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 -27.93%/yr vs -12.72%/yr for SPDN. With a 0.99 correlation, they move nearly in lockstep. 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 -15.24% return, which is significantly lower than SPDN's -6.74% return. Over the past 10 years, SDS has underperformed SPDN with an annualized return of -27.93%, while SPDN has yielded a comparatively higher -12.72% annualized return.
SDS
- 1D
- 0.66%
- 1M
- 0.07%
- YTD
- -15.24%
- 6M
- -14.30%
- 1Y
- -33.56%
- 3Y*
- -27.68%
- 5Y*
- -21.52%
- 10Y*
- -27.93%
SPDN
- 1D
- 0.23%
- 1M
- 0.11%
- YTD
- -6.74%
- 6M
- -6.29%
- 1Y
- -16.29%
- 3Y*
- -12.15%
- 5Y*
- -8.60%
- 10Y*
- -12.72%
SDS vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | -15.24% | -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 | -6.74% | -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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.80 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.96 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.74 | +0.05 |
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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 | -34.59% | -16.96% | -17.63% |
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 | -96.48% | -75.31% | -21.17% |
Current DrawdownCurrent decline from peak | -99.84% | -74.88% | -24.96% |
Average DrawdownAverage peak-to-trough decline | -82.75% | -48.65% | -34.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.37% | 10.16% | +11.21% |
Volatility
SDS vs. SPDN - Volatility Comparison
ProShares UltraShort S&P500 (SDS) has a higher volatility of 9.18% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.46%. 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 | 9.18% | 4.46% | +4.72% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 9.83% | +9.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.79% | 12.59% | +12.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.81% | 16.94% | +16.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.91% | 18.07% | +17.84% |
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 5.67%, more than SPDN's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDS ProShares UltraShort S&P500 | 5.67% | 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 | 4.05% | 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 (9.18%) compared to SPDN (4.46%). In terms of maximum drawdown, SDS dropped -99.85% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.72% vs -27.93% for SDS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.46%. 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 -12.72% return vs -27.93%. 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 5.67%, compared with 4.05% 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 (-1.30 vs -1.36), 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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