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SDOW vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDOW vs. SPXS

Last updated Jun 3, 2026

SDOW (ProShares UltraPro Short Dow30) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SDOW returned -38.16%/yr vs -42.14%/yr for SPXS. Their correlation of 0.92 suggests significant overlap in exposure. SDOW charges 0.95%/yr vs 1.08%/yr for SPXS.

Performance

SDOW vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 -18.49% return, which is significantly higher than SPXS's -27.08% return. Over the past 10 years, SDOW has outperformed SPXS with an annualized return of -38.16%, while SPXS has yielded a comparatively lower -42.14% annualized return.

SDOW

1D
-1.52%
1M
-10.30%
YTD
-18.49%
6M
-21.02%
1Y
-42.78%
3Y*
-33.02%
5Y*
-25.27%
10Y*
-38.16%

SPXS

1D
-0.39%
1M
-14.03%
YTD
-27.08%
6M
-27.23%
1Y
-50.67%
3Y*
-43.09%
5Y*
-35.40%
10Y*
-42.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SDOW vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SDOW
ProShares UltraPro Short Dow30		-18.49%-33.94%-25.95%-28.78%4.00%-49.00%-66.48%-49.54%-0.30%-52.26%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-27.08%-41.53%-42.84%-45.97%36.14%-58.11%-70.47%-56.40%3.44%-44.52%

Correlation

The correlation between SDOW and SPXS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2010

0.92

The correlation between SDOW and SPXS has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short Dow30

Direxion Daily S&P 500 Bear 3X Shares

Often compared with SDOW:
SDOW vs. UDOWSDOW vs. SQQQSDOW vs. SPXUSDOW vs. ^DJISDOW vs. DIASDOW vs. DXDSDOW vs. QQQ
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

SDOW vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 11
Omega Ratio Rank
SDOW Calmar Ratio Rank: 00
Calmar Ratio Rank
SDOW Martin Ratio Rank: 11
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 00
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 00
Calmar Ratio Rank
SPXS Martin Ratio Rank: 00
Martin Ratio Rank
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. SPXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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.

SDOWSPXSDifference

Sharpe ratio

Return per unit of total volatility

-1.19

-1.43

+0.24

Sortino ratio

Return per unit of downside risk

-1.81

-2.45

+0.64

Omega ratio

Gain probability vs. loss probability

0.80

0.74

+0.06

Calmar ratio

Return relative to maximum drawdown

-0.99

-1.01

+0.02

Martin ratio

Return relative to average drawdown

-1.58

-1.72

+0.15

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. SPXS - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.19, which is comparable to the SPXS Sharpe Ratio of -1.43. The chart below compares the historical Sharpe Ratios of SDOW and SPXS, 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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Sharpe Ratios by Period

SDOWSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.19

-1.43

+0.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.57

-0.71

+0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.73

-0.79

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.78

-0.84

+0.06

Drawdowns

SDOW vs. SPXS - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.96%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDOW and SPXS.

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Drawdown Indicators

SDOWSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-99.96%

-100.00%

+0.04%

Max Drawdown (1Y)

Largest decline over 1 year

-43.45%

-50.77%

+7.32%

Max Drawdown (3Y)

Largest decline over 3 years

-74.39%

-84.13%

+9.74%

Max Drawdown (5Y)

Largest decline over 5 years

-82.35%

-90.11%

+7.76%

Max Drawdown (10Y)

Largest decline over 10 years

-99.26%

-99.63%

+0.37%

Current Drawdown

Current decline from peak

-99.96%

-100.00%

+0.04%

Average Drawdown

Average peak-to-trough decline

-89.43%

-96.30%

+6.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

27.35%

29.88%

-2.53%

Volatility

SDOW vs. SPXS - Volatility Comparison

ProShares UltraPro Short Dow30 (SDOW) has a higher volatility of 8.83% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. This indicates that SDOW's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SDOWSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.83%

8.20%

+0.63%

Volatility (6M)

Calculated over the trailing 6-month period

27.90%

26.76%

+1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

36.02%

35.48%

+0.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.26%

50.38%

-6.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.13%

53.55%

-1.42%

SDOW vs. SPXS - Expense Ratio Comparison

SDOW has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

SDOW vs. SPXS - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.71%, more than SPXS's 5.02% yield.

PositionTTM202520242023202220212020201920182017
SDOW
ProShares UltraPro Short Dow30		5.71%5.80%8.30%5.38%0.36%0.00%0.52%2.17%1.23%0.09%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		5.02%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%0.00%

Frequently Asked Questions

SDOW and SPXS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SDOW has higher volatility (8.83%) compared to SPXS (8.20%). In terms of maximum drawdown, SDOW dropped -99.96% vs SPXS's -100.00%.

On 10-year performance, SDOW leads with -38.16% vs -42.14% for SPXS. On fees, SDOW is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SDOW has performed better with a -38.16% return vs -42.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SDOW is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.

SDOW has the higher dividend yield at 5.71%, compared with 5.02% for SPXS.

SDOW is categorized as Leveraged Equities, while SPXS is Inverse Equities. SDOW tracks Dow Jones Industrial Average (-300%), while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDOW and 1.08% for SPXS.

SDOW currently has the higher Sharpe Ratio (-1.19 vs -1.43), 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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