SDS vs. BBUS

Last updated Jun 25, 2026

SDS (ProShares UltraShort S&P500) and BBUS (JPMorgan BetaBuilders U.S. Equity ETF) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while BBUS is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 5 years, SDS returned -20.88%/yr vs 12.46%/yr for BBUS. At a correlation of -0.99, they often move in opposite directions. SDS charges 0.91%/yr vs 0.02%/yr for BBUS.

Performance

SDS vs. BBUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDS achieves a -13.54% return, which is significantly lower than BBUS's 7.68% return.

SDS

• 1D: -0.81%
• 1M: 2.08%
• YTD: -13.54%
• 6M: -11.23%
• 1Y: -29.30%
• 3Y*: -27.20%
• 5Y*: -20.88%
• 10Y*: -27.79%

BBUS

• 1D: -0.15%
• 1M: -1.43%
• YTD: 7.68%
• 6M: 6.38%
• 1Y: 21.54%
• 3Y*: 20.74%
• 5Y*: 12.46%
• 10Y*: —

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

SDS vs. BBUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SDS ProShares UltraShort S&P500	-13.54%	-26.79%	-29.45%	-31.53%	30.69%	-43.02%	-49.91%	-26.61%
BBUS JPMorgan BetaBuilders U.S. Equity ETF	7.68%	17.77%	24.89%	27.20%	-19.46%	27.13%	20.69%	16.26%

Correlation

The correlation between SDS and BBUS is -0.99, 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	-0.99
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Mar 13, 2019	-0.99

The correlation between SDS and BBUS has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

SDS vs. BBUS - Sectors Allocation Comparison

Sectors	SDS	BBUS
Financial Services	103.7%	11.2%
Basic Materials	-	1.2%
Communication Services	-	10.0%
Consumer Cyclical	-	9.1%
Consumer Defensive	-	4.4%
Energy	-	3.0%
Healthcare	-	8.0%
Industrials	-	7.4%
Real Estate	-	1.7%
Technology	-	38.1%
Utilities	-	2.6%

Return for Risk

SDS vs. BBUS — Risk / Return Rank

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

SDS

SDS Risk / Return Rank: 1
SDS Sharpe Ratio Rank: 0
SDS Sortino Ratio Rank: 1
SDS Omega Ratio Rank: 1
SDS Calmar Ratio Rank: 1
SDS Martin Ratio Rank: 1

BBUS

BBUS Risk / Return Rank: 57
BBUS Sharpe Ratio Rank: 58
BBUS Sortino Ratio Rank: 55
BBUS Omega Ratio Rank: 56
BBUS Calmar Ratio Rank: 53
BBUS Martin Ratio Rank: 64

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.

SDS vs. BBUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS). 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	BBUS	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	1.73	-2.92
Sortino ratio: Return per unit of downside risk	-1.78	2.37	-4.16
Omega ratio: Gain probability vs. loss probability	0.81	1.31	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.89	2.35	-3.24
Martin ratio: Return relative to average drawdown	-1.59	10.33	-11.92

SDS vs. BBUS - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.19, which is lower than the BBUS Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SDS and BBUS, 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

SDS vs. BBUS - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than BBUS's maximum drawdown of -35.35%. Use the drawdown chart below to compare losses from any high point for SDS and BBUS.

Drawdown Indicators

	SDS	BBUS	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-35.35%	-64.50%
Max Drawdown (1Y) Largest decline over 1 year	-33.05%	-9.21%	-23.84%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	-19.01%	-49.13%
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	-25.46%	-50.08%
Max Drawdown (10Y) Largest decline over 10 years	-96.48%	—	—
Current Drawdown Current decline from peak	-99.84%	-3.37%	-96.47%
Average Drawdown Average peak-to-trough decline	-82.76%	-5.43%	-77.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.49%	2.09%	+16.40%

Volatility

SDS vs. BBUS - Volatility Comparison

ProShares UltraShort S&P500 (SDS) has a higher volatility of 9.62% compared to JPMorgan BetaBuilders U.S. Equity ETF (BBUS) at 4.89%. This indicates that SDS's price experiences larger fluctuations and is considered to be riskier than BBUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	BBUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.62%	4.89%	+4.73%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	9.87%	+9.72%
Volatility (1Y) Calculated over the trailing 1-year period	24.87%	12.53%	+12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	17.13%	+16.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	19.59%	+16.26%

SDS vs. BBUS - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than BBUS's 0.02% expense ratio.

Dividends

SDS vs. BBUS - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.56%, more than BBUS's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BBUS JPMorgan BetaBuilders U.S. Equity ETF	1.03%	1.07%	1.21%	1.38%	1.57%	1.11%	1.43%	1.37%	0.00%	0.00%
SDS ProShares UltraShort S&P500	5.56%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%

Frequently Asked Questions

Can I hold both SDS and BBUS in my portfolio?

SDS and BBUS have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDS or BBUS?

SDS has higher volatility (9.62%) compared to BBUS (4.89%). In terms of maximum drawdown, SDS dropped -99.85% vs BBUS's -35.35%.

Which ETF is better, SDS or BBUS?

On 5-year performance, BBUS leads with 12.46% vs -20.88% for SDS. On fees, BBUS is cheaper at 0.02% per year. On volatility, BBUS has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or BBUS?

Over the 5-year period, BBUS has performed better with a 12.46% return vs -20.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDS or BBUS?

BBUS is cheaper with a 0.02% expense ratio, compared with 0.91% for SDS.

Which ETF pays a higher dividend yield, SDS or BBUS?

SDS has the higher dividend yield at 5.56%, compared with 1.03% for BBUS.

What is the main difference between SDS and BBUS?

SDS is categorized as Leveraged Equities, while BBUS is Large Cap Blend Equities. SDS tracks S&P 500 Index (-200%), while BBUS tracks Morningstar US Target Market Exposure Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.91% for SDS and 0.02% for BBUS.

Which has better risk-adjusted returns?

BBUS currently has the higher Sharpe Ratio (1.73 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.