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SDD vs. FYX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDD vs. FYX

Last updated Jun 6, 2026

SDD (ProShares UltraShort SmallCap600) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while FYX is a Small Cap Blend Equities fund tracking the Nasdaq AlphaDEX Small Cap Core Index. Both are passively managed. Over the past 10 years, SDD returned -26.75%/yr vs 12.07%/yr for FYX. At a correlation of -0.88, they often move in opposite directions. SDD charges 0.95%/yr vs 0.63%/yr for FYX.

Performance

SDD vs. FYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort SmallCap600 (SDD) and First Trust Small Cap Core AlphaDEX Fund (FYX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than FYX's 17.85% return. Over the past 10 years, SDD has underperformed FYX with an annualized return of -26.75%, while FYX has yielded a comparatively higher 12.07% annualized 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%

FYX

1D
-1.95%
1M
-1.20%
YTD
17.85%
6M
17.63%
1Y
43.54%
3Y*
19.35%
5Y*
8.18%
10Y*
12.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SDD vs. FYX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDD
ProShares UltraShort SmallCap600		-23.94%-14.69%-13.60%-25.99%20.50%-46.57%-55.11%-36.30%14.10%-25.45%
FYX
First Trust Small Cap Core AlphaDEX Fund		17.85%12.68%12.22%18.30%-18.41%27.43%19.48%21.32%-10.64%14.34%

Correlation

The correlation between SDD and FYX is -0.97, 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

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.97

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.93

Correlation (All Time)
Calculated using the full available price history since May 11, 2007

-0.88

The correlation between SDD and FYX has been stable across timeframes, ranging from -0.98 to -0.88 - 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.

ProShares UltraShort SmallCap600

First Trust Small Cap Core AlphaDEX Fund

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Often compared with FYX:
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Return for Risk

SDD vs. FYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SDD
SDD Risk / Return Rank: 11
Overall Rank
SDD Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SDD Sortino Ratio Rank: 11
Sortino Ratio Rank
SDD Omega Ratio Rank: 11
Omega Ratio Rank
SDD Calmar Ratio Rank: 00
Calmar Ratio Rank
SDD Martin Ratio Rank: 11
Martin Ratio Rank
FYX
FYX Risk / Return Rank: 8181
Overall Rank
FYX Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
FYX Sortino Ratio Rank: 7979
Sortino Ratio Rank
FYX Omega Ratio Rank: 7070
Omega Ratio Rank
FYX Calmar Ratio Rank: 9191
Calmar Ratio Rank
FYX Martin Ratio Rank: 8888
Martin Ratio Rank
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.

SDD vs. FYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and First Trust Small Cap Core AlphaDEX Fund (FYX). 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.

SDDFYXDifference
Sharpe ratioReturn per unit of total volatility
-1.15
2.38

-3.53

Sortino ratioReturn per unit of downside risk
-1.69
3.38

-5.07

Omega ratioGain probability vs. loss probability

0.81

1.40

-0.59

Calmar ratioReturn relative to maximum drawdown

-0.95

5.79

-6.74

Martin ratioReturn relative to average drawdown

-1.56

18.63

-20.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDD vs. FYX - Sharpe Ratio Comparison

The current SDD Sharpe Ratio is -1.15, which is lower than the FYX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SDD and FYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SDDFYXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.15

2.38

-3.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.35

0.37

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

0.50

-1.09

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.59

0.36

-0.94

Drawdowns

SDD vs. FYX - Drawdown Comparison

The maximum SDD drawdown since its inception was -99.93%, which is greater than FYX's maximum drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for SDD and FYX.

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Drawdown Indicators

SDDFYXDifference

Max Drawdown

Largest peak-to-trough decline

-99.93%

-61.80%

-38.13%

Max Drawdown (1Y)

Largest decline over 1 year

-43.74%

-7.56%

-36.18%

Max Drawdown (3Y)

Largest decline over 3 years

-65.26%

-27.91%

-37.35%

Max Drawdown (5Y)

Largest decline over 5 years

-67.68%

-27.91%

-39.77%

Max Drawdown (10Y)

Largest decline over 10 years

-96.21%

-48.82%

-47.39%

Current Drawdown

Current decline from peak

-99.93%

-1.95%

-97.98%

Average Drawdown

Average peak-to-trough decline

-86.92%

-10.88%

-76.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.68%

2.34%

+24.34%

Volatility

SDD vs. FYX - Volatility Comparison

ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.35% compared to First Trust Small Cap Core AlphaDEX Fund (FYX) at 5.19%. This indicates that SDD's price experiences larger fluctuations and is considered to be riskier than FYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SDDFYXDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.35%

5.19%

+4.16%

Volatility (6M)

Calculated over the trailing 6-month period

24.32%

12.20%

+12.12%

Volatility (1Y)

Calculated over the trailing 1-year period

36.17%

18.40%

+17.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

43.23%

21.98%

+21.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.16%

24.22%

+20.94%

SDD vs. FYX - Expense Ratio Comparison

SDD has a 0.95% expense ratio, which is higher than FYX's 0.63% expense ratio.

Dividends

SDD vs. FYX - Dividend Comparison

SDD's dividend yield for the trailing twelve months is around 6.11%, more than FYX's 0.70% yield.

PositionTTM20252024202320222021202020192018201720162015
FYX
First Trust Small Cap Core AlphaDEX Fund		0.70%0.64%1.62%1.22%0.95%0.99%0.65%1.12%1.08%0.60%0.94%0.88%
SDD
ProShares UltraShort SmallCap600		6.11%5.07%4.34%3.84%0.33%0.00%0.00%1.20%0.52%0.00%0.00%0.00%

Frequently Asked Questions

SDD and FYX have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SDD has higher volatility (9.35%) compared to FYX (5.19%). In terms of maximum drawdown, SDD dropped -99.93% vs FYX's -61.80%.

On 10-year performance, FYX leads with 12.07% vs -26.75% for SDD. On fees, FYX is cheaper at 0.63% per year. On volatility, FYX has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FYX has performed better with a 12.07% return vs -26.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FYX is cheaper with a 0.63% expense ratio, compared with 0.95% for SDD.

SDD has the higher dividend yield at 6.11%, compared with 0.70% for FYX.

SDD is categorized as Inverse Equities, while FYX is Small Cap Blend Equities. SDD tracks S&P Small Cap 600 (-200%), while FYX tracks Nasdaq AlphaDEX Small Cap Core Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SDD and 0.63% for FYX.

FYX currently has the higher Sharpe Ratio (2.38 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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