SPXU vs. SPXE

Last updated Jul 17, 2026

SPXU (ProShares UltraPro Short S&P500) and SPXE (ProShares S&P 500 Ex-Energy ETF) are both S&P 500 funds from ProShares - SPXU tracks the S&P 500 Index (-300%) while SPXE tracks the S&P 500 Ex-Energy Index. Both are passively managed. At a correlation of -0.70, they often move in opposite directions. SPXU charges 0.90%/yr vs 0.09%/yr for SPXE.

Performance

SPXU vs. SPXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and ProShares S&P 500 Ex-Energy ETF (SPXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

SPXE

• 1D: -0.59%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXU vs. SPXE - Yearly Performance Comparison

	2026 (YTD)
SPXU ProShares UltraPro Short S&P500	0.58%
SPXE ProShares S&P 500 Ex-Energy ETF	-0.65%

Correlation

The correlation between SPXU and SPXE is -0.70, 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 Jul 10, 2026	-0.70

SPXU vs. SPXE - Sectors Allocation Comparison

Sectors	SPXU	SPXE
Financial Services	80.4%	12.4%
Basic Materials	-	1.9%
Communication Services	-	10.1%
Consumer Cyclical	-	9.7%
Consumer Defensive	-	4.8%
Energy	-	0.0%
Healthcare	-	9.5%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	38.6%
Utilities	-	2.8%

Return for Risk

SPXU vs. SPXE — 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: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 0

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and ProShares S&P 500 Ex-Energy ETF (SPXE). 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	SPXE	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.71	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-0.94	—	—
Martin ratio: Return relative to average drawdown	-1.61	—	—

Drawdowns

SPXU vs. SPXE - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, which is greater than SPXE's maximum drawdown of -0.87%. Use the drawdown chart below to compare losses from any high point for SPXU and SPXE.

Drawdown Indicators

	SPXU	SPXE	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-0.87%	-99.12%
Max Drawdown (1Y) Largest decline over 1 year	-43.83%	—	—
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	-99.56%	—	—
Current Drawdown Current decline from peak	-99.99%	-0.75%	-99.24%
Average Drawdown Average peak-to-trough decline	-93.36%	-0.46%	-92.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.60%	—	—

Volatility

Volatility by Period

	SPXU	SPXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.51%	9.00%	+28.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.67%	9.00%	+41.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.33%	9.00%	+44.33%

SPXU vs. SPXE - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is higher than SPXE's 0.09% expense ratio.

Dividends

SPXU vs. SPXE - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy 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

Can I hold both SPXU and SPXE in my portfolio?

SPXU and SPXE have a correlation of -0.70, 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 SPXE?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXU or SPXE?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.90% for SPXU.

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

SPXU has the higher dividend yield at 6.92%, compared with 0.00% for SPXE.

What is the main difference between SPXU and SPXE?

SPXU tracks S&P 500 Index (-300%), while SPXE tracks S&P 500 Ex-Energy Index. Their fees differ too: 0.90% for SPXU and 0.09% for SPXE.