UPW vs. SDP
UPW (ProShares Ultra Utilities) and SDP (ProShares UltraShort Utilities) are both Leveraged Equities funds from ProShares - UPW tracks the Dow Jones U.S. Utilities Index (200%) while SDP tracks the Dow Jones U.S. Utilities Index (-200%). Both are passively managed. Over the past 10 years, UPW returned 10.12%/yr vs -20.79%/yr for SDP. At a correlation of -0.92, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UPW vs. SDP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UPW achieves a 8.28% return, which is significantly higher than SDP's -10.74% return. Over the past 10 years, UPW has outperformed SDP with an annualized return of 10.12%, while SDP has yielded a comparatively lower -20.79% annualized return.
UPW
- 1D
- 1.67%
- 1M
- -1.80%
- YTD
- 8.28%
- 6M
- 9.36%
- 1Y
- 21.27%
- 3Y*
- 19.35%
- 5Y*
- 11.82%
- 10Y*
- 10.12%
SDP
- 1D
- -1.26%
- 1M
- 1.59%
- YTD
- -10.74%
- 6M
- -11.51%
- 1Y
- -20.58%
- 3Y*
- -20.66%
- 5Y*
- -17.98%
- 10Y*
- -20.79%
UPW vs. SDP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 8.28% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
SDP ProShares UltraShort Utilities | -10.74% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
Correlation
The correlation between UPW and SDP is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Mar 14, 2007 | -0.92 |
The correlation between UPW and SDP has been stable across timeframes, ranging from -0.99 to -0.92 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UPW vs. SDP — Risk / Return Rank
UPW
SDP
UPW vs. SDP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and ProShares UltraShort Utilities (SDP). 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.
| UPW | SDP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 0.90 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | -0.74 | +1.85 |
| Martin ratioReturn relative to average drawdown | 2.29 | -1.22 | +3.51 |
Loading charts...
Drawdowns
UPW vs. SDP - Drawdown Comparison
The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum SDP drawdown of -99.56%. Use the drawdown chart below to compare losses from any high point for UPW and SDP.
Loading charts...
Drawdown Indicators
| UPW | SDP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.75% | -99.56% | +21.81% |
Max Drawdown (1Y)Largest decline over 1 year | -19.15% | -28.09% | +8.94% |
Max Drawdown (3Y)Largest decline over 3 years | -33.16% | -66.17% | +33.01% |
Max Drawdown (5Y)Largest decline over 5 years | -49.42% | -66.61% | +17.19% |
Max Drawdown (10Y)Largest decline over 10 years | -62.67% | -92.43% | +29.76% |
Current DrawdownCurrent decline from peak | -12.19% | -99.51% | +87.32% |
Average DrawdownAverage peak-to-trough decline | -22.57% | -82.15% | +59.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.32% | 17.30% | -7.98% |
Volatility
UPW vs. SDP - Volatility Comparison
ProShares Ultra Utilities (UPW) and ProShares UltraShort Utilities (SDP) have volatilities of 10.10% and 10.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UPW | SDP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.10% | 10.60% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.64% | 23.45% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.32% | 29.52% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.38% | 34.36% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.23% | 37.57% | -0.34% |
UPW vs. SDP - Expense Ratio Comparison
Both UPW and SDP have an expense ratio of 0.95%.
Dividends
UPW vs. SDP - Dividend Comparison
UPW's dividend yield for the trailing twelve months is around 1.48%, less than SDP's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.09% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
UPW ProShares Ultra Utilities | 1.48% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
Frequently Asked Questions
UPW and SDP have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.60%) compared to UPW (10.10%). In terms of maximum drawdown, UPW dropped -77.75% vs SDP's -99.56%.
On 10-year performance, UPW leads with 10.12% vs -20.79% for SDP. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPW has performed better with a 10.12% return vs -20.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPW and SDP have the same expense ratio: 0.95% per year.
SDP has the higher dividend yield at 4.09%, compared with 1.48% for UPW.
UPW tracks Dow Jones U.S. Utilities Index (200%), while SDP tracks Dow Jones U.S. Utilities Index (-200%).
UPW currently has the higher Sharpe Ratio (0.73 vs -0.70), 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.
Find the right allocation for UPW and SDP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer