SDS vs. BCS

Last updated Aug 2, 2026

SDS (ProShares UltraShort S&P500) is Leveraged Equities fund tracking the S&P 500 Index (-200%), while BCS (Barclays PLC) is a stock. Over the past 10 years, SDS returned -27.05%/yr vs 16.89%/yr for BCS. Their -0.60 correlation means they have often moved in opposite directions in the past.

Performance

SDS vs. BCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and Barclays PLC (BCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDS achieves a -15.25% return, which is significantly lower than BCS's 9.35% return. Over the past 10 years, SDS has underperformed BCS with an annualized return of -27.05%, while BCS has yielded a comparatively higher 16.89% annualized return.

SDS

• 1D: -1.30%
• 1M: -0.07%
• 6M: -13.26%
• YTD: -15.25%
• 1Y: -28.08%
• 3Y*: -25.42%
• 5Y*: -20.30%
• 10Y*: -27.05%
• ALL TIME*: -24.93%

BCS

• 1D: -0.72%
• 1M: -0.97%
• 6M: 4.04%
• YTD: 9.35%
• 1Y: 46.89%
• 3Y*: 57.44%
• 5Y*: 27.36%
• 10Y*: 16.89%
• ALL TIME*: 7.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCS Barclays PLC	$176.15M	$156.99M	$139.51M
SDS ProShares UltraShort S&P500	$155.74M	$150.04M	$195.27M

SDS vs. BCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	-15.25%	-26.79%	-29.45%	-31.53%	30.69%	-43.02%	-49.91%	-41.17%	6.04%	-32.02%
BCS Barclays PLC	9.35%	96.49%	76.26%	6.01%	-21.90%	31.71%	-12.84%	31.90%	-29.25%	0.44%

Correlation

The correlation between SDS and BCS is -0.63, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.63
Correlation (3Y) Balances recent behavior with more history.	-0.52
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.53
Correlation (10Y) Provides a long-term view across more market conditions.	-0.51
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006	-0.60

The correlation between SDS and BCS shifts across timeframes, from -0.63 (1 year) to -0.51 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SDS vs. BCS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SDS

SDS Risk / Return Rank: 2
SDS Sharpe Ratio Rank: 1
SDS Sortino Ratio Rank: 2
SDS Omega Ratio Rank: 2
SDS Calmar Ratio Rank: 2
SDS Martin Ratio Rank: 1

BCS

BCS Risk / Return Rank: 79
BCS Sharpe Ratio Rank: 83
BCS Sortino Ratio Rank: 79
BCS Omega Ratio Rank: 77
BCS Calmar Ratio Rank: 76
BCS Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDS vs. BCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and Barclays PLC (BCS). 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	BCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	1.39	-2.40
Sortino ratio: Return per unit of downside risk	-1.45	1.98	-3.44
Omega ratio: Gain probability vs. loss probability	0.84	1.24	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.84	1.65	-2.49
Martin ratio: Return relative to average drawdown	-1.42	4.64	-6.06

SDS vs. BCS - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.01, which is lower than the BCS Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SDS and BCS, 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. BCS - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than BCS's maximum drawdown of -94.36%. Use the drawdown chart below to compare losses from any high point for SDS and BCS.

Drawdown Indicators

	SDS	BCS	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-94.36%	-5.49%
Max Drawdown (1Y) Largest decline over 1 year	-30.56%	-26.20%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	-26.20%	-41.94%
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	-48.14%	-27.40%
Max Drawdown (10Y) Largest decline over 10 years	-96.08%	-66.10%	-29.98%
Current Drawdown Current decline from peak	-99.84%	-18.68%	-81.16%
Average Drawdown Average peak-to-trough decline	-82.85%	-38.36%	-44.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.14%	9.29%	+8.85%

Volatility

SDS vs. BCS - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 7.16%, while Barclays PLC (BCS) has a volatility of 12.35%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than BCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	BCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	12.35%	-5.19%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	26.59%	-6.42%
Volatility (1Y) Calculated over the trailing 1-year period	25.61%	31.04%	-5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	34.18%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.84%	36.41%	-0.57%

Dividends

SDS vs. BCS - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.30%, more than BCS's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCS Barclays PLC	1.70%	1.70%	3.13%	4.86%	4.18%	1.61%	3.91%	3.68%	3.21%	1.37%	2.26%	2.95%
SDS ProShares UltraShort S&P500	5.30%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDS and BCS in my portfolio?

SDS and BCS have a correlation of -0.63, 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 BCS?

BCS has higher volatility (12.35%) compared to SDS (7.16%). In terms of maximum drawdown, SDS dropped -99.85% vs BCS's -94.36%.

Which has better risk-adjusted returns?

BCS currently has the higher Sharpe Ratio (1.39 vs -1.01), 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.