DXD vs. SDOW

Last updated Jul 14, 2026

DXD (ProShares UltraShort Dow30) and SDOW (ProShares UltraPro Short Dow30) are both Leveraged Equities funds from ProShares - DXD tracks the Dow Jones Industrial Average Index (-200%) while SDOW tracks the Dow Jones Industrial Average (-300%). Both are passively managed. Over the past 10 years, DXD returned -24.46%/yr vs -37.72%/yr for SDOW. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

DXD vs. SDOW - Performance Comparison

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

Returns By Period

In the year-to-date period, DXD achieves a -15.52% return, which is significantly higher than SDOW's -23.82% return. Over the past 10 years, DXD has outperformed SDOW with an annualized return of -24.46%, while SDOW has yielded a comparatively lower -37.72% annualized return.

DXD

• 1D: 0.47%
• 1M: -4.54%
• 6M: -10.18%
• YTD: -15.52%
• 1Y: -26.29%
• 3Y*: -21.55%
• 5Y*: -15.53%
• 10Y*: -24.46%

SDOW

• 1D: 0.80%
• 1M: -6.83%
• 6M: -16.47%
• YTD: -23.82%
• 1Y: -38.80%
• 3Y*: -33.34%
• 5Y*: -25.64%
• 10Y*: -37.72%

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

DXD vs. SDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-15.52%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
SDOW ProShares UltraPro Short Dow30	-23.82%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%

Correlation

The correlation between DXD and SDOW is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 Feb 11, 2010	1.00

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

DXD vs. SDOW - Sectors Allocation Comparison

Sectors	DXD	SDOW
Financial Services	94.0%	82.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DXD vs. SDOW — 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: 1
DXD Sortino Ratio Rank: 2
DXD Omega Ratio Rank: 2
DXD Calmar Ratio Rank: 2
DXD Martin Ratio Rank: 1

SDOW

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

DXD vs. SDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) and ProShares UltraPro Short Dow30 (SDOW). 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	SDOW	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	-1.06	-0.01
Sortino ratio: Return per unit of downside risk	-1.48	-1.53	+0.05
Omega ratio: Gain probability vs. loss probability	0.83	0.83	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.88	+0.02
Martin ratio: Return relative to average drawdown	-1.55	-1.54	-0.01

DXD vs. SDOW - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.07, which is comparable to the SDOW Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of DXD and SDOW, 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. SDOW - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.72%, roughly equal to the maximum SDOW drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for DXD and SDOW.

Drawdown Indicators

	DXD	SDOW	Difference
Max Drawdown Largest peak-to-trough decline	-99.72%	-99.97%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	-30.71%	-44.20%	+13.49%
Max Drawdown (3Y) Largest decline over 3 years	-59.14%	-76.85%	+17.71%
Max Drawdown (5Y) Largest decline over 5 years	-67.19%	-84.05%	+16.86%
Max Drawdown (10Y) Largest decline over 10 years	-94.35%	-99.21%	+4.86%
Current Drawdown Current decline from peak	-99.71%	-99.96%	+0.25%
Average Drawdown Average peak-to-trough decline	-82.38%	-89.62%	+7.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.95%	25.17%	-8.22%

Volatility

DXD vs. SDOW - Volatility Comparison

The current volatility for ProShares UltraShort Dow30 (DXD) is 6.14%, while ProShares UltraPro Short Dow30 (SDOW) has a volatility of 9.08%. This indicates that DXD experiences smaller price fluctuations and is considered to be less risky than SDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXD	SDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	9.08%	-2.94%
Volatility (6M) Calculated over the trailing 6-month period	19.55%	29.15%	-9.60%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	36.78%	-12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.57%	44.40%	-14.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.86%	52.05%	-17.19%

DXD vs. SDOW - Expense Ratio Comparison

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

Dividends

DXD vs. SDOW - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.03%, less than SDOW's 5.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	4.03%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%
SDOW ProShares UltraPro Short Dow30	5.44%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%

Frequently Asked Questions

Can I hold both DXD and SDOW in my portfolio?

With a correlation of 1.00, DXD and SDOW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DXD or SDOW?

SDOW has higher volatility (9.08%) compared to DXD (6.14%). In terms of maximum drawdown, DXD dropped -99.72% vs SDOW's -99.97%.

Which ETF is better, DXD or SDOW?

On 10-year performance, DXD leads with -24.46% vs -37.72% for SDOW. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or SDOW?

Over the 10-year period, DXD has performed better with a -24.46% return vs -37.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or SDOW?

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

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

SDOW has the higher dividend yield at 5.44%, compared with 4.03% for DXD.

What is the main difference between DXD and SDOW?

DXD tracks Dow Jones Industrial Average Index (-200%), while SDOW tracks Dow Jones Industrial Average (-300%).

Which has better risk-adjusted returns?

SDOW currently has the higher Sharpe Ratio (-1.06 vs -1.07), 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.