SPDN vs. SDS

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares UltraShort S&P500 (SDS).

SPDN and SDS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. SDS is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-200%). It was launched on Jul 11, 2006. Both SPDN and SDS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPDN vs. SDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares UltraShort S&P500 (SDS). The values are adjusted to include any dividend payments, if applicable.

SPDN vs. SDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDN Direxion Daily S&P 500 Bear 1x Shares	6.05%	-11.09%	-12.88%	-15.04%	18.63%	-23.72%	-24.56%	-21.94%	5.41%	-17.16%
SDS ProShares UltraShort S&P500	10.48%	-26.79%	-29.45%	-31.53%	30.69%	-43.02%	-49.91%	-41.17%	6.04%	-32.02%

Returns By Period

In the year-to-date period, SPDN achieves a 6.05% return, which is significantly lower than SDS's 10.48% return.

SPDN

• 1D: -2.74%
• 1M: 5.71%
• YTD: 6.05%
• 6M: 4.90%
• 1Y: -11.05%
• 3Y*: -9.57%
• 5Y*: -7.35%
• 10Y*: —

SDS

• 1D: -5.73%
• 1M: 10.80%
• YTD: 10.48%
• 6M: 6.56%
• 1Y: -26.71%
• 3Y*: -23.57%
• 5Y*: -19.27%
• 10Y*: -25.89%

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

SPDN vs. SDS - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than SDS's 0.91% expense ratio.

SDS

ProShares UltraShort S&P500

SPDN

Direxion Daily S&P 500 Bear 1x Shares

Return for Risk

SPDN vs. SDS — Risk / Return Rank

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

SPDN

SPDN Risk / Return Rank: 4
SPDN Sharpe Ratio Rank: 3
SPDN Sortino Ratio Rank: 3
SPDN Omega Ratio Rank: 2
SPDN Calmar Ratio Rank: 5
SPDN Martin Ratio Rank: 8

SDS

SDS Risk / Return Rank: 3
SDS Sharpe Ratio Rank: 2
SDS Sortino Ratio Rank: 2
SDS Omega Ratio Rank: 2
SDS Calmar Ratio Rank: 3
SDS Martin Ratio Rank: 7

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.

SPDN vs. SDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares UltraShort S&P500 (SDS). 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.

	SPDN	SDS	Difference
Sharpe ratio Return per unit of total volatility	-0.60	-0.74	+0.14
Sortino ratio Return per unit of downside risk	-0.73	-0.90	+0.17
Omega ratio Gain probability vs. loss probability	0.89	0.87	+0.02
Calmar ratio Return relative to maximum drawdown	-0.44	-0.57	+0.13
Martin ratio Return relative to average drawdown	-0.53	-0.68	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDN vs. SDS - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -0.60, which is comparable to the SDS Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of SPDN and SDS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPDN	SDS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.60	-0.74	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	-0.58	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	-0.63	0.00

Correlation

The correlation between SPDN and SDS is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPDN vs. SDS - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 3.56%, less than SDS's 4.35% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.56%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%
SDS ProShares UltraShort S&P500	4.35%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%

Drawdowns

SPDN vs. SDS - Drawdown Comparison

The maximum SPDN drawdown since its inception was -73.52%, smaller than the maximum SDS drawdown of -99.82%. Use the drawdown chart below to compare losses from any high point for SPDN and SDS.

Drawdown Indicators

	SPDN	SDS	Difference
Max Drawdown Largest peak-to-trough decline	-73.52%	-99.82%	+26.30%
Max Drawdown (1Y) Largest decline over 1 year	-26.44%	-48.71%	+22.27%
Max Drawdown (5Y) Largest decline over 5 years	-39.78%	-71.16%	+31.38%
Max Drawdown (10Y) Largest decline over 10 years	—	-95.85%	—
Current Drawdown Current decline from peak	-71.44%	-99.80%	+28.36%
Average Drawdown Average peak-to-trough decline	-48.09%	-82.58%	+34.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.69%	40.73%	-19.04%

Volatility

SPDN vs. SDS - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 5.48%, while ProShares UltraShort S&P500 (SDS) has a volatility of 10.69%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDN	SDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	10.69%	-5.21%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	18.87%	-9.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.51%	36.42%	-17.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	33.67%	-16.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	35.79%	-17.66%