SDS vs. SPYM

Last updated Jun 24, 2026

SDS (ProShares UltraShort S&P500) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SDS returned -27.73%/yr vs 15.61%/yr for SPYM. At a correlation of -0.88, they often move in opposite directions. SDS charges 0.91%/yr vs 0.02%/yr for SPYM.

Performance

SDS vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDS achieves a -12.83% return, which is significantly lower than SPYM's 8.21% return. Over the past 10 years, SDS has underperformed SPYM with an annualized return of -27.73%, while SPYM has yielded a comparatively higher 15.61% annualized return.

SDS

• 1D: 2.84%
• 1M: 2.91%
• YTD: -12.83%
• 6M: -11.09%
• 1Y: -30.33%
• 3Y*: -27.00%
• 5Y*: -20.88%
• 10Y*: -27.73%

SPYM

• 1D: -1.44%
• 1M: -1.32%
• YTD: 8.21%
• 6M: 7.24%
• 1Y: 23.73%
• 3Y*: 20.77%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

SDS vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	-12.83%	-26.79%	-29.45%	-31.53%	30.69%	-43.02%	-49.91%	-41.17%	6.04%	-32.02%
SPYM State Street SPDR Portfolio S&P 500 ETF	8.21%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SDS and SPYM is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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	-0.99
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006	-0.88

The correlation between SDS and SPYM shifts across timeframes, from -1.00 (3 years) to -0.88 (all time), reflecting how their relationship changes across market environments.

SDS vs. SPYM - Sectors Allocation Comparison

Sectors	SDS	SPYM
Financial Services	103.7%	11.9%
Basic Materials	-	1.8%
Communication Services	-	10.1%
Consumer Cyclical	-	9.4%
Consumer Defensive	-	4.6%
Energy	-	3.1%
Healthcare	-	8.5%
Industrials	-	8.0%
Real Estate	-	1.8%
Technology	-	38.0%
Utilities	-	2.6%

Return for Risk

SDS vs. SPYM — Risk / Return Rank

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

SDS

SDS Risk / Return Rank: 1
SDS Sharpe Ratio Rank: 0
SDS Sortino Ratio Rank: 1
SDS Omega Ratio Rank: 1
SDS Calmar Ratio Rank: 1
SDS Martin Ratio Rank: 1

SPYM

SPYM Risk / Return Rank: 59
SPYM Sharpe Ratio Rank: 59
SPYM Sortino Ratio Rank: 56
SPYM Omega Ratio Rank: 58
SPYM Calmar Ratio Rank: 56
SPYM Martin Ratio Rank: 67

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. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	1.92	-3.14
Sortino ratio: Return per unit of downside risk	-1.85	2.61	-4.46
Omega ratio: Gain probability vs. loss probability	0.80	1.35	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.92	2.68	-3.60
Martin ratio: Return relative to average drawdown	-1.65	11.98	-13.63

SDS vs. SPYM - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.22, which is lower than the SPYM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SDS and SPYM, 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. SPYM - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SDS and SPYM.

Drawdown Indicators

	SDS	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-54.46%	-45.39%
Max Drawdown (1Y) Largest decline over 1 year	-33.08%	-8.90%	-24.18%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	-18.72%	-49.42%
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	-24.48%	-51.06%
Max Drawdown (10Y) Largest decline over 10 years	-96.48%	-33.87%	-62.61%
Current Drawdown Current decline from peak	-99.84%	-3.14%	-96.70%
Average Drawdown Average peak-to-trough decline	-82.76%	-7.14%	-75.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	1.99%	+18.06%

Volatility

SDS vs. SPYM - Volatility Comparison

ProShares UltraShort S&P500 (SDS) has a higher volatility of 9.60% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 4.83%. This indicates that SDS's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	4.83%	+4.77%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	9.83%	+9.82%
Volatility (1Y) Calculated over the trailing 1-year period	24.92%	12.46%	+12.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	16.90%	+16.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	18.03%	+17.82%

SDS vs. SPYM - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

SDS vs. SPYM - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.51%, more than SPYM's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDS ProShares UltraShort S&P500	5.51%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.30%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SDS and SPYM in my portfolio?

SDS and SPYM have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDS or SPYM?

SDS has higher volatility (9.60%) compared to SPYM (4.83%). In terms of maximum drawdown, SDS dropped -99.85% vs SPYM's -54.46%.

Which ETF is better, SDS or SPYM?

On 10-year performance, SPYM leads with 15.61% vs -27.73% for SDS. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or SPYM?

Over the 10-year period, SPYM has performed better with a 15.61% return vs -27.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDS or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.91% for SDS.

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

SDS has the higher dividend yield at 5.51%, compared with 1.30% for SPYM.

What is the main difference between SDS and SPYM?

SDS is categorized as Leveraged Equities, while SPYM is S&P 500. SDS tracks S&P 500 Index (-200%), while SPYM tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.91% for SDS and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (1.92 vs -1.22), 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.