SDS vs. UVXY
SDS (ProShares UltraShort S&P500) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SDS returned -27.73%/yr vs -73.85%/yr for UVXY. A 0.77 correlation means they provide meaningful diversification when combined. SDS charges 0.91%/yr vs 0.95%/yr for UVXY.
Performance
SDS vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SDS achieves a -12.83% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, SDS has outperformed UVXY with an annualized return of -27.73%, while UVXY has yielded a comparatively lower -73.85% 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
SDS vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SDS and UVXY is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.77 |
The correlation between SDS and UVXY has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.
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Return for Risk
SDS vs. UVXY — Risk / Return Rank
SDS
UVXY
SDS vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.81 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -1.01 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.45 | -0.20 |
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Drawdowns
SDS vs. UVXY - Drawdown Comparison
The maximum SDS drawdown since its inception was -99.85%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDS and UVXY.
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Drawdown Indicators
| SDS | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.85% | -100.00% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -33.08% | -73.51% | +40.43% |
Max Drawdown (3Y)Largest decline over 3 years | -68.14% | -94.93% | +26.79% |
Max Drawdown (5Y)Largest decline over 5 years | -75.54% | -99.71% | +24.17% |
Max Drawdown (10Y)Largest decline over 10 years | -96.48% | -100.00% | +3.52% |
Current DrawdownCurrent decline from peak | -99.84% | -100.00% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -82.76% | -98.75% | +15.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.05% | 55.34% | -35.29% |
Volatility
SDS vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort S&P500 (SDS) is 9.60%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that SDS experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDS | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.60% | 25.85% | -16.25% |
Volatility (6M)Calculated over the trailing 6-month period | 19.65% | 66.46% | -46.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.92% | 85.46% | -60.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.84% | 103.96% | -70.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.85% | 112.39% | -76.54% |
SDS vs. UVXY - Expense Ratio Comparison
SDS has a 0.91% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
SDS vs. UVXY - Dividend Comparison
SDS's dividend yield for the trailing twelve months is around 5.51%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDS and UVXY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to SDS (9.60%). In terms of maximum drawdown, SDS dropped -99.85% vs UVXY's -100.00%.
On 10-year performance, SDS leads with -27.73% vs -73.85% for UVXY. 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.
Over the 10-year period, SDS has performed better with a -27.73% return vs -73.85%. 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 0.95% for UVXY.
SDS has the higher dividend yield at 5.51%, compared with 0.00% for UVXY.
SDS is categorized as Leveraged Equities, while UVXY is Volatility. SDS tracks S&P 500 Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.91% for SDS and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.87 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.
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