DXD vs. DDM

Last updated Jun 24, 2026

DXD (ProShares UltraShort Dow30) and DDM (ProShares Ultra Dow30) are both Leveraged Equities funds from ProShares - DXD tracks the Dow Jones Industrial Average Index (-200%) while DDM tracks the Dow Jones Industrial Average Index (200%). Both are passively managed. Over the past 10 years, DXD returned -25.21%/yr vs 20.48%/yr for DDM. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DXD vs. DDM - Performance Comparison

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

Returns By Period

In the year-to-date period, DXD achieves a -13.08% return, which is significantly lower than DDM's 13.14% return. Over the past 10 years, DXD has underperformed DDM with an annualized return of -25.21%, while DDM has yielded a comparatively higher 20.48% annualized return.

DXD

• 1D: 0.11%
• 1M: -4.27%
• YTD: -13.08%
• 6M: -11.52%
• 1Y: -29.87%
• 3Y*: -21.88%
• 5Y*: -15.78%
• 10Y*: -25.21%

DDM

• 1D: -0.12%
• 1M: 4.09%
• YTD: 13.14%
• 6M: 11.28%
• 1Y: 41.18%
• 3Y*: 26.56%
• 5Y*: 13.43%
• 10Y*: 20.48%

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

DXD vs. DDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-13.08%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
DDM ProShares Ultra Dow30	13.14%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%

Correlation

The correlation between DXD and DDM is -1.00, 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006	-0.99

The correlation between DXD and DDM has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

DXD vs. DDM - Sectors Allocation Comparison

Sectors	DXD	DDM
Financial Services	94.2%	34.6%
Basic Materials	-	2.7%
Communication Services	-	1.3%
Consumer Cyclical	-	7.7%
Consumer Defensive	-	3.0%
Energy	-	1.5%
Healthcare	-	9.2%
Industrials	-	13.6%
Real Estate	-	-
Technology	-	12.0%
Utilities	-	-

Return for Risk

DXD vs. DDM — Risk / Return Rank

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

DXD

DXD Risk / Return Rank: 1
DXD Sharpe Ratio Rank: 0
DXD Sortino Ratio Rank: 1
DXD Omega Ratio Rank: 1
DXD Calmar Ratio Rank: 0
DXD Martin Ratio Rank: 0

DDM

DDM Risk / Return Rank: 48
DDM Sharpe Ratio Rank: 51
DDM Sortino Ratio Rank: 50
DDM Omega Ratio Rank: 46
DDM Calmar Ratio Rank: 45
DDM Martin Ratio Rank: 49

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.

DXD vs. DDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) and ProShares Ultra Dow30 (DDM). 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.

	DXD	DDM	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.67	-2.87
Sortino ratio: Return per unit of downside risk	-1.72	2.35	-4.07
Omega ratio: Gain probability vs. loss probability	0.81	1.28	-0.48
Calmar ratio: Return relative to maximum drawdown	-1.02	2.14	-3.16
Martin ratio: Return relative to average drawdown	-1.76	7.85	-9.61

DXD vs. DDM - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.20, which is lower than the DDM Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of DXD and DDM, 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

DXD vs. DDM - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.71%, which is greater than DDM's maximum drawdown of -81.70%. Use the drawdown chart below to compare losses from any high point for DXD and DDM.

Drawdown Indicators

	DXD	DDM	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-81.70%	-18.01%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-19.31%	-10.19%
Max Drawdown (3Y) Largest decline over 3 years	-57.68%	-31.62%	-26.06%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-40.18%	-25.84%
Max Drawdown (10Y) Largest decline over 10 years	-94.76%	-63.13%	-31.63%
Current Drawdown Current decline from peak	-99.71%	-1.46%	-98.25%
Average Drawdown Average peak-to-trough decline	-82.33%	-17.29%	-65.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.49%	5.26%	+13.23%

Volatility

DXD vs. DDM - Volatility Comparison

ProShares UltraShort Dow30 (DXD) and ProShares Ultra Dow30 (DDM) have volatilities of 8.30% and 8.37%, 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.

Volatility by Period

	DXD	DDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	8.37%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	19.59%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	24.90%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.60%	29.63%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.91%	34.76%	+0.15%

DXD vs. DDM - Expense Ratio Comparison

Both DXD and DDM have an expense ratio of 0.95%.

Dividends

DXD vs. DDM - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.26%, more than DDM's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.88%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
DXD ProShares UltraShort Dow30	4.26%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DXD and DDM in my portfolio?

DXD and DDM have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or DDM?

DDM has higher volatility (8.37%) compared to DXD (8.30%). In terms of maximum drawdown, DXD dropped -99.71% vs DDM's -81.70%.

Which ETF is better, DXD or DDM?

On 10-year performance, DDM leads with 20.48% vs -25.21% for DXD. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or DDM?

Over the 10-year period, DDM has performed better with a 20.48% return vs -25.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or DDM?

DXD and DDM have the same expense ratio: 0.95% per year.

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

DXD has the higher dividend yield at 4.26%, compared with 0.88% for DDM.

What is the main difference between DXD and DDM?

DXD tracks Dow Jones Industrial Average Index (-200%), while DDM tracks Dow Jones Industrial Average Index (200%).

Which has better risk-adjusted returns?

DDM currently has the higher Sharpe Ratio (1.67 vs -1.20), 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.