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 -26.75%/yr vs 58.18%/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 -23.94% return, which is significantly lower than USD's 69.08% return. Over the past 10 years, SDD has underperformed USD with an annualized return of -26.75%, while USD has yielded a comparatively higher 58.18% 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%
USD
- 1D
- -16.84%
- 1M
- 0.03%
- YTD
- 69.08%
- 6M
- 62.79%
- 1Y
- 196.23%
- 3Y*
- 111.77%
- 5Y*
- 61.72%
- 10Y*
- 58.18%
SDD vs. USD - 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% |
USD ProShares Ultra Semiconductors | 69.08% | 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 | -0.42 |
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 2, 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.
| SDD | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.25 | ||
| Sortino ratioReturn per unit of downside risk | -4.67 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.41 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 6.21 | -7.16 |
| Martin ratioReturn relative to average drawdown | -1.56 | 17.82 | -19.38 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 3.10 | -4.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.81 | -1.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.84 | -1.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.46 | -1.05 |
Drawdowns
SDD vs. USD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, 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 | -99.93% | -88.63% | -11.30% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -31.80% | -11.94% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -64.46% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -77.85% | +10.17% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -77.85% | -18.36% |
Current DrawdownCurrent decline from peak | -99.93% | -21.89% | -78.04% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -32.34% | -54.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 11.06% | +15.62% |
Volatility
SDD vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.63%. 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 | 9.35% | 27.63% | -18.28% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 50.45% | -26.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 63.70% | -27.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 76.91% | -33.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 69.45% | -24.29% |
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 6.11%, more than USD's 0.27% 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% |
USD ProShares Ultra Semiconductors | 0.27% | 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 (27.63%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs USD's -88.63%.
On 10-year performance, USD leads with 58.18% vs -26.75% for SDD. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 58.18% return vs -26.75%. 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 6.11%, compared with 0.27% 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 (3.10 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.
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