SPXU vs. SDOW

Last updated Aug 2, 2026

SPXU (ProShares UltraPro Short S&P500) and SDOW (ProShares UltraPro Short Dow30) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%). Both are passively managed. Over the past 10 years, SPXU returned -41.16%/yr vs -37.90%/yr for SDOW. Their correlation of 0.91 means they have usually moved in the same direction. SPXU charges 0.90%/yr vs 0.95%/yr for SDOW.

Performance

SPXU vs. SDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and ProShares UltraPro Short Dow30 (SDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPXU having a -23.69% return and SDOW slightly higher at -23.66%. Over the past 10 years, SPXU has underperformed SDOW with an annualized return of -41.16%, while SDOW has yielded a comparatively higher -37.90% annualized return.

SPXU

• 1D: -1.95%
• 1M: -0.35%
• 6M: -20.84%
• YTD: -23.69%
• 1Y: -41.18%
• 3Y*: -38.93%
• 5Y*: -32.80%
• 10Y*: -41.16%
• ALL TIME*: -42.50%

SDOW

• 1D: -1.40%
• 1M: 2.39%
• 6M: -19.90%
• YTD: -23.66%
• 1Y: -42.17%
• 3Y*: -31.29%
• 5Y*: -25.49%
• 10Y*: -37.90%
• ALL TIME*: -38.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SDOW ProShares UltraPro Short Dow30	$85.35M	$79.85M	$111.34M
SPXU ProShares UltraPro Short S&P500	$315.61M	$306.13M	$365.79M

SPXU vs. SDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	-23.69%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%
SDOW ProShares UltraPro Short Dow30	-23.66%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%

Correlation

The correlation between SPXU and SDOW is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.91

The correlation between SPXU and SDOW shifts across timeframes, from 0.80 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

SPXU vs. SDOW - Sectors Allocation Comparison

Sectors	SPXU	SDOW
Financial Services	72.4%	78.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPXU vs. SDOW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 2
SPXU Omega Ratio Rank: 2
SPXU Calmar Ratio Rank: 2
SPXU Martin Ratio Rank: 1

SDOW

SDOW Risk / Return Rank: 1
SDOW Sharpe Ratio Rank: 1
SDOW Sortino Ratio Rank: 1
SDOW Omega Ratio Rank: 2
SDOW Calmar Ratio Rank: 1
SDOW Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXU vs. SDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and ProShares UltraPro Short Dow30 (SDOW). 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.

	SPXU	SDOW	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-1.07	+0.07
Sortino ratio: Return per unit of downside risk	-1.49	-1.58	+0.09
Omega ratio: Gain probability vs. loss probability	0.84	0.82	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.90	+0.03
Martin ratio: Return relative to average drawdown	-1.42	-1.48	+0.05

SPXU vs. SDOW - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.00, which is comparable to the SDOW Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of SPXU and SDOW, 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

SPXU vs. SDOW - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum SDOW drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for SPXU and SDOW.

Drawdown Indicators

	SPXU	SDOW	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.97%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-43.83%	-44.20%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	-76.85%	-7.51%
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	-84.05%	-6.18%
Max Drawdown (10Y) Largest decline over 10 years	-99.56%	-99.21%	-0.35%
Current Drawdown Current decline from peak	-99.99%	-99.96%	-0.03%
Average Drawdown Average peak-to-trough decline	-93.38%	-89.65%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.91%	26.97%	-0.06%

Volatility

SPXU vs. SDOW - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) and ProShares UltraPro Short Dow30 (SDOW) have volatilities of 10.60% and 10.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXU	SDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.60%	10.82%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	30.38%	29.51%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	38.43%	37.41%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.68%	44.40%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.40%	52.11%	+1.29%

SPXU vs. SDOW - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than SDOW's 0.95% expense ratio.

Dividends

SPXU vs. SDOW - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 6.80%, more than SDOW's 5.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	5.43%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%
SPXU ProShares UltraPro Short S&P500	6.80%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and SDOW in my portfolio?

SPXU and SDOW have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXU or SDOW?

SDOW has higher volatility (10.82%) compared to SPXU (10.60%). In terms of maximum drawdown, SPXU dropped -99.99% vs SDOW's -99.97%.

Which ETF is better, SPXU or SDOW?

On 10-year performance, SDOW leads with -37.90% vs -41.16% for SPXU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 10.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or SDOW?

Over the 10-year period, SDOW has performed better with a -37.90% return vs -41.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or SDOW?

SPXU is cheaper with a 0.90% expense ratio, compared with 0.95% for SDOW.

Which ETF pays a higher dividend yield, SPXU or SDOW?

SPXU has the higher dividend yield at 6.80%, compared with 5.43% for SDOW.

What is the main difference between SPXU and SDOW?

SPXU is categorized as S&P 500, while SDOW is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while SDOW tracks Dow Jones Industrial Average (-300%). Their fees differ too: 0.90% for SPXU and 0.95% for SDOW.

Which has better risk-adjusted returns?

SPXU currently has the higher Sharpe Ratio (-1.00 vs -1.07), 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.