SDS vs. SPUU

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort S&P500 (SDS) and Direxion Daily S&P 500 Bull 2x Shares (SPUU).

SDS and SPUU 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. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014. Both SDS and SPUU 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. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

SDS vs. SPUU - 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%
SPUU Direxion Daily S&P 500 Bull 2x Shares	-10.01%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Returns By Period

In the year-to-date period, SDS achieves a 10.48% return, which is significantly higher than SPUU's -10.01% return. Over the past 10 years, SDS has underperformed SPUU with an annualized return of -25.89%, while SPUU has yielded a comparatively higher 21.67% 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%

SPUU

• 1D: 5.86%
• 1M: -10.17%
• YTD: -10.01%
• 6M: -6.87%
• 1Y: 27.13%
• 3Y*: 28.85%
• 5Y*: 15.86%
• 10Y*: 21.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDS vs. SPUU - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than SPUU's 0.64% expense ratio.

SDS

ProShares UltraShort S&P500

SPUU

Direxion Daily S&P 500 Bull 2x Shares

Return for Risk

SDS vs. SPUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDS

SDS Risk / Return Rank: 3
SDS Sharpe Ratio Rank: 2
SDS Sortino Ratio Rank: 2
SDS Omega Ratio Rank: 2
SDS Calmar Ratio Rank: 3
SDS Martin Ratio Rank: 7

SPUU

SPUU Risk / Return Rank: 52
SPUU Sharpe Ratio Rank: 44
SPUU Sortino Ratio Rank: 50
SPUU Omega Ratio Rank: 53
SPUU Calmar Ratio Rank: 53
SPUU Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SDS vs. SPUU - 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 Bull 2x Shares (SPUU). 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	SPUU	Difference
Sharpe ratio Return per unit of total volatility	-0.74	0.75	-1.49
Sortino ratio Return per unit of downside risk	-0.90	1.26	-2.16
Omega ratio Gain probability vs. loss probability	0.87	1.19	-0.32
Calmar ratio Return relative to maximum drawdown	-0.57	1.24	-1.81
Martin ratio Return relative to average drawdown	-0.68	5.35	-6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDS vs. SPUU - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -0.74, which is lower than the SPUU Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of SDS and SPUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SDS	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.74	0.75	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.58	0.48	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.73	0.61	-1.33
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	0.56	-1.19

Correlation

The correlation between SDS and SPUU is -0.97. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SDS vs. SPUU - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 4.35%, more than SPUU's 1.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.78%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Drawdowns

SDS vs. SPUU - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.82%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SDS and SPUU.

Drawdown Indicators

	SDS	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-59.35%	-40.47%
Max Drawdown (1Y) Largest decline over 1 year	-48.71%	-23.10%	-25.61%
Max Drawdown (5Y) Largest decline over 5 years	-71.16%	-46.59%	-24.57%
Max Drawdown (10Y) Largest decline over 10 years	-95.85%	-59.35%	-36.50%
Current Drawdown Current decline from peak	-99.80%	-13.39%	-86.41%
Average Drawdown Average peak-to-trough decline	-82.58%	-9.62%	-72.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.73%	5.35%	+35.38%

Volatility

SDS vs. SPUU - Volatility Comparison

ProShares UltraShort S&P500 (SDS) and Direxion Daily S&P 500 Bull 2x Shares (SPUU) have volatilities of 10.69% and 10.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	10.70%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	18.87%	19.17%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	36.42%	36.23%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.67%	33.47%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.79%	35.73%	+0.06%