SDS vs SPXS
ProShares UltraShort S&P500 vs Direxion Daily S&P 500 Bear 3X ETF
Which is better, SDS or SPXS?
Nearly the same fund. SDS costs less.
SDS has a lower expense ratio. SDS led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99.
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 | SPXS |
|---|---|---|
| Expense Ratio | 0.91%Best | 1.02% |
| AUM | $348M | $336M |
| Dividend Yield | 5.19% | 4.64% |
| Holdings | 20 | 22 |
| YTD Return | -19.57%Best | -29.80% |
| 1Y Return | -22.96%Best | -34.68% |
| 3Y Return (annualized) | -29.85%Best | -43.46% |
| 5Y Return (annualized) | -20.71%Best | -32.92% |
| Volatility (annualized) | 28.2%Best | 41.3% |
| $10,000 over 5 years | $3,134Best | $1,358 |
| Fund Family | ProShares | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jul 11, 2006 | Nov 5, 2008 |
Not shown on this pair: Max Drawdown, Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Oct 15, 2026 (17.9 years).
SDS vs SPXS 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 17.9 years both funds cover.
SDS vs SPXS Performance
ProShares UltraShort S&P500 (SDS) is an ETF from ProShares and Direxion Daily S&P 500 Bear 3X ETF (SPXS) is an ETF from Direxion Shares ETF Trust. Over the past year SDS returned -22.96% while SPXS returned -34.68%. Year to date, SDS is down 19.57% versus a loss of 29.80% for SPXS.
Over three years, SDS compounded at -29.85% per year against -43.46% for SPXS; over five years the annualized figures are -20.71% and -32.92% respectively. Across the full 18-year window we track, SDS has the edge at -29.55% annualized vs -43.82%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXS has been the more volatile fund, with annualized monthly volatility of 41.3% compared with 28.2% for SDS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.99. 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 SPXS charges 1.02%. On a $10,000 position that is $91 vs $102 annually, a gap of $11 per year that compounds over a long holding period. On income, SDS currently yields 5.19% against 4.64% for SPXS.
Holdings Overlap
We hold position weights for 1 holding in SDS and 3 in SPXS, totalling 93.5% and 89.9% 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 3 in SPXS, against full books of 20 and 22.
You are not choosing between two funds in isolation.
Whichever of SDS and SPXS 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 SPXS?
SDS has an expense ratio of 0.91% while SPXS charges 1.02%. SDS is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, SDS or SPXS?
Over the past year SDS returned -22.96% vs -34.68% for SPXS, so SDS leads on 1-year performance. Over the longest common window we track (18 years), SDS annualized -29.55% vs -43.82% for SPXS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SDS or SPXS?
SPXS has been the more volatile fund at 41.3% annualized versus 28.2% for SDS.
Should I hold both SDS and SPXS?
SDS and SPXS have a monthly-return correlation of 0.99, 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 SPXS?
SDS yields 5.19% while SPXS yields 4.64%, so SDS currently pays the higher dividend yield.
Is SPXS better than SDS?
SDS has a lower expense ratio. SDS led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. Which one suits a particular account depends on what it is for. This is information, not a recommendation.