SDS vs. SPXS
SDS (ProShares UltraShort S&P500) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SDS returned -27.93%/yr vs -42.28%/yr for SPXS. With a 1.00 correlation, they move nearly in lockstep. SDS charges 0.91%/yr vs 1.08%/yr for SPXS.
Performance
SDS vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SDS achieves a -15.24% return, which is significantly higher than SPXS's -23.38% return. Over the past 10 years, SDS has outperformed SPXS with an annualized return of -27.93%, while SPXS has yielded a comparatively lower -42.28% 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%
SPXS
- 1D
- 0.94%
- 1M
- -0.30%
- YTD
- -23.38%
- 6M
- -22.12%
- 1Y
- -47.78%
- 3Y*
- -41.33%
- 5Y*
- -34.22%
- 10Y*
- -42.28%
SDS vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.38% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SDS and SPXS is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 1.00 |
The correlation between SDS and SPXS has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
SDS vs. SPXS — Risk / Return Rank
SDS
SPXS
SDS vs. SPXS - 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 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.77 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.98 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.64 | -0.04 |
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Drawdowns
SDS vs. SPXS - Drawdown Comparison
The maximum SDS drawdown since its inception was -99.85%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDS and SPXS.
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Drawdown Indicators
| SDS | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.85% | -100.00% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -34.59% | -48.66% | +14.07% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -84.13% | +15.99% |
Max Drawdown (5Y)Largest decline over 5 years | -75.54% | -90.11% | +14.57% |
Max Drawdown (10Y)Largest decline over 10 years | -96.48% | -99.63% | +3.15% |
Current DrawdownCurrent decline from peak | -99.84% | -100.00% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -82.75% | -96.29% | +13.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.37% | 31.18% | -9.81% |
Volatility
SDS vs. SPXS - Volatility Comparison
The current volatility for ProShares UltraShort S&P500 (SDS) is 9.18%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 13.67%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.18% | 13.67% | -4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 19.47% | 29.23% | -9.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.79% | 37.27% | -12.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.81% | 50.65% | -16.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.91% | 53.69% | -17.78% |
SDS vs. SPXS - Expense Ratio Comparison
SDS has a 0.91% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SDS vs. SPXS - Dividend Comparison
SDS's dividend yield for the trailing twelve months is around 5.67%, more than SPXS's 4.78% 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.78% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, SDS and SPXS 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.
SPXS has higher volatility (13.67%) compared to SDS (9.18%). In terms of maximum drawdown, SDS dropped -99.85% vs SPXS's -100.00%.
On 10-year performance, SDS leads with -27.93% vs -42.28% for SPXS. On fees, SDS is cheaper at 0.91% per year. On volatility, SDS has been the lower-risk option at 9.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDS has performed better with a -27.93% return vs -42.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDS is cheaper with a 0.91% expense ratio, compared with 1.08% for SPXS.
SDS has the higher dividend yield at 5.67%, compared with 4.78% for SPXS.
SDS is categorized as Leveraged Equities, while SPXS is Inverse Equities. SDS tracks S&P 500 Index (-200%), while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.91% for SDS and 1.08% for SPXS.
SPXS currently has the higher Sharpe Ratio (-1.29 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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