SDS vs. SPOG

Last updated Aug 2, 2026

SDS (ProShares UltraShort S&P500) and SPOG (Leverage Shares 2X Long SPOT Daily ETF) are both Leveraged Equities funds. SDS is passively managed, while SPOG is actively managed. Their -0.14 correlation means they have often moved in opposite directions in the past. SDS charges 0.91%/yr vs 0.75%/yr for SPOG.

Performance

SDS vs. SPOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and Leverage Shares 2X Long SPOT Daily ETF (SPOG). 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 higher than SPOG's -40.53% 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%

SPOG

• 1D: -8.23%
• 1M: 4.88%
• 6M: -18.07%
• YTD: -40.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
SDS ProShares UltraShort S&P500	$155.74M	$150.04M	$195.27M
SPOG Leverage Shares 2X Long SPOT Daily ETF	$166.22K	$181.03K	$420.26K

SDS vs. SPOG - Yearly Performance Comparison

	2026 (YTD)	2025
SDS ProShares UltraShort S&P500	-15.25%	-2.60%
SPOG Leverage Shares 2X Long SPOT Daily ETF	-40.53%	-18.73%

Correlation

The correlation between SDS and SPOG is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	-0.14

Return for Risk

SDS vs. SPOG — 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

SPOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and Leverage Shares 2X Long SPOT Daily ETF (SPOG). 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	SPOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	—	—
Sortino ratio: Return per unit of downside risk	-1.45	—	—
Omega ratio: Gain probability vs. loss probability	0.84	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.42	—	—

Drawdowns

SDS vs. SPOG - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than SPOG's maximum drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for SDS and SPOG.

Drawdown Indicators

	SDS	SPOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-64.41%	-35.44%
Max Drawdown (1Y) Largest decline over 1 year	-30.56%	—	—
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%	-52.15%	-47.69%
Average Drawdown Average peak-to-trough decline	-82.85%	-43.46%	-39.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.14%	—	—

Volatility

Volatility by Period

	SDS	SPOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.61%	96.11%	-70.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	96.11%	-62.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.84%	96.11%	-60.27%

SDS vs. SPOG - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than SPOG's 0.75% expense ratio.

Dividends

SDS vs. SPOG - Dividend Comparison

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

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%
SPOG Leverage Shares 2X Long SPOT Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDS and SPOG in my portfolio?

SDS and SPOG have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SDS or SPOG?

On fees, SPOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SDS or SPOG?

SPOG is cheaper with a 0.75% expense ratio, compared with 0.91% for SDS.

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

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

What is the main difference between SDS and SPOG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.91% for SDS and 0.75% for SPOG.