SPXU vs. FUTG

Last updated Jun 4, 2026

SPXU (ProShares UltraPro Short S&P500) and FUTG (Leverage Shares 2X Long FUTU Daily ETF) are both Leveraged Equities funds. SPXU is passively managed, while FUTG is actively managed. At a correlation of -0.57, they often move in opposite directions. SPXU charges 0.93%/yr vs 0.75%/yr for FUTG.

Performance

SPXU vs. FUTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and Leverage Shares 2X Long FUTU Daily ETF (FUTG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXU achieves a -25.62% return, which is significantly higher than FUTG's -75.53% return.

SPXU

• 1D: 2.06%
• 1M: -13.20%
• YTD: -25.62%
• 6M: -25.04%
• 1Y: -48.96%
• 3Y*: -43.02%
• 5Y*: -34.89%
• 10Y*: -41.95%

FUTG

• 1D: -11.10%
• 1M: -70.24%
• YTD: -75.53%
• 6M: -77.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXU vs. FUTG - Yearly Performance Comparison

	2026 (YTD)	2025
SPXU ProShares UltraPro Short S&P500	-25.62%	-7.81%
FUTG Leverage Shares 2X Long FUTU Daily ETF	-75.53%	-0.80%

Correlation

The correlation between SPXU and FUTG is -0.57, 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 (All Time) Calculated using the full available price history since Oct 15, 2025	-0.57

Return for Risk

SPXU vs. FUTG — Risk / Return Rank

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

SPXU

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

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. FUTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and Leverage Shares 2X Long FUTU Daily ETF (FUTG). 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	FUTG	Difference
Sharpe ratio: Return per unit of total volatility	-1.39	—	—
Sortino ratio: Return per unit of downside risk	-2.33	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.97	—	—
Martin ratio: Return relative to average drawdown	-1.63	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPXU	FUTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.39	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.84	-0.66	-0.18

Drawdowns

SPXU vs. FUTG - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, which is greater than FUTG's maximum drawdown of -86.19%. Use the drawdown chart below to compare losses from any high point for SPXU and FUTG.

Drawdown Indicators

	SPXU	FUTG	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-86.19%	-13.80%
Max Drawdown (1Y) Largest decline over 1 year	-50.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-99.99%	-84.29%	-15.70%
Average Drawdown Average peak-to-trough decline	-93.33%	-40.35%	-52.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.06%	—	—

Volatility

Volatility by Period

	SPXU	FUTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.37%	136.01%	-100.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.33%	136.01%	-85.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.38%	136.01%	-82.63%

SPXU vs. FUTG - Expense Ratio Comparison

SPXU has a 0.93% expense ratio, which is higher than FUTG's 0.75% expense ratio.

Dividends

SPXU vs. FUTG - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 7.89%, while FUTG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUTG Leverage Shares 2X Long FUTU Daily 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	7.89%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and FUTG in my portfolio?

SPXU and FUTG have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXU or FUTG?

On fees, FUTG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXU or FUTG?

FUTG is cheaper with a 0.75% expense ratio, compared with 0.93% for SPXU.

Which ETF pays a higher dividend yield, SPXU or FUTG?

SPXU has the higher dividend yield at 7.89%, compared with 0.00% for FUTG.

What is the main difference between SPXU and FUTG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.93% for SPXU and 0.75% for FUTG.