SDS vs. IAU
SDS (ProShares UltraShort S&P500) and IAU (iShares Gold Trust) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, SDS returned -27.09%/yr vs 11.37%/yr for IAU. At a correlation of -0.06, they often move in opposite directions. SDS charges 0.91%/yr vs 0.25%/yr for IAU.
Performance
SDS vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, SDS achieves a -15.97% return, which is significantly lower than IAU's -7.29% return. Over the past 10 years, SDS has underperformed IAU with an annualized return of -27.09%, while IAU has yielded a comparatively higher 11.37% annualized 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%
IAU
- 1D
- -2.60%
- 1M
- -4.98%
- 6M
- -13.00%
- YTD
- -7.29%
- 1Y
- 18.88%
- 3Y*
- 26.67%
- 5Y*
- 16.68%
- 10Y*
- 11.37%
SDS vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | -15.97% | -26.79% | -29.45% | -31.53% | 30.69% | -43.02% | -49.91% | -41.17% | 6.04% | -32.02% |
IAU iShares Gold Trust | -7.29% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between SDS and IAU is -0.29, 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 | -0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | -0.06 |
Over the past year, the inverse relationship between SDS and IAU has strengthened: their correlation has moved from -0.06 to -0.29, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SDS vs. IAU — Risk / Return Rank
SDS
IAU
SDS vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.15 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.72 | -1.64 |
| Martin ratioReturn relative to average drawdown | -1.65 | 1.77 | -3.42 |
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Drawdowns
SDS vs. IAU - Drawdown Comparison
The maximum SDS drawdown since its inception was -99.85%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for SDS and IAU.
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Drawdown Indicators
| SDS | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.85% | -45.14% | -54.71% |
Max Drawdown (1Y)Largest decline over 1 year | -30.56% | -26.17% | -4.39% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -26.17% | -41.97% |
Max Drawdown (5Y)Largest decline over 5 years | -75.54% | -26.17% | -49.37% |
Max Drawdown (10Y)Largest decline over 10 years | -96.08% | -26.17% | -69.91% |
Current DrawdownCurrent decline from peak | -99.85% | -25.91% | -73.94% |
Average DrawdownAverage peak-to-trough decline | -82.80% | -16.00% | -66.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.94% | 10.66% | +6.28% |
Volatility
SDS vs. IAU - Volatility Comparison
ProShares UltraShort S&P500 (SDS) has a higher volatility of 8.20% compared to iShares Gold Trust (IAU) at 7.54%. This indicates that SDS's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDS | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.20% | 7.54% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 19.87% | 24.02% | -4.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.00% | 27.75% | -2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.86% | 18.33% | +15.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.80% | 16.04% | +19.76% |
SDS vs. IAU - Expense Ratio Comparison
SDS has a 0.91% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
SDS vs. IAU - Dividend Comparison
SDS's dividend yield for the trailing twelve months is around 5.34%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 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
SDS and IAU have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDS has higher volatility (8.20%) compared to IAU (7.54%). In terms of maximum drawdown, SDS dropped -99.85% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.37% vs -27.09% for SDS. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 7.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 11.37% return vs -27.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.91% for SDS.
SDS has the higher dividend yield at 5.34%, compared with 0.00% for IAU.
SDS is categorized as Leveraged Equities, while IAU is Gold. SDS tracks S&P 500 Index (-200%), while IAU tracks LBMA Gold Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.91% for SDS and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.68 vs -1.12), 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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