SDOW vs. ILCV

Last updated Jun 4, 2026

SDOW (ProShares UltraPro Short Dow30) and ILCV (iShares Morningstar Value ETF) are both exchange-traded funds - SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%), while ILCV is a Large Cap Value Equities fund tracking the Morningstar US Large-Mid Cap Broad Value Index. Both are passively managed. Over the past 10 years, SDOW returned -37.95%/yr vs 11.68%/yr for ILCV. At a correlation of -0.91, they often move in opposite directions. SDOW charges 0.95%/yr vs 0.04%/yr for ILCV.

Performance

SDOW vs. ILCV - Performance Comparison

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

Returns By Period

In the year-to-date period, SDOW achieves a -15.72% return, which is significantly lower than ILCV's 7.75% return. Over the past 10 years, SDOW has underperformed ILCV with an annualized return of -37.95%, while ILCV has yielded a comparatively higher 11.68% annualized return.

SDOW

• 1D: 3.40%
• 1M: -10.23%
• YTD: -15.72%
• 6M: -16.21%
• 1Y: -39.90%
• 3Y*: -32.27%
• 5Y*: -24.52%
• 10Y*: -37.95%

ILCV

• 1D: -0.44%
• 1M: 2.76%
• YTD: 7.75%
• 6M: 7.41%
• 1Y: 26.58%
• 3Y*: 18.61%
• 5Y*: 11.42%
• 10Y*: 11.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDOW vs. ILCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	-15.72%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%
ILCV iShares Morningstar Value ETF	7.75%	18.79%	17.03%	14.43%	-7.02%	26.71%	-0.84%	25.19%	-6.24%	15.00%

Correlation

The correlation between SDOW and ILCV is -0.89, 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	-0.89
Correlation (3Y) Calculated over the trailing 3-year period	-0.90
Correlation (5Y) Calculated over the trailing 5-year period	-0.93
Correlation (10Y) Calculated over the trailing 10-year period	-0.91
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.91

The correlation between SDOW and ILCV has been stable across timeframes, ranging from -0.93 to -0.89 - a consistent structural relationship.

SDOW vs. ILCV - Sectors Allocation Comparison

Sectors	SDOW	ILCV
Financial Services	74.6%	16.5%
Basic Materials	-	2.4%
Communication Services	-	8.0%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	7.6%
Energy	-	6.0%
Healthcare	-	11.5%
Industrials	-	8.8%
Real Estate	-	2.0%
Technology	-	23.8%
Utilities	-	3.5%

Return for Risk

SDOW vs. ILCV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDOW

SDOW Risk / Return Rank: 1
SDOW Sharpe Ratio Rank: 1
SDOW Sortino Ratio Rank: 1
SDOW Omega Ratio Rank: 1
SDOW Calmar Ratio Rank: 1
SDOW Martin Ratio Rank: 1

ILCV

ILCV Risk / Return Rank: 82
ILCV Sharpe Ratio Rank: 82
ILCV Sortino Ratio Rank: 84
ILCV Omega Ratio Rank: 81
ILCV Calmar Ratio Rank: 79
ILCV Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SDOW vs. ILCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) and iShares Morningstar Value ETF (ILCV). 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.

	SDOW	ILCV	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	2.72	-3.83
Sortino ratio: Return per unit of downside risk	-1.63	3.85	-5.48
Omega ratio: Gain probability vs. loss probability	0.82	1.50	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.92	4.08	-5.00
Martin ratio: Return relative to average drawdown	-1.45	16.87	-18.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDOW vs. ILCV - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.11, which is lower than the ILCV Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of SDOW and ILCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SDOW	ILCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.11	2.72	-3.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.56	0.81	-1.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.73	0.70	-1.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	0.46	-1.24

Drawdowns

SDOW vs. ILCV - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.96%, which is greater than ILCV's maximum drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for SDOW and ILCV.

Drawdown Indicators

	SDOW	ILCV	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-58.63%	-41.33%
Max Drawdown (1Y) Largest decline over 1 year	-43.45%	-6.55%	-36.90%
Max Drawdown (3Y) Largest decline over 3 years	-74.39%	-14.95%	-59.44%
Max Drawdown (5Y) Largest decline over 5 years	-82.35%	-18.58%	-63.77%
Max Drawdown (10Y) Largest decline over 10 years	-99.26%	-35.53%	-63.73%
Current Drawdown Current decline from peak	-99.96%	-0.60%	-99.36%
Average Drawdown Average peak-to-trough decline	-89.43%	-9.32%	-80.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.47%	1.58%	+25.89%

Volatility

SDOW vs. ILCV - Volatility Comparison

ProShares UltraPro Short Dow30 (SDOW) has a higher volatility of 8.86% compared to iShares Morningstar Value ETF (ILCV) at 2.01%. This indicates that SDOW's price experiences larger fluctuations and is considered to be riskier than ILCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDOW	ILCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.86%	2.01%	+6.85%
Volatility (6M) Calculated over the trailing 6-month period	28.01%	6.97%	+21.04%
Volatility (1Y) Calculated over the trailing 1-year period	36.20%	9.82%	+26.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.29%	14.21%	+30.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.13%	16.66%	+35.47%

SDOW vs. ILCV - Expense Ratio Comparison

SDOW has a 0.95% expense ratio, which is higher than ILCV's 0.04% expense ratio.

Dividends

SDOW vs. ILCV - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.52%, more than ILCV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCV iShares Morningstar Value ETF	1.63%	1.77%	1.99%	2.27%	2.32%	2.01%	2.96%	2.70%	2.93%	2.32%	2.76%	3.01%
SDOW ProShares UltraPro Short Dow30	5.52%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDOW and ILCV in my portfolio?

SDOW and ILCV have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDOW or ILCV?

SDOW has higher volatility (8.86%) compared to ILCV (2.01%). In terms of maximum drawdown, SDOW dropped -99.96% vs ILCV's -58.63%.

Which ETF is better, SDOW or ILCV?

On 10-year performance, ILCV leads with 11.68% vs -37.95% for SDOW. On fees, ILCV is cheaper at 0.04% per year. On volatility, ILCV has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOW or ILCV?

Over the 10-year period, ILCV has performed better with a 11.68% return vs -37.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOW or ILCV?

ILCV is cheaper with a 0.04% expense ratio, compared with 0.95% for SDOW.

Which ETF pays a higher dividend yield, SDOW or ILCV?

SDOW has the higher dividend yield at 5.52%, compared with 1.63% for ILCV.

What is the main difference between SDOW and ILCV?

SDOW is categorized as Leveraged Equities, while ILCV is Large Cap Value Equities. SDOW tracks Dow Jones Industrial Average (-300%), while ILCV tracks Morningstar US Large-Mid Cap Broad Value Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SDOW and 0.04% for ILCV.

Which has better risk-adjusted returns?

ILCV currently has the higher Sharpe Ratio (2.72 vs -1.11), 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.