MSDD vs. SDD

Last updated Jun 23, 2026

MSDD (GraniteShares 2x Short MSTR Daily ETF) and SDD (ProShares UltraShort SmallCap600) are both Inverse Equities funds. MSDD is actively managed, while SDD is passively managed. Over the past year, MSDD returned 71.30% vs -46.17% for SDD. At a 0.39 correlation, their price movements are largely independent. MSDD charges 1.50%/yr vs 0.95%/yr for SDD.

Performance

MSDD vs. SDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short MSTR Daily ETF (MSDD) and ProShares UltraShort SmallCap600 (SDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSDD achieves a -48.72% return, which is significantly lower than SDD's -30.11% return.

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -40.94%
• 1Y: 71.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SDD

• 1D: -0.48%
• 1M: -8.66%
• YTD: -30.11%
• 6M: -26.49%
• 1Y: -46.17%
• 3Y*: -26.64%
• 5Y*: -16.61%
• 10Y*: -27.79%

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

MSDD vs. SDD - Yearly Performance Comparison

	2026 (YTD)	2025
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%
SDD ProShares UltraShort SmallCap600	-30.11%	-19.45%

Correlation

The correlation between MSDD and SDD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.39

Return for Risk

MSDD vs. SDD — Risk / Return Rank

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

MSDD

MSDD Risk / Return Rank: 23
MSDD Sharpe Ratio Rank: 16
MSDD Sortino Ratio Rank: 31
MSDD Omega Ratio Rank: 32
MSDD Calmar Ratio Rank: 19
MSDD Martin Ratio Rank: 16

SDD

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

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.

MSDD vs. SDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) and ProShares UltraShort SmallCap600 (SDD). 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.

	MSDD	SDD	Difference
Sharpe ratio: Return per unit of total volatility	0.51	-1.28	+1.79
Sortino ratio: Return per unit of downside risk	1.62	-1.96	+3.58
Omega ratio: Gain probability vs. loss probability	1.21	0.78	+0.43
Calmar ratio: Return relative to maximum drawdown	0.84	-1.03	+1.88
Martin ratio: Return relative to average drawdown	1.67	-1.77	+3.43

MSDD vs. SDD - Sharpe Ratio Comparison

The current MSDD Sharpe Ratio is 0.51, which is higher than the SDD Sharpe Ratio of -1.28. The chart below compares the historical Sharpe Ratios of MSDD and SDD, 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

MSDD vs. SDD - Drawdown Comparison

The maximum MSDD drawdown since its inception was -84.91%, smaller than the maximum SDD drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for MSDD and SDD.

Drawdown Indicators

	MSDD	SDD	Difference
Max Drawdown Largest peak-to-trough decline	-84.91%	-99.93%	+15.02%
Max Drawdown (1Y) Largest decline over 1 year	-84.91%	-44.75%	-40.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-66.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-69.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.39%	—
Current Drawdown Current decline from peak	-68.63%	-99.93%	+31.30%
Average Drawdown Average peak-to-trough decline	-31.11%	-86.93%	+55.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.92%	27.82%	+15.10%

Volatility

MSDD vs. SDD - Volatility Comparison

GraniteShares 2x Short MSTR Daily ETF (MSDD) has a higher volatility of 32.23% compared to ProShares UltraShort SmallCap600 (SDD) at 9.33%. This indicates that MSDD's price experiences larger fluctuations and is considered to be riskier than SDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSDD	SDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.23%	9.33%	+22.90%
Volatility (6M) Calculated over the trailing 6-month period	124.69%	24.62%	+100.07%
Volatility (1Y) Calculated over the trailing 1-year period	141.22%	36.33%	+104.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	139.12%	43.19%	+95.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	139.12%	45.18%	+93.94%

MSDD vs. SDD - Expense Ratio Comparison

MSDD has a 1.50% expense ratio, which is higher than SDD's 0.95% expense ratio.

Dividends

MSDD vs. SDD - Dividend Comparison

MSDD has not paid dividends to shareholders, while SDD's dividend yield for the trailing twelve months is around 6.65%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDD ProShares UltraShort SmallCap600	6.65%	5.07%	4.34%	3.84%	0.33%	0.00%	0.00%	1.20%	0.52%

Frequently Asked Questions

Can I hold both MSDD and SDD in my portfolio?

MSDD and SDD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSDD or SDD?

MSDD has higher volatility (32.23%) compared to SDD (9.33%). In terms of maximum drawdown, MSDD dropped -84.91% vs SDD's -99.93%.

Which ETF is better, MSDD or SDD?

On 1-year performance, MSDD leads with 71.30% vs -46.17% for SDD. On fees, SDD is cheaper at 0.95% per year. On volatility, SDD has been the lower-risk option at 9.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSDD or SDD?

Over the 1-year period, MSDD has performed better with a 71.30% return vs -46.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSDD or SDD?

SDD is cheaper with a 0.95% expense ratio, compared with 1.50% for MSDD.

Which ETF pays a higher dividend yield, MSDD or SDD?

SDD has the higher dividend yield at 6.65%, compared with 0.00% for MSDD.

What is the main difference between MSDD and SDD?

They also come from different issuers: GraniteShares and ProShares. Their fees differ too: 1.50% for MSDD and 0.95% for SDD.

Which has better risk-adjusted returns?

MSDD currently has the higher Sharpe Ratio (0.51 vs -1.28), 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.