SDS vs. USD

Last updated Jun 24, 2026

SDS (ProShares UltraShort S&P500) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SDS tracks the S&P 500 Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SDS returned -27.73%/yr vs 61.02%/yr for USD. At a correlation of -0.75, they often move in opposite directions. SDS charges 0.91%/yr vs 0.95%/yr for USD.

Performance

SDS vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and ProShares Ultra Semiconductors (USD). 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 USD's 84.65% return. Over the past 10 years, SDS has underperformed USD with an annualized return of -27.73%, while USD has yielded a comparatively higher 61.02% 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%

USD

• 1D: -12.35%
• 1M: 1.73%
• YTD: 84.65%
• 6M: 79.76%
• 1Y: 206.76%
• 3Y*: 114.28%
• 5Y*: 63.13%
• 10Y*: 61.02%

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

SDS vs. USD - 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%
USD ProShares Ultra Semiconductors	84.65%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between SDS and USD is -0.72, 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	-0.72
Correlation (3Y) Calculated over the trailing 3-year period	-0.74
Correlation (5Y) Calculated over the trailing 5-year period	-0.78
Correlation (10Y) Calculated over the trailing 10-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	-0.75

The correlation between SDS and USD has been stable across timeframes, ranging from -0.78 to -0.72 - a consistent structural relationship.

SDS vs. USD - Sectors Allocation Comparison

Sectors	SDS	USD
Financial Services	103.7%	26.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	26.3%
Utilities	-	-

Return for Risk

SDS vs. USD — 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

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 67
USD Omega Ratio Rank: 71
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 87

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	3.06	-4.29
Sortino ratio: Return per unit of downside risk	-1.85	2.94	-4.79
Omega ratio: Gain probability vs. loss probability	0.80	1.40	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.92	6.54	-7.46
Martin ratio: Return relative to average drawdown	-1.65	18.16	-19.81

SDS vs. USD - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -1.22, which is lower than the USD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of SDS and USD, 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. USD - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.85%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SDS and USD.

Drawdown Indicators

	SDS	USD	Difference
Max Drawdown Largest peak-to-trough decline	-99.85%	-88.63%	-11.22%
Max Drawdown (1Y) Largest decline over 1 year	-33.08%	-31.80%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-68.14%	-64.46%	-3.68%
Max Drawdown (5Y) Largest decline over 5 years	-75.54%	-77.85%	+2.31%
Max Drawdown (10Y) Largest decline over 10 years	-96.48%	-77.85%	-18.63%
Current Drawdown Current decline from peak	-99.84%	-14.69%	-85.15%
Average Drawdown Average peak-to-trough decline	-82.76%	-32.29%	-50.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	11.44%	+8.61%

Volatility

SDS vs. USD - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 9.60%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDS	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.60%	34.07%	-24.47%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	54.13%	-34.48%
Volatility (1Y) Calculated over the trailing 1-year period	24.92%	67.96%	-43.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	77.73%	-43.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	69.83%	-33.98%

SDS vs. USD - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

SDS vs. USD - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 5.51%, more than USD's 0.25% 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%
USD ProShares Ultra Semiconductors	0.25%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both SDS and USD in my portfolio?

SDS and USD have a correlation of -0.72, 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 USD?

USD has higher volatility (34.07%) compared to SDS (9.60%). In terms of maximum drawdown, SDS dropped -99.85% vs USD's -88.63%.

Which ETF is better, SDS or USD?

On 10-year performance, USD leads with 61.02% vs -27.73% for SDS. On fees, SDS is cheaper at 0.91% per year. On volatility, SDS has been the lower-risk option at 9.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDS or USD?

Over the 10-year period, USD has performed better with a 61.02% 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 USD?

SDS is cheaper with a 0.91% expense ratio, compared with 0.95% for USD.

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

SDS has the higher dividend yield at 5.51%, compared with 0.25% for USD.

What is the main difference between SDS and USD?

SDS tracks S&P 500 Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.91% for SDS and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.06 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.