SDOW vs. SPXS
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 -38.66%/yr vs -42.08%/yr for SPXS. Their correlation of 0.91 suggests significant overlap in exposure. SDOW charges 0.95%/yr vs 1.08%/yr for SPXS.
Performance
SDOW vs. SPXS - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SDOW having a -20.41% return and SPXS slightly lower at -20.76%. Over the past 10 years, SDOW has outperformed SPXS with an annualized return of -38.66%, while SPXS has yielded a comparatively lower -42.08% annualized return.
SDOW
- 1D
- 0.32%
- 1M
- -6.58%
- YTD
- -20.41%
- 6M
- -18.40%
- 1Y
- -43.24%
- 3Y*
- -33.77%
- 5Y*
- -25.99%
- 10Y*
- -38.66%
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
SDOW vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | -20.41% | -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 | -20.76% | -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 0.81, 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 | 0.81 |
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 11, 2010 | 0.91 |
The correlation between SDOW and SPXS shifts across timeframes, from 0.81 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SDOW vs. SPXS — Risk / Return Rank
SDOW
SPXS
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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.79 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.94 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.70 | -1.63 | -0.07 |
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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
| SDOW | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -100.00% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -42.83% | -46.94% | +4.11% |
Max Drawdown (3Y)Largest decline over 3 years | -75.55% | -84.13% | +8.58% |
Max Drawdown (5Y)Largest decline over 5 years | -83.15% | -90.11% | +6.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.29% | -99.63% | +0.34% |
Current DrawdownCurrent decline from peak | -99.96% | -100.00% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -89.59% | -96.29% | +6.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.36% | 29.25% | -1.89% |
Volatility
SDOW vs. SPXS - Volatility Comparison
The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 12.39%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.08%. This indicates that SDOW experiences smaller price fluctuations and is considered to be less risky 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
| SDOW | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.39% | 14.08% | -1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 29.43% | 29.38% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.16% | 37.37% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.43% | 50.68% | -6.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.13% | 53.59% | -1.46% |
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 5.85%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDOW ProShares UltraPro Short Dow30 | 5.85% | 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 | 4.62% | 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 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.08%) compared to SDOW (12.39%). In terms of maximum drawdown, SDOW dropped -99.96% vs SPXS's -100.00%.
On 10-year performance, SDOW leads with -38.66% vs -42.08% for SPXS. On fees, SDOW is cheaper at 0.95% per year. On volatility, SDOW has been the lower-risk option at 12.39%. 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 -38.66% return vs -42.08%. 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 5.85%, compared with 4.62% 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 (-1.17 vs -1.19), 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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