SDS vs. INTW

Last updated Aug 2, 2026

SDS (ProShares UltraShort S&P500) and INTW (GraniteShares 2x Long INTC Daily ETF) are both Leveraged Equities funds. SDS is passively managed, while INTW is actively managed. Over the past year, SDS returned -28.08% vs 991.22% for INTW. Their -0.47 correlation means they have often moved in opposite directions in the past. SDS charges 0.91%/yr vs 1.50%/yr for INTW.

Performance

SDS vs. INTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and GraniteShares 2x Long INTC Daily ETF (INTW). 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 INTW's 259.86% 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%

INTW

• 1D: -2.27%
• 1M: -47.68%
• 6M: 152.57%
• YTD: 259.86%
• 1Y: 991.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 233.14%

*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)
INTW GraniteShares 2x Long INTC Daily ETF	$147.32M	$136.96M	$217.62M
SDS ProShares UltraShort S&P500	$155.74M	$150.04M	$195.27M

SDS vs. INTW - Yearly Performance Comparison

	2026 (YTD)	2025
SDS ProShares UltraShort S&P500	-15.25%	-23.04%
INTW GraniteShares 2x Long INTC Daily ETF	259.86%	60.89%

Correlation

The correlation between SDS and INTW is -0.46, 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.	-0.46
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.47

SDS vs. INTW - Sectors Allocation Comparison

Sectors	SDS	INTW
Financial Services	82.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	66.6%
Utilities	-	-

Return for Risk

SDS vs. INTW — 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

INTW

INTW Risk / Return Rank: 97
INTW Sharpe Ratio Rank: 99
INTW Sortino Ratio Rank: 95
INTW Omega Ratio Rank: 93
INTW Calmar Ratio Rank: 99
INTW Martin Ratio Rank: 98

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. INTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and GraniteShares 2x Long INTC Daily ETF (INTW). 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	INTW	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	5.98	-6.99
Sortino ratio: Return per unit of downside risk	-1.45	4.00	-5.46
Omega ratio: Gain probability vs. loss probability	0.84	1.49	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.84	13.60	-14.45
Martin ratio: Return relative to average drawdown	-1.42	36.74	-38.16

SDS vs. INTW - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.01, which is lower than the INTW Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of SDS and INTW, 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. INTW - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than INTW's maximum drawdown of -69.16%. Use the drawdown chart below to compare losses from any high point for SDS and INTW.

Drawdown Indicators

	SDS	INTW	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-69.16%	-30.69%
Max Drawdown (1Y) Largest decline over 1 year	-30.56%	-69.16%	+38.60%
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	-99.84%	-62.96%	-36.88%
Average Drawdown Average peak-to-trough decline	-82.85%	-30.60%	-52.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.14%	25.56%	-7.42%

Volatility

SDS vs. INTW - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 7.16%, while GraniteShares 2x Long INTC Daily ETF (INTW) has a volatility of 48.12%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than INTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	INTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	48.12%	-40.96%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	117.12%	-96.95%
Volatility (1Y) Calculated over the trailing 1-year period	25.61%	157.38%	-131.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	150.65%	-116.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.84%	150.65%	-114.81%

SDS vs. INTW - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is lower than INTW's 1.50% expense ratio.

Dividends

SDS vs. INTW - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.30%, while INTW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
INTW GraniteShares 2x Long INTC 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	5.30%	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 INTW in my portfolio?

SDS and INTW have a correlation of -0.46, 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 INTW?

INTW has higher volatility (48.12%) compared to SDS (7.16%). In terms of maximum drawdown, SDS dropped -99.85% vs INTW's -69.16%.

Which ETF is better, SDS or INTW?

On 1-year performance, INTW leads with 991.22% vs -28.08% for SDS. On fees, SDS is cheaper at 0.91% per year. On volatility, SDS has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or INTW?

Over the 1-year period, INTW has performed better with a 991.22% return vs -28.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDS or INTW?

SDS is cheaper with a 0.91% expense ratio, compared with 1.50% for INTW.

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

SDS has the higher dividend yield at 5.30%, compared with 0.00% for INTW.

What is the main difference between SDS and INTW?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.91% for SDS and 1.50% for INTW.

Which has better risk-adjusted returns?

INTW currently has the higher Sharpe Ratio (5.98 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.