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SDOW vs. DXD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDOW vs. DXD

Last updated Aug 2, 2026
Documentation

SDOW (ProShares UltraPro Short Dow30) and DXD (ProShares UltraShort Dow30) are both Leveraged Equities funds from ProShares - SDOW tracks the Dow Jones Industrial Average (-300%) while DXD tracks the Dow Jones Industrial Average Index (-200%). Both are passively managed. Over the past 10 years, SDOW returned -37.90%/yr vs -24.58%/yr for DXD. Their 1.00 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.

Performance

SDOW vs. DXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) and ProShares UltraShort Dow30 (DXD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SDOW achieves a -23.66% return, which is significantly lower than DXD's -15.18% return. Over the past 10 years, SDOW has underperformed DXD with an annualized return of -37.90%, while DXD has yielded a comparatively higher -24.58% annualized return.

SDOW

1D
-1.40%
1M
2.39%
6M
-19.90%
YTD
-23.66%
1Y
-42.17%
3Y*
-31.29%
5Y*
-25.49%
10Y*
-37.90%
ALL TIME*
-38.23%

DXD

1D
-0.87%
1M
1.90%
6M
-12.58%
YTD
-15.18%
1Y
-28.93%
3Y*
-19.87%
5Y*
-15.36%
10Y*
-24.58%
ALL TIME*
-23.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DXD

ProShares UltraShort Dow30
$10.42M$10.89M$30.28M

SDOW

ProShares UltraPro Short Dow30
$85.35M$79.85M$111.34M

SDOW vs. DXD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDOW
ProShares UltraPro Short Dow30		-23.66%-33.94%-25.95%-28.78%4.00%-49.00%-66.48%-49.54%-0.30%-52.26%
DXD
ProShares UltraShort Dow30		-15.18%-21.11%-16.07%-18.77%7.09%-35.18%-44.57%-35.33%3.07%-38.64%

Correlation

The correlation between SDOW and DXD is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

1.00

Correlation (3Y)
Balances recent behavior with more history.

1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

1.00

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

1.00

The correlation between SDOW and DXD has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SDOW vs. DXD - Sectors Allocation Comparison

Sectors
SDOW
DXD

Financial Services

78.9%
89.5%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

SDOW
78.9%
DXD
89.5%

Basic Materials

SDOW

-

DXD

-

Communication Services

SDOW

-

DXD

-

Consumer Cyclical

SDOW

-

DXD

-

Consumer Defensive

SDOW

-

DXD

-

Energy

SDOW

-

DXD

-

Healthcare

SDOW

-

DXD

-

Industrials

SDOW

-

DXD

-

Real Estate

SDOW

-

DXD

-

Technology

SDOW

-

DXD

-

Utilities

SDOW

-

DXD

-

Compare stocks, funds, or ETFs

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ProShares UltraPro Short Dow30

ProShares UltraShort Dow30

Often compared with SDOW:
SDOW vs. UDOWSDOW vs. SQQQSDOW vs. SPXUSDOW vs. ^DJISDOW vs. DIASDOW vs. QQQSDOW vs. DOG
Often compared with DXD:
DXD vs. DOGDXD vs. DIADXD vs. QLDDXD vs. UDOWDXD vs. XLGDXD vs. GLLDXD vs. SPY

Return for Risk

SDOW vs. DXD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SDOW
SDOW Risk / Return Rank: 11
Overall Rank
SDOW Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SDOW Sortino Ratio Rank: 11
Sortino Ratio Rank
SDOW Omega Ratio Rank: 22
Omega Ratio Rank
SDOW Calmar Ratio Rank: 11
Calmar Ratio Rank
SDOW Martin Ratio Rank: 00
Martin Ratio Rank
DXD
DXD Risk / Return Rank: 11
Overall Rank
DXD Sharpe Ratio Rank: 11
Sharpe Ratio Rank
DXD Sortino Ratio Rank: 22
Sortino Ratio Rank
DXD Omega Ratio Rank: 22
Omega Ratio Rank
DXD Calmar Ratio Rank: 22
Calmar Ratio Rank
DXD Martin Ratio Rank: 00
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDOW vs. DXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) and ProShares UltraShort Dow30 (DXD). 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.

SDOWDXDDifference
Sharpe ratioReturn per unit of total volatility
-1.07
-1.08

+0.01

Sortino ratioReturn per unit of downside risk
-1.58
-1.52

-0.06

Omega ratioGain probability vs. loss probability

0.82

0.83

-0.01

Calmar ratioReturn relative to maximum drawdown

-0.90

-0.88

-0.02

Martin ratioReturn relative to average drawdown

-1.48

-1.49

+0.01

SDOW vs. DXD - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.07, which is comparable to the DXD Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of SDOW and DXD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SDOW vs. DXD - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.97%, roughly equal to the maximum DXD drawdown of -99.72%. Use the drawdown chart below to compare losses from any high point for SDOW and DXD.

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Drawdown Indicators

SDOWDXDDifference

Max Drawdown

Largest peak-to-trough decline

-99.97%

-99.72%

-0.25%

Max Drawdown (1Y)

Largest decline over 1 year

-44.20%

-30.71%

-13.49%

Max Drawdown (3Y)

Largest decline over 3 years

-76.85%

-59.14%

-17.71%

Max Drawdown (5Y)

Largest decline over 5 years

-84.05%

-67.19%

-16.86%

Max Drawdown (10Y)

Largest decline over 10 years

-99.21%

-94.35%

-4.86%

Current Drawdown

Current decline from peak

-99.96%

-99.71%

-0.25%

Average Drawdown

Average peak-to-trough decline

-89.65%

-82.43%

-7.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.97%

18.20%

+8.77%

Volatility

SDOW vs. DXD - Volatility Comparison

ProShares UltraPro Short Dow30 (SDOW) has a higher volatility of 10.82% compared to ProShares UltraShort Dow30 (DXD) at 7.47%. This indicates that SDOW's price experiences larger fluctuations and is considered to be riskier than DXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SDOWDXDDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.82%

7.47%

+3.35%

Volatility (6M)

Calculated over the trailing 6-month period

29.51%

19.86%

+9.65%

Volatility (1Y)

Calculated over the trailing 1-year period

37.41%

25.19%

+12.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.40%

29.60%

+14.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.11%

34.91%

+17.20%

SDOW vs. DXD - Expense Ratio Comparison

Both SDOW and DXD have an expense ratio of 0.95%.

Dividends

SDOW vs. DXD - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.43%, more than DXD's 4.01% yield.

PositionTTM202520242023202220212020201920182017
DXD
ProShares UltraShort Dow30		4.01%4.25%5.91%3.87%0.25%0.00%0.31%1.76%1.15%0.12%
SDOW
ProShares UltraPro Short Dow30		5.43%5.80%8.30%5.38%0.36%0.00%0.52%2.17%1.23%0.09%

Frequently Asked Questions

With a correlation of 1.00, SDOW and DXD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SDOW has higher volatility (10.82%) compared to DXD (7.47%). In terms of maximum drawdown, SDOW dropped -99.97% vs DXD's -99.72%.

On 10-year performance, DXD leads with -24.58% vs -37.90% for SDOW. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 7.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DXD has performed better with a -24.58% return vs -37.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SDOW and DXD have the same expense ratio: 0.95% per year.

SDOW has the higher dividend yield at 5.43%, compared with 4.01% for DXD.

SDOW tracks Dow Jones Industrial Average (-300%), while DXD tracks Dow Jones Industrial Average Index (-200%).

SDOW currently has the higher Sharpe Ratio (-1.07 vs -1.08), 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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