SDD vs. SH
SDD (ProShares UltraShort SmallCap600) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - SDD tracks the S&P Small Cap 600 (-200%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 10 years, SDD returned -26.75%/yr vs -12.64%/yr for SH. A 0.78 correlation means they provide meaningful diversification when combined. SDD charges 0.95%/yr vs 0.90%/yr for SH.
Performance
SDD vs. SH - 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 SH's -5.94% return. Over the past 10 years, SDD has underperformed SH with an annualized return of -26.75%, while SH has yielded a comparatively higher -12.64% 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%
SH
- 1D
- 2.65%
- 1M
- -0.06%
- YTD
- -5.94%
- 6M
- -5.34%
- 1Y
- -15.86%
- 3Y*
- -12.35%
- 5Y*
- -8.66%
- 10Y*
- -12.64%
SDD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
SH ProShares Short S&P500 | -5.94% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between SDD and SH is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007 | 0.78 |
The correlation between SDD and SH has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.
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Return for Risk
SDD vs. SH — Risk / Return Rank
SDD
SH
SDD vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and ProShares Short S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.79 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.88 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.61 | +0.05 |
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 | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -1.32 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | -0.51 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.70 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.58 | 0.00 |
Drawdowns
SDD vs. SH - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SDD and SH.
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Drawdown Indicators
| SDD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -94.66% | -5.27% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -18.16% | -25.58% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -38.82% | -26.44% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -44.53% | -23.15% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -76.12% | -20.09% |
Current DrawdownCurrent decline from peak | -99.93% | -94.50% | -5.43% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -67.74% | -19.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 10.00% | +16.68% |
Volatility
SDD vs. SH - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.35% compared to ProShares Short S&P500 (SH) at 3.71%. This indicates that SDD's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 3.71% | +5.64% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 9.31% | +15.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 12.10% | +24.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 16.88% | +26.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 18.03% | +27.13% |
SDD vs. SH - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
SDD vs. SH - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, more than SH's 4.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% |
SH ProShares Short S&P500 | 4.41% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
SDD and SH have a correlation of 0.73, 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 SH (3.71%). In terms of maximum drawdown, SDD dropped -99.93% vs SH's -94.66%.
On 10-year performance, SH leads with -12.64% vs -26.75% for SDD. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SH has performed better with a -12.64% return vs -26.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 0.95% for SDD.
SDD has the higher dividend yield at 6.11%, compared with 4.41% for SH.
SDD tracks S&P Small Cap 600 (-200%), while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for SDD and 0.90% for SH.
SDD currently has the higher Sharpe Ratio (-1.15 vs -1.32), 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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