SDS vs SPDN
ProShares UltraShort S&P500 vs Direxion Daily S&P 500 Bear 1X ETF
Which is better, SDS or SPDN?
Nearly the same fund. SPDN costs less.
SPDN has a lower expense ratio. SPDN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SDS | SPDN |
|---|---|---|
| Expense Ratio | 0.91% | 0.48%Best |
| AUM | $329M | $261M |
| Dividend Yield | 5.55% | 3.39% |
| Holdings | 20 | 10 |
| YTD Return | -20.88% | -9.15%Best |
| 1Y Return | -24.63% | -10.70%Best |
| 3Y Return (annualized) | -30.28% | -13.70%Best |
| 5Y Return (annualized) | -21.76% | -8.64%Best |
| Volatility (annualized) | 28.2% | 14.4%Best |
| Max Drawdown | -96.8% | -76.8%Best |
| $10,000 over 5 years | $2,932 | $6,365Best |
| Fund Family | ProShares | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jul 11, 2006 | Jun 8, 2016 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 8, 2016 to Oct 13, 2026 (10.3 years).
SDS vs SPDN growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 10.3 years both funds cover.
SDS vs SPDN Performance
ProShares UltraShort S&P500 (SDS) is an ETF from ProShares and Direxion Daily S&P 500 Bear 1X ETF (SPDN) is an ETF from Direxion Shares ETF Trust. Over the past year SDS returned -24.63% while SPDN returned -10.70%. Year to date, SDS is down 20.88% versus a loss of 9.15% for SPDN.
Over three years, SDS compounded at -30.28% per year against -13.70% for SPDN; over five years the annualized figures are -21.76% and -8.64% respectively. Across the full 10-year window we track, SPDN has the edge at -12.65% annualized vs -27.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SDS has been the more volatile fund, with annualized monthly volatility of 28.2% compared with 14.4% for SPDN. 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 -96.8% for SDS and -76.8% for SPDN. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SDS charges 0.91% per year while SPDN charges 0.48%. On a $10,000 position that is $91 vs $48 annually, a gap of $43 per year that compounds over a long holding period. On income, SDS currently yields 5.55% against 3.39% for SPDN.
Holdings Overlap
We hold position weights for 1 holding in SDS and 2 in SPDN, totalling 93.3% and 103.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in SDS and 2 in SPDN, against full books of 20 and 10.
You are not choosing between two funds in isolation.
Whichever of SDS and SPDN you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SDS or SPDN?
SDS has an expense ratio of 0.91% while SPDN charges 0.48%. SPDN is the cheaper option, by $43 a year on a $10,000 investment.
Which performed better, SDS or SPDN?
Over the past year SDS returned -24.63% vs -10.70% for SPDN, so SPDN leads on 1-year performance. Over the longest common window we track (10 years), SDS annualized -27.54% vs -12.65% for SPDN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SDS or SPDN?
SDS has been the more volatile fund at 28.2% annualized versus 14.4% for SPDN. Worst drawdown: SDS -96.8% vs SPDN -76.8%.
Should I hold both SDS and SPDN?
SDS and SPDN have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, SDS or SPDN?
SDS yields 5.55% while SPDN yields 3.39%, so SDS currently pays the higher dividend yield.
Is SPDN better than SDS?
SPDN has a lower expense ratio. SPDN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.