DDM vs. SH

Last updated Jun 14, 2026

DDM (ProShares Ultra Dow30) and SH (ProShares Short S&P500) are both exchange-traded funds - DDM is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (200%), while SH is a Inverse Equities fund tracking the S&P 500 (-100%). Both are passively managed. Over the past 10 years, DDM returned 19.87%/yr vs -12.83%/yr for SH. At a correlation of -0.93, they often move in opposite directions. DDM charges 0.95%/yr vs 0.90%/yr for SH.

Performance

DDM vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Dow30 (DDM) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDM achieves a 11.15% return, which is significantly higher than SH's -6.39% return. Over the past 10 years, DDM has outperformed SH with an annualized return of 19.87%, while SH has yielded a comparatively lower -12.83% annualized return.

DDM

• 1D: 1.45%
• 1M: 4.37%
• YTD: 11.15%
• 6M: 9.08%
• 1Y: 41.14%
• 3Y*: 24.56%
• 5Y*: 12.67%
• 10Y*: 19.87%

SH

• 1D: -0.50%
• 1M: 1.30%
• YTD: -6.39%
• 6M: -6.43%
• 1Y: -15.90%
• 3Y*: -11.96%
• 5Y*: -8.68%
• 10Y*: -12.83%

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

DDM vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DDM ProShares Ultra Dow30	11.15%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%
SH ProShares Short S&P500	-6.39%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between DDM and SH is -0.83, 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	-0.83
Correlation (3Y) Calculated over the trailing 3-year period	-0.82
Correlation (5Y) Calculated over the trailing 5-year period	-0.87
Correlation (10Y) Calculated over the trailing 10-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.93

The correlation between DDM and SH shifts across timeframes, from -0.93 (all time) to -0.82 (3 years), reflecting how their relationship changes across market environments.

DDM vs. SH - Sectors Allocation Comparison

Sectors	DDM	SH
Financial Services	34.9%	75.1%
Technology	13.3%	-
Industrials	13.0%	-
Healthcare	9.6%	-
Consumer Cyclical	7.7%	-
Consumer Defensive	3.0%	-
Basic Materials	2.7%	-
Energy	1.6%	-
Communication Services	1.3%	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DDM vs. SH — Risk / Return Rank

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

DDM

DDM Risk / Return Rank: 46
DDM Sharpe Ratio Rank: 47
DDM Sortino Ratio Rank: 47
DDM Omega Ratio Rank: 44
DDM Calmar Ratio Rank: 43
DDM Martin Ratio Rank: 47

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 2
SH 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.

DDM vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) and ProShares Short S&P500 (SH). 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.

	DDM	SH	Difference
Sharpe ratio: Return per unit of total volatility	1.44	-1.22	+2.66
Sortino ratio: Return per unit of downside risk	2.07	-1.75	+3.83
Omega ratio: Gain probability vs. loss probability	1.25	0.81	+0.44
Calmar ratio: Return relative to maximum drawdown	1.87	-0.82	+2.69
Martin ratio: Return relative to average drawdown	6.86	-1.47	+8.33

DDM vs. SH - Sharpe Ratio Comparison

The current DDM Sharpe Ratio is 1.44, which is higher than the SH Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of DDM and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DDM vs. SH - Drawdown Comparison

The maximum DDM drawdown since its inception was -81.70%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for DDM and SH.

Drawdown Indicators

	DDM	SH	Difference
Max Drawdown Largest peak-to-trough decline	-81.70%	-94.66%	+12.96%
Max Drawdown (1Y) Largest decline over 1 year	-19.31%	-18.16%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-31.62%	-38.82%	+7.20%
Max Drawdown (5Y) Largest decline over 5 years	-40.18%	-44.53%	+4.35%
Max Drawdown (10Y) Largest decline over 10 years	-63.13%	-76.12%	+12.99%
Current Drawdown Current decline from peak	-1.61%	-94.53%	+92.92%
Average Drawdown Average peak-to-trough decline	-17.31%	-67.75%	+50.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.28%	10.13%	-4.85%

Volatility

DDM vs. SH - Volatility Comparison

ProShares Ultra Dow30 (DDM) has a higher volatility of 8.72% compared to ProShares Short S&P500 (SH) at 4.33%. This indicates that DDM's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDM	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	4.33%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	19.64%	9.59%	+10.05%
Volatility (1Y) Calculated over the trailing 1-year period	25.09%	12.28%	+12.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.67%	16.91%	+12.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.81%	18.04%	+16.77%

DDM vs. SH - Expense Ratio Comparison

DDM has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

DDM vs. SH - Dividend Comparison

DDM's dividend yield for the trailing twelve months is around 0.90%, less than SH's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.90%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
SH ProShares Short S&P500	4.43%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DDM and SH in my portfolio?

DDM and SH have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDM or SH?

DDM has higher volatility (8.72%) compared to SH (4.33%). In terms of maximum drawdown, DDM dropped -81.70% vs SH's -94.66%.

Which ETF is better, DDM or SH?

On 10-year performance, DDM leads with 19.87% vs -12.83% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDM or SH?

Over the 10-year period, DDM has performed better with a 19.87% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDM or SH?

SH is cheaper with a 0.90% expense ratio, compared with 0.95% for DDM.

Which ETF pays a higher dividend yield, DDM or SH?

SH has the higher dividend yield at 4.43%, compared with 0.90% for DDM.

What is the main difference between DDM and SH?

DDM is categorized as Leveraged Equities, while SH is Inverse Equities. DDM tracks Dow Jones Industrial Average Index (200%), while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for DDM and 0.90% for SH.

Which has better risk-adjusted returns?

DDM currently has the higher Sharpe Ratio (1.44 vs -1.22), 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.