SDD vs. UVXY
SDD (ProShares UltraShort SmallCap600) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SDD returned -27.79%/yr vs -74.06%/yr for UVXY. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SDD vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -30.11% return, which is significantly lower than UVXY's -28.03% return. Over the past 10 years, SDD has outperformed UVXY with an annualized return of -27.79%, while UVXY has yielded a comparatively lower -74.06% annualized return.
SDD
- 1D
- -0.48%
- 1M
- -8.66%
- YTD
- -30.11%
- 6M
- -26.49%
- 1Y
- -46.17%
- 3Y*
- -26.64%
- 5Y*
- -16.61%
- 10Y*
- -27.79%
UVXY
- 1D
- -0.54%
- 1M
- -21.42%
- YTD
- -28.03%
- 6M
- -29.73%
- 1Y
- -76.60%
- 3Y*
- -62.96%
- 5Y*
- -67.64%
- 10Y*
- -74.06%
SDD vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -30.11% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -28.03% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SDD and UVXY is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.59 |
The correlation between SDD and UVXY has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.
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Return for Risk
SDD vs. UVXY — Risk / Return Rank
SDD
UVXY
SDD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.80 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | -1.01 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.77 | -1.39 | -0.38 |
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Drawdowns
SDD vs. UVXY - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDD and UVXY.
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Drawdown Indicators
| SDD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -100.00% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -44.75% | -76.14% | +31.39% |
Max Drawdown (3Y)Largest decline over 3 years | -66.92% | -94.93% | +28.01% |
Max Drawdown (5Y)Largest decline over 5 years | -69.23% | -99.71% | +30.48% |
Max Drawdown (10Y)Largest decline over 10 years | -96.39% | -100.00% | +3.61% |
Current DrawdownCurrent decline from peak | -99.93% | -100.00% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -86.93% | -98.75% | +11.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.82% | 56.06% | -28.24% |
Volatility
SDD vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.33%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 24.40%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 24.40% | -15.07% |
Volatility (6M)Calculated over the trailing 6-month period | 24.62% | 66.11% | -41.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.33% | 85.18% | -48.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.19% | 103.89% | -60.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.18% | 113.24% | -68.06% |
SDD vs. UVXY - Expense Ratio Comparison
Both SDD and UVXY have an expense ratio of 0.95%.
Dividends
SDD vs. UVXY - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.65%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.65% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDD and UVXY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (24.40%) compared to SDD (9.33%). In terms of maximum drawdown, SDD dropped -99.93% vs UVXY's -100.00%.
On 10-year performance, SDD leads with -27.79% vs -74.06% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 9.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDD has performed better with a -27.79% return vs -74.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and UVXY have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.65%, compared with 0.00% for UVXY.
SDD is categorized as Inverse Equities, while UVXY is Volatility. SDD tracks S&P Small Cap 600 (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.90 vs -1.28), 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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