SDS vs. SPDN
SDS (ProShares UltraShort S&P500) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SDS returned -27.05%/yr vs -12.18%/yr for SPDN. Their 0.99 correlation means they have historically moved very closely together. SDS charges 0.91%/yr vs 0.50%/yr for SPDN.
Performance
SDS vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, SDS achieves a -15.25% return, which is significantly lower than SPDN's -6.42% return. Over the past 10 years, SDS has underperformed SPDN with an annualized return of -27.05%, while SPDN has yielded a comparatively higher -12.18% 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%
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $155.74M | $150.04M | $195.27M | |
| $433.42M | $387.95M | $422.31M |
SDS vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SDS and SPDN is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.99 |
The correlation between SDS and SPDN has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SDS vs. SPDN — Risk / Return Rank
SDS
SPDN
SDS vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.87 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.71 | -0.13 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.27 | -0.14 |
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Drawdowns
SDS vs. SPDN - Drawdown Comparison
The maximum SDS drawdown since its inception was -99.85%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SDS and SPDN.
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Drawdown Indicators
| SDS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.85% | -75.31% | -24.54% |
Max Drawdown (1Y)Largest decline over 1 year | -30.56% | -15.93% | -14.63% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -38.24% | -29.90% |
Max Drawdown (5Y)Largest decline over 5 years | -75.54% | -43.85% | -31.69% |
Max Drawdown (10Y)Largest decline over 10 years | -96.08% | -73.97% | -22.11% |
Current DrawdownCurrent decline from peak | -99.84% | -74.80% | -25.04% |
Average DrawdownAverage peak-to-trough decline | -82.85% | -48.93% | -33.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.14% | 8.90% | +9.24% |
Volatility
SDS vs. SPDN - Volatility Comparison
ProShares UltraShort S&P500 (SDS) has a higher volatility of 7.16% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that SDS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 3.55% | +3.61% |
Volatility (6M)Calculated over the trailing 6-month period | 20.17% | 10.15% | +10.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.61% | 12.98% | +12.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.87% | 16.97% | +16.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.84% | 18.03% | +17.81% |
SDS vs. SPDN - Expense Ratio Comparison
SDS has a 0.91% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SDS vs. SPDN - Dividend Comparison
SDS's dividend yield for the trailing twelve months is around 5.30%, more than SPDN's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
With a correlation of 0.99, SDS and SPDN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SDS has higher volatility (7.16%) compared to SPDN (3.55%). In terms of maximum drawdown, SDS dropped -99.85% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.18% vs -27.05% for SDS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.18% return vs -27.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.91% for SDS.
SDS has the higher dividend yield at 5.30%, compared with 3.32% for SPDN.
SDS is categorized as Leveraged Equities, while SPDN is Inverse Equities. SDS tracks S&P 500 Index (-200%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.91% for SDS and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-0.88 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.
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