SDD vs. SPDN
SDD (ProShares UltraShort SmallCap600) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - SDD tracks the S&P Small Cap 600 (-200%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, SDD returned -14.95%/yr vs -8.48%/yr for SPDN. A 0.73 correlation means they provide meaningful diversification when combined. SDD charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
SDD vs. SPDN - 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 SPDN's -5.78% 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%
SPDN
- 1D
- 2.55%
- 1M
- -0.11%
- YTD
- -5.78%
- 6M
- -5.23%
- 1Y
- -15.66%
- 3Y*
- -12.17%
- 5Y*
- -8.48%
- 10Y*
- —
SDD vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.78% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SDD and SPDN 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 | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.73 |
The correlation between SDD and SPDN has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.
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Return for Risk
SDD vs. SPDN — Risk / Return Rank
SDD
SPDN
SDD vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.80 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.89 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.62 | +0.07 |
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 | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -1.27 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | -0.50 | +0.16 |
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 | -0.68 | +0.10 |
Drawdowns
SDD vs. SPDN - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SDD and SPDN.
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Drawdown Indicators
| SDD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -75.31% | -24.62% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -17.73% | -26.01% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -38.24% | -27.02% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -43.85% | -23.83% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -74.62% | -25.31% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -48.56% | -38.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 9.89% | +16.79% |
Volatility
SDD vs. SPDN - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.35% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.56%. This indicates that SDD's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 3.56% | +5.79% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 9.44% | +14.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 12.37% | +23.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 16.89% | +26.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 18.05% | +27.11% |
SDD vs. SPDN - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SDD vs. SPDN - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, more than SPDN's 4.00% 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.00% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SDD and SPDN 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.
SDD has higher volatility (9.35%) compared to SPDN (3.56%). In terms of maximum drawdown, SDD dropped -99.93% vs SPDN's -75.31%.
On 5-year performance, SPDN leads with -8.48% vs -14.95% for SDD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPDN has performed better with a -8.48% return vs -14.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for SDD.
SDD has the higher dividend yield at 6.11%, compared with 4.00% for SPDN.
SDD tracks S&P Small Cap 600 (-200%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDD and 0.50% for SPDN.
SDD currently has the higher Sharpe Ratio (-1.15 vs -1.27), 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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