SDD vs. USD
SDD (ProShares UltraShort SmallCap600) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SDD returned -26.98%/yr vs 58.67%/yr for USD. At a correlation of -0.61, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDD vs. USD - 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 USD's 85.14% return. Over the past 10 years, SDD has underperformed USD with an annualized return of -26.98%, while USD has yielded a comparatively higher 58.67% 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%
USD
- 1D
- 3.09%
- 1M
- -0.93%
- 6M
- 76.15%
- YTD
- 85.14%
- 1Y
- 147.75%
- 3Y*
- 110.61%
- 5Y*
- 62.46%
- 10Y*
- 58.67%
SDD vs. USD - 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% |
USD ProShares Ultra Semiconductors | 85.14% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SDD and USD is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.61 |
Over the past year, the inverse relationship between SDD and USD has weakened: their correlation has moved from -0.61 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SDD vs. USD — Risk / Return Rank
SDD
USD
SDD vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.97 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.32 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 4.70 | -5.53 |
| Martin ratioReturn relative to average drawdown | -1.45 | 12.39 | -13.83 |
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Drawdowns
SDD vs. USD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SDD and USD.
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Drawdown Indicators
| SDD | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -88.63% | -11.31% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -31.80% | -15.91% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -64.46% | -4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -77.85% | +6.59% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -77.85% | -18.26% |
Current DrawdownCurrent decline from peak | -99.94% | -14.47% | -85.47% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -32.26% | -54.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 12.05% | +15.24% |
Volatility
SDD vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 8.95%, while ProShares Ultra Semiconductors (USD) has a volatility of 32.27%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 32.27% | -23.32% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 57.13% | -32.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 69.99% | -34.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 78.11% | -35.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 69.98% | -24.96% |
SDD vs. USD - Expense Ratio Comparison
Both SDD and USD have an expense ratio of 0.95%.
Dividends
SDD vs. USD - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.33%, more than USD's 0.31% 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% |
USD ProShares Ultra Semiconductors | 0.31% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SDD and USD have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (32.27%) compared to SDD (8.95%). In terms of maximum drawdown, SDD dropped -99.94% vs USD's -88.63%.
On 10-year performance, USD leads with 58.67% vs -26.98% for SDD. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 58.67% return vs -26.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and USD have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.33%, compared with 0.31% for USD.
SDD is categorized as Inverse Equities, while USD is Leveraged Equities. SDD tracks S&P Small Cap 600 (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (2.14 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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