SPDN vs. SDS
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SDS (ProShares UltraShort S&P500) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%). Both are passively managed. Over the past 10 years, SPDN returned -12.66%/yr vs -27.73%/yr for SDS. With a 0.99 correlation, they move nearly in lockstep. SPDN charges 0.50%/yr vs 0.91%/yr for SDS.
Performance
SPDN vs. SDS - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly higher than SDS's -12.83% return. Over the past 10 years, SPDN has outperformed SDS with an annualized return of -12.66%, while SDS has yielded a comparatively lower -27.73% annualized return.
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
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%
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 | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
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% |
Correlation
The correlation between SPDN and SDS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
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 Jun 8, 2016 | 0.99 |
The correlation between SPDN and SDS has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
SPDN vs. SDS — Risk / Return Rank
SPDN
SDS
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.
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.
| SPDN | SDS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.80 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.92 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.65 | -0.10 |
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Drawdowns
SPDN vs. SDS - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SDS drawdown of -99.85%. Use the drawdown chart below to compare losses from any high point for SPDN and SDS.
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Drawdown Indicators
| SPDN | SDS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -99.85% | +24.54% |
Max Drawdown (1Y)Largest decline over 1 year | -16.05% | -33.08% | +17.03% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -68.14% | +29.90% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -75.54% | +31.69% |
Max Drawdown (10Y)Largest decline over 10 years | -75.31% | -96.48% | +21.17% |
Current DrawdownCurrent decline from peak | -74.71% | -99.84% | +25.13% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -82.76% | +34.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 20.05% | -10.61% |
Volatility
SPDN vs. SDS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while ProShares UltraShort S&P500 (SDS) has a volatility of 9.60%. 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.
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Volatility by Period
| SPDN | SDS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 9.60% | -5.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 19.65% | -9.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 24.92% | -12.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 33.84% | -16.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 35.85% | -17.81% |
SPDN vs. SDS - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SDS's 0.91% expense ratio.
Dividends
SPDN vs. SDS - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, less than SDS's 5.51% yield.
| 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
With a correlation of 0.99, SPDN and SDS 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.
SDS has higher volatility (9.60%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SDS's -99.85%.
On 10-year performance, SPDN leads with -12.66% vs -27.73% for SDS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.66% return vs -27.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.91% for SDS.
SDS has the higher dividend yield at 5.51%, compared with 4.02% for SPDN.
SPDN is categorized as Inverse Equities, while SDS is Leveraged Equities. SPDN tracks S&P 500 Index, while SDS tracks S&P 500 Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.91% for SDS.
SPDN currently has the higher Sharpe Ratio (-1.19 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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