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 10 years, SDD returned -26.98%/yr vs -12.33%/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 -32.06% return, which is significantly lower than SPDN's -7.71% return. Over the past 10 years, SDD has underperformed SPDN with an annualized return of -26.98%, while SPDN has yielded a comparatively higher -12.33% annualized return.
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%
SPDN
- 1D
- -0.46%
- 1M
- -1.71%
- 6M
- -6.22%
- YTD
- -7.71%
- 1Y
- -13.49%
- 3Y*
- -11.93%
- 5Y*
- -8.23%
- 10Y*
- -12.33%
SDD vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -32.06% | -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 | -7.71% | -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 0.70, 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 | 0.70 |
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 | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.73 |
The correlation between SDD and SPDN has been stable across timeframes, ranging from 0.70 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.
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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.83 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.60 | +0.15 |
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Drawdowns
SDD vs. SPDN - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, 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 | -99.94% | -75.31% | -24.63% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -15.93% | -31.78% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -38.24% | -30.86% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -43.85% | -27.41% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -73.97% | -22.14% |
Current DrawdownCurrent decline from peak | -99.94% | -75.14% | -24.80% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -48.78% | -38.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 8.23% | +19.06% |
Volatility
SDD vs. SPDN - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 8.95% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.39%. 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 | 8.95% | 4.39% | +4.56% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 10.03% | +14.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 12.67% | +23.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 16.96% | +26.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 18.00% | +27.02% |
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 6.33%, more than SPDN's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.33% | 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 | 3.36% | 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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (8.95%) compared to SPDN (4.39%). In terms of maximum drawdown, SDD dropped -99.94% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.33% vs -26.98% for SDD. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.33% return vs -26.98%. 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 6.33%, compared with 3.36% 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.
SPDN currently has the higher Sharpe Ratio (-1.04 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.
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