SDOW vs. PYPG

Last updated Jul 17, 2026

SDOW (ProShares UltraPro Short Dow30) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. SDOW is passively managed, while PYPG is actively managed. Over the past year, SDOW returned -39.38% vs -56.05% for PYPG. At a correlation of -0.50, they often move in opposite directions. SDOW charges 0.95%/yr vs 0.75%/yr for PYPG.

Performance

SDOW vs. PYPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) and Leverage Shares 2X Long PYPL Daily ETF (PYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SDOW having a -23.85% return and PYPG slightly higher at -23.41%.

SDOW

• 1D: 0.76%
• 1M: -2.15%
• 6M: -17.28%
• YTD: -23.85%
• 1Y: -39.38%
• 3Y*: -33.25%
• 5Y*: -25.95%
• 10Y*: -37.70%

PYPG

• 1D: 4.02%
• 1M: 61.13%
• 6M: -18.36%
• YTD: -23.41%
• 1Y: -56.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDOW vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
SDOW ProShares UltraPro Short Dow30	-23.85%	-42.51%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-23.41%	-20.19%

Correlation

The correlation between SDOW and PYPG is -0.45, 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	-0.45
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.50

The correlation between SDOW and PYPG has been stable across timeframes, ranging from -0.50 to -0.45 - a consistent structural relationship.

Return for Risk

SDOW vs. PYPG — 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: 2
SDOW Omega Ratio Rank: 2
SDOW Calmar Ratio Rank: 1
SDOW Martin Ratio Rank: 1

PYPG

PYPG Risk / Return Rank: 4
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 5
PYPG Omega Ratio Rank: 4
PYPG Calmar Ratio Rank: 4
PYPG Martin Ratio Rank: 5

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. PYPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) and Leverage Shares 2X Long PYPL Daily ETF (PYPG). 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.

	SDOW	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	-0.66	-0.42
Sortino ratio: Return per unit of downside risk	-1.57	-0.67	-0.90
Omega ratio: Gain probability vs. loss probability	0.82	0.91	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.71	-0.19
Martin ratio: Return relative to average drawdown	-1.54	-1.00	-0.54

SDOW vs. PYPG - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.08, which is lower than the PYPG Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of SDOW and PYPG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SDOW vs. PYPG - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.97%, which is greater than PYPG's maximum drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for SDOW and PYPG.

Drawdown Indicators

	SDOW	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-79.52%	-20.45%
Max Drawdown (1Y) Largest decline over 1 year	-44.20%	-79.52%	+35.32%
Max Drawdown (3Y) Largest decline over 3 years	-76.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-84.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.21%	—	—
Current Drawdown Current decline from peak	-99.96%	-61.72%	-38.24%
Average Drawdown Average peak-to-trough decline	-89.63%	-41.31%	-48.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.58%	56.30%	-30.72%

Volatility

SDOW vs. PYPG - Volatility Comparison

The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 6.81%, while Leverage Shares 2X Long PYPL Daily ETF (PYPG) has a volatility of 34.53%. This indicates that SDOW experiences smaller price fluctuations and is considered to be less risky than PYPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDOW	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	34.53%	-27.72%
Volatility (6M) Calculated over the trailing 6-month period	29.02%	77.11%	-48.09%
Volatility (1Y) Calculated over the trailing 1-year period	36.58%	85.35%	-48.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.39%	83.28%	-38.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.03%	83.28%	-31.25%

SDOW vs. PYPG - Expense Ratio Comparison

SDOW has a 0.95% expense ratio, which is higher than PYPG's 0.75% expense ratio.

Dividends

SDOW vs. PYPG - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.44%, while PYPG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYPG Leverage Shares 2X Long PYPL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDOW ProShares UltraPro Short Dow30	5.44%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%

Frequently Asked Questions

Can I hold both SDOW and PYPG in my portfolio?

SDOW and PYPG have a correlation of -0.45, 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 PYPG?

PYPG has higher volatility (34.53%) compared to SDOW (6.81%). In terms of maximum drawdown, SDOW dropped -99.97% vs PYPG's -79.52%.

Which ETF is better, SDOW or PYPG?

On 1-year performance, SDOW leads with -39.38% vs -56.05% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, SDOW has been the lower-risk option at 6.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOW or PYPG?

Over the 1-year period, SDOW has performed better with a -39.38% return vs -56.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOW or PYPG?

PYPG is cheaper with a 0.75% expense ratio, compared with 0.95% for SDOW.

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

SDOW has the higher dividend yield at 5.44%, compared with 0.00% for PYPG.

What is the main difference between SDOW and PYPG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SDOW and 0.75% for PYPG.

Which has better risk-adjusted returns?

PYPG currently has the higher Sharpe Ratio (-0.66 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.