXU vs. CNDU.TO - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than CNDU.TO's 1.15% expense ratio.

Dividends

SPXU vs. CNDU.TO - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 6.92%, while CNDU.TO has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
CNDU.TO
BetaPro S&P/TSX 60 2x Daily Bull ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPXU
ProShares UltraPro Short S&P500		6.92%7.02%9.53%7.06%0.39%0.00%0.70%2.14%1.41%0.10%

Frequently Asked Questions

SPXU and CNDU.TO have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPXU is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXU is cheaper with a 0.90% expense ratio, compared with 1.15% for CNDU.TO.

SPXU is categorized as S&P 500, while CNDU.TO is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while CNDU.TO tracks S&P/TSX 60 Index. They also come from different issuers: ProShares and Horizons ETFs. Their fees differ too: 0.90% for SPXU and 1.15% for CNDU.TO.

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