SDD vs. FLYD
SDD (ProShares UltraShort SmallCap600) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds - SDD tracks the S&P Small Cap 600 (-200%) while FLYD tracks the MerQube MicroSectors U.S. Travel Index. Both are passively managed. Over the past 3 years, SDD returned -23.30%/yr vs -54.07%/yr for FLYD. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SDD vs. FLYD - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than FLYD's -10.89% 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%
FLYD
- 1D
- 2.48%
- 1M
- -1.03%
- YTD
- -10.89%
- 6M
- -18.12%
- 1Y
- -47.47%
- 3Y*
- -54.07%
- 5Y*
- —
- 10Y*
- —
SDD vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | -15.63% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -10.89% | -60.42% | -54.13% | -75.14% | -46.23% |
Correlation
The correlation between SDD and FLYD is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.73 |
The correlation between SDD and FLYD has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.
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Return for Risk
SDD vs. FLYD — Risk / Return Rank
SDD
FLYD
SDD vs. FLYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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 | FLYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.92 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.87 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.27 | -0.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDD | FLYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -0.64 | -0.51 |
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 | -0.74 | +0.16 |
Drawdowns
SDD vs. FLYD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, roughly equal to the maximum FLYD drawdown of -98.11%. Use the drawdown chart below to compare losses from any high point for SDD and FLYD.
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Drawdown Indicators
| SDD | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -98.11% | -1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -54.89% | +11.15% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -93.41% | +28.15% |
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% | -97.94% | -1.99% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -83.15% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 37.34% | -10.66% |
Volatility
SDD vs. FLYD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 20.72%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 20.72% | -11.37% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 59.35% | -35.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 74.52% | -38.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 83.64% | -40.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 83.64% | -38.48% |
SDD vs. FLYD - Expense Ratio Comparison
Both SDD and FLYD have an expense ratio of 0.95%.
Dividends
SDD vs. FLYD - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, while FLYD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 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 FLYD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (20.72%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs FLYD's -98.11%.
On 3-year performance, SDD leads with -23.30% vs -54.07% for FLYD. Both ETFs have the same 0.95% expense ratio. 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 3-year period, SDD has performed better with a -23.30% return vs -54.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and FLYD have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.11%, compared with 0.00% for FLYD.
SDD tracks S&P Small Cap 600 (-200%), while FLYD tracks MerQube MicroSectors U.S. Travel Index. They also come from different issuers: ProShares and REX.
FLYD currently has the higher Sharpe Ratio (-0.64 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.
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