SDS vs. ^NDX
SDS (ProShares UltraShort S&P500) is Leveraged Equities fund tracking the S&P 500 Index (-200%), while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, SDS returned -27.09%/yr vs 20.18%/yr for ^NDX. At a correlation of -0.89, they often move in opposite directions.
Performance
SDS vs. ^NDX - Performance Comparison
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Returns By Period
In the year-to-date period, SDS achieves a -16.27% return, which is significantly lower than ^NDX's 14.95% return. Over the past 10 years, SDS has underperformed ^NDX with an annualized return of -27.09%, while ^NDX has yielded a comparatively higher 20.18% annualized return.
SDS
- 1D
- 1.11%
- 1M
- -0.02%
- 6M
- -13.98%
- YTD
- -16.27%
- 1Y
- -28.04%
- 3Y*
- -26.21%
- 5Y*
- -21.04%
- 10Y*
- -27.09%
^NDX
- 1D
- -1.62%
- 1M
- -3.14%
- 6M
- 13.62%
- YTD
- 14.95%
- 1Y
- 26.71%
- 3Y*
- 22.70%
- 5Y*
- 14.60%
- 10Y*
- 20.18%
SDS vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | -16.27% | -26.79% | -29.45% | -31.53% | 30.69% | -43.02% | -49.91% | -41.17% | 6.04% | -32.02% |
^NDX NASDAQ 100 Index | 14.95% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between SDS and ^NDX is -0.94, 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 | -0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | -0.89 |
The correlation between SDS and ^NDX has been stable across timeframes, ranging from -0.94 to -0.89 - a consistent structural relationship.
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Return for Risk
SDS vs. ^NDX — Risk / Return Rank
SDS
^NDX
SDS vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and NASDAQ 100 Index (^NDX). 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.
| SDS | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.63 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.25 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.21 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.63 | 7.83 | -9.46 |
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Drawdowns
SDS vs. ^NDX - Drawdown Comparison
The maximum SDS drawdown since its inception was -99.85%, which is greater than ^NDX's maximum drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for SDS and ^NDX.
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Drawdown Indicators
| SDS | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.85% | -82.90% | -16.95% |
Max Drawdown (1Y)Largest decline over 1 year | -30.56% | -12.12% | -18.44% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -22.93% | -45.21% |
Max Drawdown (5Y)Largest decline over 5 years | -75.54% | -35.56% | -39.98% |
Max Drawdown (10Y)Largest decline over 10 years | -96.08% | -35.56% | -60.52% |
Current DrawdownCurrent decline from peak | -99.85% | -5.33% | -94.52% |
Average DrawdownAverage peak-to-trough decline | -82.81% | -24.57% | -58.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.24% | 3.42% | +13.82% |
Volatility
SDS vs. ^NDX - Volatility Comparison
The current volatility for ProShares UltraShort S&P500 (SDS) is 6.70%, while NASDAQ 100 Index (^NDX) has a volatility of 7.28%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDS | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 7.28% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 19.88% | 15.39% | +4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 18.66% | +6.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.86% | 23.00% | +10.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.79% | 22.67% | +13.12% |
Frequently Asked Questions
SDS and ^NDX have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^NDX has higher volatility (7.28%) compared to SDS (6.70%). In terms of maximum drawdown, SDS dropped -99.85% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (1.44 vs -1.13), 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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