SDS vs. BMNG

Last updated Jul 14, 2026

SDS (ProShares UltraShort S&P500) and BMNG (Leverage Shares 2X Long BMNR Daily ETF) are both Leveraged Equities funds. SDS is passively managed, while BMNG is actively managed. At a correlation of -0.57, they often move in opposite directions. SDS charges 0.91%/yr vs 0.75%/yr for BMNG.

Performance

SDS vs. BMNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and Leverage Shares 2X Long BMNR Daily ETF (BMNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDS achieves a -15.97% return, which is significantly higher than BMNG's -83.14% return.

SDS

• 1D: 1.56%
• 1M: -2.02%
• 6M: -12.91%
• YTD: -15.97%
• 1Y: -27.87%
• 3Y*: -26.28%
• 5Y*: -20.64%
• 10Y*: -27.09%

BMNG

• 1D: -4.71%
• 1M: -22.33%
• 6M: -86.67%
• YTD: -83.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDS vs. BMNG - Yearly Performance Comparison

	2026 (YTD)	2025
SDS ProShares UltraShort S&P500	-15.97%	-0.73%
BMNG Leverage Shares 2X Long BMNR Daily ETF	-83.14%	-80.50%

Correlation

The correlation between SDS and BMNG is -0.57, 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 (All Time) Calculated using the full available price history since Oct 27, 2025	-0.57

Return for Risk

SDS vs. BMNG — 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: 1
SDS Sortino Ratio Rank: 1
SDS Omega Ratio Rank: 1
SDS Calmar Ratio Rank: 1
SDS Martin Ratio Rank: 0

BMNG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. BMNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and Leverage Shares 2X Long BMNR Daily ETF (BMNG). 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	BMNG	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	—	—
Sortino ratio: Return per unit of downside risk	-1.65	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.65	—	—

Drawdowns

SDS vs. BMNG - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, roughly equal to the maximum BMNG drawdown of -97.32%. Use the drawdown chart below to compare losses from any high point for SDS and BMNG.

Drawdown Indicators

	SDS	BMNG	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-97.32%	-2.53%
Max Drawdown (1Y) Largest decline over 1 year	-30.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.08%	—	—
Current Drawdown Current decline from peak	-99.85%	-96.86%	-2.99%
Average Drawdown Average peak-to-trough decline	-82.80%	-83.13%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.94%	—	—

Volatility

Volatility by Period

	SDS	BMNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.00%	185.89%	-160.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.86%	185.89%	-152.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.80%	185.89%	-150.09%

SDS vs. BMNG - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than BMNG's 0.75% expense ratio.

Dividends

SDS vs. BMNG - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.34%, while BMNG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMNG Leverage Shares 2X Long BMNR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDS ProShares UltraShort S&P500	5.34%	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 BMNG in my portfolio?

SDS and BMNG have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SDS or BMNG?

On fees, BMNG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SDS or BMNG?

BMNG is cheaper with a 0.75% expense ratio, compared with 0.91% for SDS.

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

SDS has the higher dividend yield at 5.34%, compared with 0.00% for BMNG.

What is the main difference between SDS and BMNG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.91% for SDS and 0.75% for BMNG.