SDS vs. SH
Compare and contrast key facts about ProShares UltraShort S&P500 (SDS) and ProShares Short S&P500 (SH).
SDS and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SDS is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-200%). It was launched on Jul 11, 2006. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. Both SDS and SH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SDS vs. SH - Performance Comparison
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SDS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | 10.48% | -26.79% | -29.45% | -31.53% | 30.69% | -43.02% | -49.91% | -41.17% | 6.04% | -32.02% |
SH ProShares Short S&P500 | 5.77% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Returns By Period
In the year-to-date period, SDS achieves a 10.48% return, which is significantly higher than SH's 5.77% return. Over the past 10 years, SDS has underperformed SH with an annualized return of -25.89%, while SH has yielded a comparatively higher -11.84% annualized return.
SDS
- 1D
- -5.73%
- 1M
- 10.80%
- YTD
- 10.48%
- 6M
- 6.56%
- 1Y
- -26.71%
- 3Y*
- -23.57%
- 5Y*
- -19.27%
- 10Y*
- -25.89%
SH
- 1D
- -2.82%
- 1M
- 5.57%
- YTD
- 5.77%
- 6M
- 4.49%
- 1Y
- -11.46%
- 3Y*
- -9.86%
- 5Y*
- -7.57%
- 10Y*
- -11.84%
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SDS vs. SH - Expense Ratio Comparison
SDS has a 0.91% expense ratio, which is higher than SH's 0.90% expense ratio.
Return for Risk
SDS vs. SH — Risk / Return Rank
SDS
SH
SDS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and ProShares Short S&P500 (SH). 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.
| SDS | SH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.74 | -0.63 | -0.10 |
Sortino ratioReturn per unit of downside risk | -0.90 | -0.79 | -0.12 |
Omega ratioGain probability vs. loss probability | 0.87 | 0.89 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.45 | -0.12 |
Martin ratioReturn relative to average drawdown | -0.68 | -0.55 | -0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDS | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.74 | -0.63 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.58 | -0.45 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.73 | -0.66 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.63 | -0.56 | -0.07 |
Correlation
The correlation between SDS and SH is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SDS vs. SH - Dividend Comparison
SDS's dividend yield for the trailing twelve months is around 4.35%, more than SH's 3.92% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | 4.35% | 5.88% | 7.89% | 5.77% | 0.35% | 0.00% | 0.92% | 1.84% | 1.28% | 0.09% |
SH ProShares Short S&P500 | 3.92% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Drawdowns
SDS vs. SH - Drawdown Comparison
The maximum SDS drawdown since its inception was -99.82%, which is greater than SH's maximum drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for SDS and SH.
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Drawdown Indicators
| SDS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.82% | -94.26% | -5.56% |
Max Drawdown (1Y)Largest decline over 1 year | -48.71% | -26.61% | -22.10% |
Max Drawdown (5Y)Largest decline over 5 years | -71.16% | -40.35% | -30.81% |
Max Drawdown (10Y)Largest decline over 10 years | -95.85% | -74.31% | -21.54% |
Current DrawdownCurrent decline from peak | -99.80% | -93.82% | -5.98% |
Average DrawdownAverage peak-to-trough decline | -82.58% | -67.49% | -15.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.73% | 21.81% | +18.92% |
Volatility
SDS vs. SH - Volatility Comparison
ProShares UltraShort S&P500 (SDS) has a higher volatility of 10.69% compared to ProShares Short S&P500 (SH) at 5.30%. This indicates that SDS's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.69% | 5.30% | +5.39% |
Volatility (6M)Calculated over the trailing 6-month period | 18.87% | 9.43% | +9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.42% | 18.17% | +18.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.67% | 16.87% | +16.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.79% | 17.99% | +17.80% |