SDS vs. SPXU

Last updated Aug 2, 2026

SDS (ProShares UltraShort S&P500) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SDS returned -27.05%/yr vs -41.16%/yr for SPXU. Their 1.00 correlation means they have historically moved very closely together. SDS charges 0.91%/yr vs 0.90%/yr for SPXU.

Performance

SDS vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and ProShares UltraPro Short S&P500 (SPXU). 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 SPXU's -23.69% return. Over the past 10 years, SDS has outperformed SPXU with an annualized return of -27.05%, while SPXU has yielded a comparatively lower -41.16% 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%

SPXU

• 1D: -1.95%
• 1M: -0.35%
• 6M: -20.84%
• YTD: -23.69%
• 1Y: -41.18%
• 3Y*: -38.93%
• 5Y*: -32.80%
• 10Y*: -41.16%
• ALL TIME*: -42.50%

*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
SPXU ProShares UltraPro Short S&P500	$315.61M	$306.13M	$365.79M

SDS vs. SPXU - 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%
SPXU ProShares UltraPro Short S&P500	-23.69%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Correlation

The correlation between SDS and SPXU is 1.00 - 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.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	1.00

The correlation between SDS and SPXU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SDS vs. SPXU - Sectors Allocation Comparison

Sectors	SDS	SPXU
Financial Services	82.5%	72.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SDS vs. SPXU — 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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 2
SPXU Omega Ratio Rank: 2
SPXU Calmar Ratio Rank: 2
SPXU Martin Ratio Rank: 1

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. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and ProShares UltraPro Short S&P500 (SPXU). 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	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	-1.00	-0.01
Sortino ratio: Return per unit of downside risk	-1.45	-1.49	+0.04
Omega ratio: Gain probability vs. loss probability	0.84	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.88	+0.03
Martin ratio: Return relative to average drawdown	-1.42	-1.42	+0.01

SDS vs. SPXU - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.01, which is comparable to the SPXU Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of SDS and SPXU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SDS vs. SPXU - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SDS and SPXU.

Drawdown Indicators

	SDS	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-99.99%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-30.56%	-43.83%	+13.27%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	-84.36%	+16.22%
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	-90.23%	+14.69%
Max Drawdown (10Y) Largest decline over 10 years	-96.08%	-99.56%	+3.48%
Current Drawdown Current decline from peak	-99.84%	-99.99%	+0.15%
Average Drawdown Average peak-to-trough decline	-82.85%	-93.38%	+10.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.14%	26.91%	-8.77%

Volatility

SDS vs. SPXU - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 7.16%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 10.60%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	10.60%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	20.17%	30.38%	-10.21%
Volatility (1Y) Calculated over the trailing 1-year period	25.61%	38.43%	-12.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.87%	50.68%	-16.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.84%	53.40%	-17.56%

SDS vs. SPXU - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than SPXU's 0.90% expense ratio.

Dividends

SDS vs. SPXU - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.30%, less than SPXU's 6.80% 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%
SPXU ProShares UltraPro Short S&P500	6.80%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SDS and SPXU in my portfolio?

With a correlation of 1.00, SDS and SPXU 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.

Which is riskier, SDS or SPXU?

SPXU has higher volatility (10.60%) compared to SDS (7.16%). In terms of maximum drawdown, SDS dropped -99.85% vs SPXU's -99.99%.

Which ETF is better, SDS or SPXU?

On 10-year performance, SDS leads with -27.05% vs -41.16% for SPXU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SDS has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or SPXU?

Over the 10-year period, SDS has performed better with a -27.05% return vs -41.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDS or SPXU?

SPXU is cheaper with a 0.90% expense ratio, compared with 0.91% for SDS.

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

SPXU has the higher dividend yield at 6.80%, compared with 5.30% for SDS.

What is the main difference between SDS and SPXU?

SDS is categorized as Leveraged Equities, while SPXU is S&P 500. SDS tracks S&P 500 Index (-200%), while SPXU tracks S&P 500 Index (-300%). Their fees differ too: 0.91% for SDS and 0.90% for SPXU.

Which has better risk-adjusted returns?

SPXU currently has the higher Sharpe Ratio (-1.00 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.