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 -26.75%/yr vs 28.93%/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
Loading charts...
Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than UPRO's 19.07% return. Over the past 10 years, SDD has underperformed UPRO with an annualized return of -26.75%, while UPRO has yielded a comparatively higher 28.93% 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%
UPRO
- 1D
- -7.90%
- 1M
- 0.17%
- YTD
- 19.07%
- 6M
- 17.12%
- 1Y
- 71.21%
- 3Y*
- 49.00%
- 5Y*
- 21.38%
- 10Y*
- 28.93%
SDD vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 19.07% | 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 -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | -0.76 |
The correlation between SDD and UPRO has been stable across timeframes, ranging from -0.79 to -0.73 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SDD | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.11 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.32 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.67 | -3.62 |
| Martin ratioReturn relative to average drawdown | -1.56 | 11.23 | -12.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SDD | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 1.98 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.43 | -0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.54 | -1.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.64 | -1.23 |
Drawdowns
SDD vs. UPRO - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, 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.
Loading charts...
Drawdown Indicators
| SDD | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -76.82% | -23.11% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -26.78% | -16.96% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -48.87% | -16.39% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -63.94% | -3.74% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -76.82% | -19.39% |
Current DrawdownCurrent decline from peak | -99.93% | -8.84% | -91.09% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -14.41% | -72.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 6.36% | +20.32% |
Volatility
SDD vs. UPRO - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 11.42%. 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.
Loading charts...
Volatility by Period
| SDD | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 11.42% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 27.90% | -3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 36.26% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 50.42% | -7.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 53.79% | -8.63% |
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 6.11%, more than UPRO's 0.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.11% | 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 | 0.73% | 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 -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (11.42%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.93% vs -26.75% for SDD. On fees, UPRO is cheaper at 0.89% per year. On volatility, SDD has been the lower-risk option at 9.35%. 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 28.93% return vs -26.75%. 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 6.11%, compared with 0.73% 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 (1.98 vs -1.15), 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.
Find the right allocation for SDD and UPRO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer