XDQQ vs. SDS

Last updated Jul 15, 2026

XDQQ (Innovator Growth Accelerated ETF - Quarterly) and SDS (ProShares UltraShort S&P500) are both Leveraged Equities funds. XDQQ is actively managed, while SDS is passively managed. Over the past 5 years, XDQQ returned 7.30%/yr vs -20.87%/yr for SDS. At a correlation of -0.88, they often move in opposite directions. XDQQ charges 0.79%/yr vs 0.91%/yr for SDS.

Performance

XDQQ vs. SDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth Accelerated ETF - Quarterly (XDQQ) 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, XDQQ achieves a 1.47% return, which is significantly higher than SDS's -16.60% return.

XDQQ

• 1D: 1.09%
• 1M: -1.14%
• 6M: 0.05%
• YTD: 1.47%
• 1Y: 13.89%
• 3Y*: 16.26%
• 5Y*: 7.30%
• 10Y*: —

SDS

• 1D: -0.74%
• 1M: -2.74%
• 6M: -13.91%
• YTD: -16.60%
• 1Y: -28.14%
• 3Y*: -26.47%
• 5Y*: -20.87%
• 10Y*: -27.15%

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

XDQQ vs. SDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XDQQ Innovator Growth Accelerated ETF - Quarterly	1.47%	13.75%	31.47%	30.15%	-33.74%	18.52%
SDS ProShares UltraShort S&P500	-16.60%	-26.79%	-29.45%	-31.53%	30.69%	-34.33%

Correlation

The correlation between XDQQ and SDS is -0.84, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.84
Correlation (3Y) Calculated over the trailing 3-year period	-0.86
Correlation (5Y) Calculated over the trailing 5-year period	-0.88
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	-0.88

The correlation between XDQQ and SDS has been stable across timeframes, ranging from -0.88 to -0.84 - a consistent structural relationship.

XDQQ vs. SDS - Sectors Allocation Comparison

Sectors	XDQQ	SDS
Technology	59.0%	-
Communication Services	13.8%	-
Consumer Cyclical	11.0%	-
Consumer Defensive	6.6%	-
Healthcare	3.9%	-
Industrials	2.9%	-
Utilities	1.2%	-
Basic Materials	1.1%	-
Energy	0.5%	-
Financial Services	0.2%	94.7%
Real Estate	0.1%	-

Return for Risk

XDQQ vs. SDS — Risk / Return Rank

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

XDQQ

XDQQ Risk / Return Rank: 34
XDQQ Sharpe Ratio Rank: 33
XDQQ Sortino Ratio Rank: 30
XDQQ Omega Ratio Rank: 36
XDQQ Calmar Ratio Rank: 29
XDQQ Martin Ratio Rank: 41

SDS

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

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.

XDQQ vs. SDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth Accelerated ETF - Quarterly (XDQQ) 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.

	XDQQ	SDS	Difference
Sharpe ratio: Return per unit of total volatility	0.98	-1.13	+2.11
Sortino ratio: Return per unit of downside risk	1.37	-1.67	+3.03
Omega ratio: Gain probability vs. loss probability	1.20	0.82	+0.38
Calmar ratio: Return relative to maximum drawdown	1.18	-0.92	+2.10
Martin ratio: Return relative to average drawdown	5.29	-1.65	+6.95

XDQQ vs. SDS - Sharpe Ratio Comparison

The current XDQQ Sharpe Ratio is 0.98, which is higher than the SDS Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of XDQQ 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

XDQQ vs. SDS - Drawdown Comparison

The maximum XDQQ drawdown since its inception was -35.63%, smaller than the maximum SDS drawdown of -99.85%. Use the drawdown chart below to compare losses from any high point for XDQQ and SDS.

Drawdown Indicators

	XDQQ	SDS	Difference
Max Drawdown Largest peak-to-trough decline	-35.63%	-99.85%	+64.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.84%	-30.56%	+18.72%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-68.14%	+44.97%
Max Drawdown (5Y) Largest decline over 5 years	-35.63%	-75.54%	+39.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-96.08%	—
Current Drawdown Current decline from peak	-1.48%	-99.85%	+98.37%
Average Drawdown Average peak-to-trough decline	-10.62%	-82.80%	+72.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	17.04%	-14.41%

Volatility

XDQQ vs. SDS - Volatility Comparison

The current volatility for Innovator Growth Accelerated ETF - Quarterly (XDQQ) is 4.15%, while ProShares UltraShort S&P500 (SDS) has a volatility of 7.53%. This indicates that XDQQ 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

	XDQQ	SDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	7.53%	-3.38%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	19.84%	-9.14%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	24.96%	-10.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.87%	33.86%	-13.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.53%	35.80%	-16.27%

XDQQ vs. SDS - Expense Ratio Comparison

XDQQ has a 0.79% expense ratio, which is lower than SDS's 0.91% expense ratio.

Dividends

XDQQ vs. SDS - Dividend Comparison

XDQQ has not paid dividends to shareholders, while SDS's dividend yield for the trailing twelve months is around 5.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	5.38%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%
XDQQ Innovator Growth Accelerated ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XDQQ and SDS in my portfolio?

XDQQ and SDS have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XDQQ or SDS?

SDS has higher volatility (7.53%) compared to XDQQ (4.15%). In terms of maximum drawdown, XDQQ dropped -35.63% vs SDS's -99.85%.

Which ETF is better, XDQQ or SDS?

On 5-year performance, XDQQ leads with 7.30% vs -20.87% for SDS. On fees, XDQQ is cheaper at 0.79% per year. On volatility, XDQQ has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDQQ or SDS?

Over the 5-year period, XDQQ has performed better with a 7.30% return vs -20.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDQQ or SDS?

XDQQ is cheaper with a 0.79% expense ratio, compared with 0.91% for SDS.

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

SDS has the higher dividend yield at 5.38%, compared with 0.00% for XDQQ.

What is the main difference between XDQQ and SDS?

They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for XDQQ and 0.91% for SDS.

Which has better risk-adjusted returns?

XDQQ currently has the higher Sharpe Ratio (0.98 vs -1.13), 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.