CMGG vs. SDS

Last updated Jun 4, 2026

CMGG (Leverage Shares 2X Long CMG Daily ETF) and SDS (ProShares UltraShort S&P500) are both Leveraged Equities funds. CMGG is actively managed, while SDS is passively managed. At a correlation of -0.35, they often move in opposite directions. CMGG charges 0.75%/yr vs 0.91%/yr for SDS.

Performance

CMGG vs. SDS - Performance Comparison

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

Returns By Period

In the year-to-date period, CMGG achieves a -45.23% return, which is significantly lower than SDS's -17.06% return.

CMGG

• 1D: -3.36%
• 1M: -20.45%
• YTD: -45.23%
• 6M: -35.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SDS

• 1D: 1.35%
• 1M: -8.86%
• YTD: -17.06%
• 6M: -16.53%
• 1Y: -34.59%
• 3Y*: -28.79%
• 5Y*: -21.98%
• 10Y*: -27.72%

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

CMGG vs. SDS - Yearly Performance Comparison

	2026 (YTD)	2025
CMGG Leverage Shares 2X Long CMG Daily ETF	-45.23%	43.86%
SDS ProShares UltraShort S&P500	-17.06%	-4.41%

Correlation

The correlation between CMGG and SDS is -0.35, 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 Nov 18, 2025	-0.35

Return for Risk

CMGG vs. SDS — Risk / Return Rank

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

SDS

SDS Risk / Return Rank: 0
SDS Sharpe Ratio Rank: 0
SDS Sortino Ratio Rank: 0
SDS Omega Ratio Rank: 0
SDS Calmar Ratio Rank: 1
SDS 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.

CMGG vs. SDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long CMG Daily ETF (CMGG) and ProShares UltraShort S&P500 (SDS). 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.

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

Sharpe Ratios by Period

	CMGG	SDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.47	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.66	+0.12

Drawdowns

CMGG vs. SDS - Drawdown Comparison

The maximum CMGG drawdown since its inception was -54.58%, smaller than the maximum SDS drawdown of -99.85%. Use the drawdown chart below to compare losses from any high point for CMGG and SDS.

Drawdown Indicators

	CMGG	SDS	Difference
Max Drawdown Largest peak-to-trough decline	-54.58%	-99.85%	+45.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-68.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-75.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.48%	—
Current Drawdown Current decline from peak	-54.58%	-99.85%	+45.27%
Average Drawdown Average peak-to-trough decline	-21.08%	-82.73%	+61.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.51%	—

Volatility

Volatility by Period

	CMGG	SDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.76%	23.58%	+43.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.76%	33.64%	+33.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.76%	35.82%	+30.94%

CMGG vs. SDS - Expense Ratio Comparison

CMGG has a 0.75% expense ratio, which is lower than SDS's 0.91% expense ratio.

Dividends

CMGG vs. SDS - Dividend Comparison

CMGG has not paid dividends to shareholders, while SDS's dividend yield for the trailing twelve months is around 5.79%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMGG Leverage Shares 2X Long CMG Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDS ProShares UltraShort S&P500	5.79%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%

Frequently Asked Questions

Can I hold both CMGG and SDS in my portfolio?

CMGG and SDS have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CMGG or SDS?

On fees, CMGG 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, CMGG or SDS?

CMGG is cheaper with a 0.75% expense ratio, compared with 0.91% for SDS.

Which ETF pays a higher dividend yield, CMGG or SDS?

SDS has the higher dividend yield at 5.79%, compared with 0.00% for CMGG.

What is the main difference between CMGG and SDS?

They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for CMGG and 0.91% for SDS.