Which came closer to its stated multiple, SDP or UPW?

Over the window to Sep 30, 2026, SDP finished 5.1 points from what its multiple implies and UPW finished 0.1 points from its own, so UPW came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SDP and UPW levered on the same thing?

Yes. Both are levered on utilities, SDP at -2 times and UPW at +2 times the daily move.

Which one decays faster, SDP or UPW?

Decay follows how much the underlying moves about. Over this window SDP’s moved at 14% annualized and UPW’s at 14%, so SDP has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SDP or UPW for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, SDP or UPW?

SDP charges 0.95% a year and UPW charges 0.95%, so SDP is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

SDP vs UPW: which held to its multiple?

Over three months against its own daily promise, SDP finished 2.6 points over and UPW 0.9 points short. ProShares UltraShort Utilities and ProShares Ultra Utilities.

+27.6%

SDP returned, 3 months

−22.6%

UPW returned, 3 months

+5.1 pts

SDP from its stated multiple

−0.1 pts

UPW from its stated multiple

SDP · 3 months to Sep 30, 20265.1 pts ahead of its stated multiple

SDP returned +27.6% while −2 times XLU's move would have been +22.5%

UPW · 3 months to Sep 30, 2026On its stated multiple

UPW returned −22.6% while 2 times XLU's move would have been −22.5%

ETFIQ Decay Resistance Score · UPW scores higherDid it keep up with its own daily multiple, compounded day by day?

SDP among the 125 inverse ETFs over three months

SDP 77.2

0.4, the lowest in this set99.6, the highest

UPW among the 470 leveraged ETFs, long, over three months

UPW 96.1

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. UPW is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	SDP	UPW	SDP	UPW	SDP	UPW
1 month	+12.8%	−12.2%	+11.8%	−11.8%	+1.0 pts	−0.3 pts
3 months	+27.6%	−22.6%	+22.5%	−22.5%	+5.1 pts	−0.1 pts
6 months	+34.0%	−27.9%	+26.6%	−26.6%	+7.4 pts	−1.3 pts
1 year	+18.8%	−20.2%	+14.0%	−14.0%	+4.8 pts	−6.3 pts
3 years	−47.8%	+62.3%	−92.6%	+92.6%	+44.9 pts	−30.3 pts
Since launch SDP Jan 2010 · UPW Jan 2010	−98.4%	+650.1%	not meaningful	not meaningful	not meaningful	not meaningful

SDP and UPW over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SDP

ProShares UltraShort Utilities · Aims to return twice the opposite of the daily move of utilities (XLU)

UPW

ProShares Ultra Utilities · Aims to return twice the daily move of utilities (XLU)

Issuer ProShares ProShares

Sets out to return -2x +2x

Underlying asset XLU XLU

Segment sector sector

Fund returned, 3 months or since launch +27.6% −22.6%

Underlying returned, over that window −11.3% −11.3%

What the stated multiple implies, over that window +22.5% −22.5%

Difference from stated, over that window +5.1 pts −0.1 pts

Fund returned, 1 year or since launch +18.8% −20.2%

Difference from stated, over that window +4.8 pts −6.3 pts

Underlying volatility 14% 14%

Difference over the days both have traded no shared window −0.1 pts

Expense ratio 0.95% 0.95%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $1m $11m

SDP and UPW on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SDP in plain words

Three months to Sep 30, 2026: SDP returned +27.6% where its own daily promise gave +24.9%, 2.6 points over. Read the multiple against the whole window instead and −2 times XLU's −11.3% implies +22.5%, which makes SDP look 5.1 points over. 2.4 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SDP aims to return -2 times XLU's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. XLU moved at 14% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

UPW in plain words

Three months to Sep 30, 2026: UPW returned −22.6% where its own daily promise gave −21.7%, 0.9 points short. Read the multiple against the whole window instead and 2 times XLU's −11.3% implies −22.5%, which makes UPW look 0.1 points short. 0.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UPW aims to return +2 times XLU's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, SDP or UPW?: Over the window to Sep 30, 2026, SDP finished 5.1 points from what its multiple implies and UPW finished 0.1 points from its own, so UPW came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SDP and UPW levered on the same thing?: Yes. Both are levered on utilities, SDP at -2 times and UPW at +2 times the daily move.
Which one decays faster, SDP or UPW?: Decay follows how much the underlying moves about. Over this window SDP’s moved at 14% annualized and UPW’s at 14%, so SDP has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SDP or UPW for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, SDP or UPW?: SDP charges 0.95% a year and UPW charges 0.95%, so SDP is cheaper. Fees come from each fund's prospectus.

Other comparisons

SDP vs UTSL SDP vs XLUX UPW vs UTSL UPW vs XLUX

XLU →SDP on its own →UPW on its own →How every figure is computed →Standards and sources →

Where these figures came from

SDP and UPW filings on SEC EDGAR ↗SDP and UPW prospectus with the expense ratio (SEC) ↗ProShares page for SDP ↗ProShares page for UPW ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SDP against UPW, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sdp-vs-upw

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.