SDD vs. UPRO
SDD (ProShares UltraShort SmallCap600) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SDD returned -26.98%/yr vs 29.10%/yr for UPRO. At a correlation of -0.76, they often move in opposite directions. SDD charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SDD vs. UPRO - 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 UPRO's 26.83% return. Over the past 10 years, SDD has underperformed UPRO with an annualized return of -26.98%, while UPRO has yielded a comparatively higher 29.10% 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%
UPRO
- 1D
- 1.23%
- 1M
- 5.07%
- 6M
- 20.68%
- YTD
- 26.83%
- 1Y
- 57.69%
- 3Y*
- 47.32%
- 5Y*
- 20.56%
- 10Y*
- 29.10%
SDD vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 26.83% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SDD and UPRO is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | -0.76 |
The correlation between SDD and UPRO has been stable across timeframes, ranging from -0.79 to -0.71 - a consistent structural relationship.
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Return for Risk
SDD vs. UPRO — Risk / Return Rank
SDD
UPRO
SDD vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.60 | ||
| Sortino ratioReturn per unit of downside risk | -3.57 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.10 | -2.93 |
| Martin ratioReturn relative to average drawdown | -1.45 | 8.29 | -9.74 |
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Drawdowns
SDD vs. UPRO - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SDD and UPRO.
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Drawdown Indicators
| SDD | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -76.82% | -23.12% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -26.78% | -20.93% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -48.87% | -20.23% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -63.94% | -7.32% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -76.82% | -19.29% |
Current DrawdownCurrent decline from peak | -99.94% | -2.91% | -97.03% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -14.37% | -72.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 6.76% | +20.53% |
Volatility
SDD vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 8.95%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 13.43%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 13.43% | -4.48% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 29.89% | -5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 37.50% | -1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 50.65% | -7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 53.70% | -8.68% |
SDD vs. UPRO - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SDD vs. UPRO - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.33%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.33% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
SDD and UPRO have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (13.43%) compared to SDD (8.95%). In terms of maximum drawdown, SDD dropped -99.94% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 29.10% vs -26.98% for SDD. On fees, UPRO is cheaper at 0.89% 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.
Over the 10-year period, UPRO has performed better with a 29.10% return vs -26.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SDD.
SDD has the higher dividend yield at 6.33%, compared with 0.74% for UPRO.
SDD is categorized as Inverse Equities, while UPRO is Leveraged Equities. SDD tracks S&P Small Cap 600 (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SDD and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.50 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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