SDD vs. FIAT
SDD (ProShares UltraShort SmallCap600) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while FIAT is a Derivative Income fund actively managed by YieldMax. SDD is passively managed, while FIAT is actively managed. Over the past year, SDD returned -41.53% vs 1.46% for FIAT. A 0.52 correlation means they provide meaningful diversification when combined. SDD charges 0.95%/yr vs 0.99%/yr for FIAT.
Performance
SDD vs. FIAT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than FIAT's 19.82% return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
FIAT
- 1D
- 5.85%
- 1M
- 20.43%
- YTD
- 19.82%
- 6M
- 37.86%
- 1Y
- 1.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SDD vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -17.60% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 19.82% | -24.17% | -28.61% |
Correlation
The correlation between SDD and FIAT is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | 0.52 |
The correlation between SDD and FIAT has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SDD vs. FIAT — Risk / Return Rank
SDD
FIAT
SDD vs. FIAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.
| SDD | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.06 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.03 | -0.99 |
| Martin ratioReturn relative to average drawdown | -1.56 | 0.05 | -1.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SDD | FIAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 0.03 | -1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.34 | -0.25 |
Drawdowns
SDD vs. FIAT - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SDD and FIAT.
Loading charts...
Drawdown Indicators
| SDD | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -70.50% | -29.43% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -42.26% | -1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -48.36% | -51.57% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -45.37% | -41.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 27.36% | -0.68% |
Volatility
SDD vs. FIAT - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 16.10%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SDD | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 16.10% | -6.75% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 42.14% | -17.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 55.65% | -19.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 60.59% | -17.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 60.59% | -15.43% |
SDD vs. FIAT - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.
Dividends
SDD vs. FIAT - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, less than FIAT's 91.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 91.05% | 178.11% | 70.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
Frequently Asked Questions
SDD and FIAT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (16.10%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with 1.46% vs -41.53% for SDD. On fees, SDD is cheaper at 0.95% per year. On volatility, SDD has been the lower-risk option at 9.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a 1.46% return vs -41.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 91.05%, compared with 6.11% for SDD.
SDD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for SDD and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (0.03 vs -1.15), 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.
Find the right allocation for SDD and FIAT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer