SDOW vs SPY
ProShares UltraPro Short Dow30 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SDOW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $177M | $821.1B | |
| Dividend Yield | 5.42% | 1.01% | |
| Holdings | 17 | 505 | |
| YTD Return | -25.86% | +12.93% | |
| 1Y Return | -39.74% | +20.62% | |
| 3Y Return (annualized) | -59.21% | +22.00% | |
| 5Y Return (annualized) | -44.23% | +13.33% | |
| Volatility (annualized) | 42.7% | 15.3% | |
| Max Drawdown | -100.0% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 9, 2010 | Jan 22, 1993 |
SDOW vs SPY Performance
ProShares UltraPro Short Dow30 (SDOW) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SDOW returned -39.74% while SPY returned +20.62%. Year to date, SDOW is down 25.86% versus a gain of 12.93% for SPY.
Over three years, SDOW compounded at -59.21% per year against +22.00% for SPY; over five years the annualized figures are -44.23% and +13.33% respectively. Across the full 17-year window we track, SPY has the edge at +8.82% annualized vs -43.24%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SDOW has been the more volatile fund, with annualized monthly volatility of 42.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -100.0% for SDOW and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.84. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SDOW charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, SDOW currently yields 5.42% against 1.01% for SPY.
Holdings Overlap
SDOW and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SDOW or SPY?
SDOW has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SDOW or SPY?
Over the past year SDOW returned -39.74% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SDOW annualized -43.24% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, SDOW or SPY?
SDOW has been the more volatile fund at 42.7% annualized versus 15.3% for SPY. Worst drawdown: SDOW -100.0% vs SPY -56.5%.
Should I hold both SDOW and SPY?
SDOW and SPY have a monthly-return correlation of -0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SDOW and SPY?
SDOW and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SDOW or SPY?
SDOW yields 5.42% while SPY yields 1.01%, so SDOW currently pays the higher dividend yield.
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