SDD vs. SKRE

Last updated Jul 12, 2026

SDD (ProShares UltraShort SmallCap600) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both Inverse Equities funds - SDD tracks the S&P Small Cap 600 (-200%) while SKRE tracks the S&P Regional Banks Select Industry. Both are passively managed. Over the past year, SDD returned -40.76% vs -40.77% for SKRE. A 0.78 correlation means they provide meaningful diversification when combined. SDD charges 0.95%/yr vs 0.75%/yr for SKRE.

Performance

SDD vs. SKRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort SmallCap600 (SDD) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SDD having a -32.06% return and SKRE slightly higher at -31.58%.

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%

SKRE

• 1D: -1.34%
• 1M: -6.24%
• 6M: -25.76%
• YTD: -31.58%
• 1Y: -40.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDD vs. SKRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDD ProShares UltraShort SmallCap600	-32.06%	-14.69%	-19.03%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-31.58%	-31.29%	-44.47%

Correlation

The correlation between SDD and SKRE 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 (All Time) Calculated using the full available price history since Jan 4, 2024	0.78

The correlation between SDD and SKRE has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

Return for Risk

SDD vs. SKRE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDD

SDD Risk / Return Rank: 1
SDD Sharpe Ratio Rank: 1
SDD Sortino Ratio Rank: 1
SDD Omega Ratio Rank: 1
SDD Calmar Ratio Rank: 2
SDD Martin Ratio Rank: 1

SKRE

SKRE Risk / Return Rank: 2
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 3
SKRE Omega Ratio Rank: 3
SKRE Calmar Ratio Rank: 2
SKRE Martin Ratio Rank: 1

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. SKRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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	SKRE	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.85	-0.25
Sortino ratio: Return per unit of downside risk	-1.58	-1.20	-0.38
Omega ratio: Gain probability vs. loss probability	0.82	0.86	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.81	-0.02
Martin ratio: Return relative to average drawdown	-1.45	-1.41	-0.04

SDD vs. SKRE - Sharpe Ratio Comparison

The current SDD Sharpe Ratio is -1.10, which is comparable to the SKRE Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of SDD and SKRE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SDD vs. SKRE - Drawdown Comparison

The maximum SDD drawdown since its inception was -99.94%, which is greater than SKRE's maximum drawdown of -78.32%. Use the drawdown chart below to compare losses from any high point for SDD and SKRE.

Drawdown Indicators

	SDD	SKRE	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-78.32%	-21.62%
Max Drawdown (1Y) Largest decline over 1 year	-47.71%	-49.07%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-69.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-71.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.11%	—	—
Current Drawdown Current decline from peak	-99.94%	-77.81%	-22.13%
Average Drawdown Average peak-to-trough decline	-86.96%	-48.34%	-38.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.29%	28.15%	-0.86%

Volatility

SDD vs. SKRE - Volatility Comparison

The current volatility for ProShares UltraShort SmallCap600 (SDD) is 8.95%, while Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a volatility of 11.54%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than SKRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDD	SKRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.95%	11.54%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	24.79%	32.56%	-7.77%
Volatility (1Y) Calculated over the trailing 1-year period	35.96%	46.49%	-10.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.10%	55.19%	-12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.02%	55.19%	-10.17%

SDD vs. SKRE - Expense Ratio Comparison

SDD has a 0.95% expense ratio, which is higher than SKRE's 0.75% expense ratio.

Dividends

SDD vs. SKRE - Dividend Comparison

SDD's dividend yield for the trailing twelve months is around 6.33%, more than SKRE's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SDD ProShares UltraShort SmallCap600	6.33%	5.07%	4.34%	3.84%	0.33%	0.00%	0.00%	1.20%	0.52%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.37%	0.26%	3.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDD and SKRE in my portfolio?

SDD and SKRE 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.

Which is riskier, SDD or SKRE?

SKRE has higher volatility (11.54%) compared to SDD (8.95%). In terms of maximum drawdown, SDD dropped -99.94% vs SKRE's -78.32%.

Which ETF is better, SDD or SKRE?

On 1-year performance, SDD leads with -40.76% vs -40.77% for SKRE. On fees, SKRE is cheaper at 0.75% per year. On volatility, SDD has been the lower-risk option at 8.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDD or SKRE?

Over the 1-year period, SDD has performed better with a -40.76% return vs -40.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDD or SKRE?

SKRE is cheaper with a 0.75% expense ratio, compared with 0.95% for SDD.

Which ETF pays a higher dividend yield, SDD or SKRE?

SDD has the higher dividend yield at 6.33%, compared with 0.37% for SKRE.

What is the main difference between SDD and SKRE?

SDD tracks S&P Small Cap 600 (-200%), while SKRE tracks S&P Regional Banks Select Industry. They also come from different issuers: ProShares and Tuttle. Their fees differ too: 0.95% for SDD and 0.75% for SKRE.

Which has better risk-adjusted returns?

SKRE currently has the higher Sharpe Ratio (-0.85 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.