SDD vs. DFAS
SDD (ProShares UltraShort SmallCap600) and DFAS (Dimensional U.S. Small Cap ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while DFAS is a Small Cap Blend Equities fund actively managed by Dimensional. SDD is passively managed, while DFAS is actively managed. Over the past 5 years, SDD returned -17.22%/yr vs 8.54%/yr for DFAS. At a correlation of -0.99, they often move in opposite directions. SDD charges 0.95%/yr vs 0.26%/yr for DFAS.
Performance
SDD vs. DFAS - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -32.06% return, which is significantly lower than DFAS's 17.06% return.
SDD
- 1D
- 0.02%
- 1M
- -2.88%
- 6M
- -25.07%
- YTD
- -32.06%
- 1Y
- -40.76%
- 3Y*
- -24.65%
- 5Y*
- -17.22%
- 10Y*
- -26.98%
DFAS
- 1D
- 0.05%
- 1M
- 1.06%
- 6M
- 11.06%
- YTD
- 17.06%
- 1Y
- 25.39%
- 3Y*
- 14.72%
- 5Y*
- 8.54%
- 10Y*
- —
SDD vs. DFAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -32.06% | -14.69% | -13.60% | -25.99% | 20.50% | -9.40% |
DFAS Dimensional U.S. Small Cap ETF | 17.06% | 8.17% | 10.21% | 17.83% | -13.84% | 4.52% |
Correlation
The correlation between SDD and DFAS is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021 | -0.99 |
The correlation between SDD and DFAS has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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Return for Risk
SDD vs. DFAS — Risk / Return Rank
SDD
DFAS
SDD vs. DFAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and Dimensional U.S. Small Cap ETF (DFAS). 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.
| SDD | DFAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.73 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.25 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.57 | -3.40 |
| Martin ratioReturn relative to average drawdown | -1.45 | 8.82 | -10.27 |
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Drawdowns
SDD vs. DFAS - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, which is greater than DFAS's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for SDD and DFAS.
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Drawdown Indicators
| SDD | DFAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -26.13% | -73.81% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -9.36% | -38.35% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -26.13% | -42.97% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -26.13% | -45.13% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | — | — |
Current DrawdownCurrent decline from peak | -99.94% | -1.48% | -98.46% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -8.16% | -78.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 2.73% | +24.56% |
Volatility
SDD vs. DFAS - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 8.95% compared to Dimensional U.S. Small Cap ETF (DFAS) at 4.34%. This indicates that SDD's price experiences larger fluctuations and is considered to be riskier than DFAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | DFAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 4.34% | +4.61% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 11.88% | +12.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 16.87% | +19.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 20.76% | +22.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 20.75% | +24.27% |
SDD vs. DFAS - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than DFAS's 0.26% expense ratio.
Dividends
SDD vs. DFAS - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.33%, more than DFAS's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DFAS Dimensional U.S. Small Cap ETF | 0.98% | 0.99% | 0.93% | 1.00% | 1.03% | 2.87% | 0.00% | 0.00% | 0.00% |
SDD ProShares UltraShort SmallCap600 | 6.33% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
Frequently Asked Questions
SDD and DFAS have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (8.95%) compared to DFAS (4.34%). In terms of maximum drawdown, SDD dropped -99.94% vs DFAS's -26.13%.
On 5-year performance, DFAS leads with 8.54% vs -17.22% for SDD. On fees, DFAS is cheaper at 0.26% per year. On volatility, DFAS has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFAS has performed better with a 8.54% return vs -17.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFAS is cheaper with a 0.26% expense ratio, compared with 0.95% for SDD.
SDD has the higher dividend yield at 6.33%, compared with 0.98% for DFAS.
SDD is categorized as Inverse Equities, while DFAS is Small Cap Blend Equities. They also come from different issuers: ProShares and Dimensional. Their fees differ too: 0.95% for SDD and 0.26% for DFAS.
DFAS currently has the higher Sharpe Ratio (1.42 vs -1.10), 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.
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