SPXU vs. SDS

Last updated Aug 2, 2026

SPXU (ProShares UltraPro Short S&P500) and SDS (ProShares UltraShort S&P500) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%). Both are passively managed. Over the past 10 years, SPXU returned -41.16%/yr vs -27.05%/yr for SDS. Their 1.00 correlation means they have historically moved very closely together. SPXU charges 0.90%/yr vs 0.91%/yr for SDS.

Performance

SPXU vs. SDS - Performance Comparison

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

Returns By Period

In the year-to-date period, SPXU achieves a -23.69% return, which is significantly lower than SDS's -15.25% return. Over the past 10 years, SPXU has underperformed SDS with an annualized return of -41.16%, while SDS has yielded a comparatively higher -27.05% 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%

SDS

• 1D: -1.30%
• 1M: -0.07%
• 6M: -13.26%
• YTD: -15.25%
• 1Y: -28.08%
• 3Y*: -25.42%
• 5Y*: -20.30%
• 10Y*: -27.05%
• ALL TIME*: -24.93%

*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)
SDS ProShares UltraShort S&P500	$155.74M	$150.04M	$195.27M
SPXU ProShares UltraPro Short S&P500	$315.61M	$306.13M	$365.79M

SPXU vs. SDS - 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%
SDS ProShares UltraShort S&P500	-15.25%	-26.79%	-29.45%	-31.53%	30.69%	-43.02%	-49.91%	-41.17%	6.04%	-32.02%

Correlation

The correlation between SPXU and SDS is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	1.00

The correlation between SPXU and SDS has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SPXU vs. SDS - Sectors Allocation Comparison

Sectors	SPXU	SDS
Financial Services	72.4%	82.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPXU vs. SDS — 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

SDS

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

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. SDS - Risk-Adjusted Trends Comparison

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

	SPXU	SDS	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-1.01	+0.01
Sortino ratio: Return per unit of downside risk	-1.49	-1.45	-0.04
Omega ratio: Gain probability vs. loss probability	0.84	0.84	0.00
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.84	-0.03
Martin ratio: Return relative to average drawdown	-1.42	-1.42	-0.01

SPXU vs. SDS - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.00, which is comparable to the SDS Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of SPXU and SDS, 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. SDS - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum SDS drawdown of -99.85%. Use the drawdown chart below to compare losses from any high point for SPXU and SDS.

Drawdown Indicators

	SPXU	SDS	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.85%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-43.83%	-30.56%	-13.27%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	-68.14%	-16.22%
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	-75.54%	-14.69%
Max Drawdown (10Y) Largest decline over 10 years	-99.56%	-96.08%	-3.48%
Current Drawdown Current decline from peak	-99.99%	-99.84%	-0.15%
Average Drawdown Average peak-to-trough decline	-93.38%	-82.85%	-10.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.91%	18.14%	+8.77%

Volatility

SPXU vs. SDS - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 10.60% compared to ProShares UltraShort S&P500 (SDS) at 7.16%. This indicates that SPXU's price experiences larger fluctuations and is considered to be riskier than SDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXU	SDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.60%	7.16%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	30.38%	20.17%	+10.21%
Volatility (1Y) Calculated over the trailing 1-year period	38.43%	25.61%	+12.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.68%	33.87%	+16.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.40%	35.84%	+17.56%

SPXU vs. SDS - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than SDS's 0.91% expense ratio.

Dividends

SPXU vs. SDS - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 6.80%, more than SDS's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	5.30%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	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 SDS in my portfolio?

With a correlation of 1.00, SPXU 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.

Which is riskier, SPXU or SDS?

SPXU has higher volatility (10.60%) compared to SDS (7.16%). In terms of maximum drawdown, SPXU dropped -99.99% vs SDS's -99.85%.

Which ETF is better, SPXU or SDS?

On 10-year performance, SDS leads with -27.05% vs -41.16% for SPXU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SDS has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or SDS?

Over the 10-year period, SDS has performed better with a -27.05% 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 SDS?

SPXU is cheaper with a 0.90% expense ratio, compared with 0.91% for SDS.

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

SPXU has the higher dividend yield at 6.80%, compared with 5.30% for SDS.

What is the main difference between SPXU and SDS?

SPXU is categorized as S&P 500, while SDS is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while SDS tracks S&P 500 Index (-200%). Their fees differ too: 0.90% for SPXU and 0.91% for SDS.

Which has better risk-adjusted returns?

SPXU currently has the higher Sharpe Ratio (-1.00 vs -1.01), 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.