- ISIN
- US74347B3832
- CUSIP
- 74347B383
- Issuer
- ProShares
- Inception Date
- Jul 11, 2006
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- S&P 500 Index (-200%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $390M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
SDS Performance Chart
ProShares UltraShort S&P500 (SDS) is down 15.2% since the beginning of the year. SDS is currently trading at $58 per share. Investors who bought $1,000 worth of SDS shares 5 years ago would now be looking at an investment worth $298.
Loading charts...
Returns By Period
ProShares UltraShort S&P500 (SDS) has returned -15.24% so far this year and -33.56% over the past 12 months. Over the last ten years, SDS has returned -27.93% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares UltraShort S&P500
- 1D
- 0.66%
- 1M
- 0.07%
- YTD
- -15.24%
- 6M
- -14.30%
- 1Y
- -33.56%
- 3Y*
- -27.68%
- 5Y*
- -21.52%
- 10Y*
- -27.93%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
SDS Monthly Returns History
Based on dividend-adjusted daily data since Jul 13, 2006, SDS's average daily return is -0.09%, while the average monthly return is -2.03%.
Historically, 31% of months were positive and 69% were negative. The best month was Feb 2009 with a return of +21.8%, while the worst month was Apr 2020 at -24.8%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 15 months.
On a daily basis, SDS closed higher 44% of trading days. The best single day was Mar 16, 2020 with a return of +22.6%, while the worst single day was Oct 13, 2008 at -22.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.29% | 2.05% | 10.80% | -17.78% | -9.23% | 2.80% | -15.24% | ||||||
| 2025 | -4.58% | 3.14% | 12.12% | -3.12% | -11.26% | -8.85% | -3.42% | -3.30% | -6.02% | -4.08% | -0.04% | 0.60% | -26.79% |
| 2024 | -2.31% | -8.89% | -5.39% | 9.41% | -8.42% | -5.72% | -1.48% | -4.23% | -3.55% | 2.76% | -10.24% | 5.63% | -29.45% |
| 2023 | -11.25% | 5.74% | -6.74% | -2.45% | -0.26% | -10.86% | -5.42% | 4.35% | 11.20% | 5.15% | -15.30% | -7.70% | -31.53% |
| 2022 | 10.65% | 4.81% | -8.48% | 18.39% | -2.64% | 16.53% | -16.75% | 8.23% | 20.33% | -15.65% | -11.14% | 12.79% | 30.69% |
| 2021 | 1.37% | -5.73% | -9.21% | -10.05% | -1.76% | -4.84% | -4.87% | -6.05% | 9.65% | -13.09% | 1.04% | -9.25% | -43.02% |
Benchmark Metrics
ProShares UltraShort S&P500 has an annualized alpha of -0.29%, beta of -1.95, and R2 of 0.99 versus S&P 500 Index. Calculated based on daily prices since July 13, 2006.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -295.49%), but participation in market rallies was also limited (-119.09%) - a profile typical of counter-cyclical assets.
- Beta of -1.95 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.29%
- Beta
- -1.95
- R²
- 0.99
- Upside Capture
- -119.09%
- Downside Capture
- -295.49%
Expense Ratio
SDS has an expense ratio of 0.91%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SDS ranks 0 for risk / return — in the bottom 0% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and compare them to S&P 500 Index.
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.
| SDS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.39 | ||
| Sortino ratioReturn per unit of downside risk | -4.86 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.37 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.78 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.68 | 12.44 | -14.12 |
Dividends
Dividend History
ProShares UltraShort S&P500 provided a 5.67% dividend yield over the last twelve months, with an annual payout of $3.27 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $3.27 | $4.02 | $7.76 | $8.63 | $0.80 | $0.00 | $2.85 | $11.41 | $13.73 | $0.91 |
Dividend yield | 5.67% | 5.88% | 7.89% | 5.77% | 0.35% | 0.00% | 0.92% | 1.84% | 1.28% | 0.09% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares UltraShort S&P500. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.42 | $0.00 | $0.00 | $0.00 | $0.42 | ||||||
| 2025 | $0.00 | $0.00 | $1.17 | $0.00 | $0.00 | $0.86 | $0.00 | $0.00 | $0.82 | $0.00 | $0.00 | $1.17 | $4.02 |
| 2024 | $0.00 | $0.00 | $1.72 | $0.00 | $0.00 | $2.22 | $0.00 | $0.00 | $1.70 | $0.00 | $0.00 | $2.12 | $7.76 |
| 2023 | $0.00 | $0.00 | $1.37 | $0.00 | $0.00 | $1.88 | $0.00 | $0.00 | $2.46 | $0.00 | $0.00 | $2.92 | $8.63 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.80 | $0.80 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares UltraShort S&P500. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares UltraShort S&P500 was 99.85%, occurring on Jun 2, 2026. The portfolio has not yet recovered.
The current ProShares UltraShort S&P500 drawdown is 99.84%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -99.85%Jun 2026 | 17y 2mo | — | 17y 3moMar 2009 - now |
Financial crisis2007–2009 | -40.89%Jan 2009 | 1mo 16d | 1mo 28d | 3mo 14dNov 2008 - Mar 2009 |
Financial crisis2007–2009 | -33.05%Oct 2007 | 1y 2mo | 9mo 6d | 1y 11moJul 2006 - Jul 2008 |
Financial crisis2007–2009 | -31.02%Nov 2008 | 7d | 16d | 23dOct 2008 - Nov 2008 |
Financial crisis2007–2009 | -22.44%Oct 2008 | 0s | 14d | 14dOct 2008 - Oct 2008 |
Drawdown Indicators
| SDS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.85% | -56.78% | -43.07% |
Max Drawdown (1Y)Largest decline over 1 year | -34.59% | -9.10% | -25.49% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -18.90% | -49.24% |
Max Drawdown (5Y)Largest decline over 5 years | -75.54% | -25.43% | -50.11% |
Max Drawdown (10Y)Largest decline over 10 years | -96.48% | -33.92% | -62.56% |
Current DrawdownCurrent decline from peak | -99.84% | -1.80% | -98.04% |
Average DrawdownAverage peak-to-trough decline | -82.75% | -10.71% | -72.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.37% | 2.03% | +19.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with SDS
Add ProShares UltraShort S&P500 to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with SDS