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SDOW vs SMDD

ProShares UltraPro Short Dow30

SDOWANYSE Arca

ProShares UltraPro Short MidCap400

SMDDCNYSE Arca

Overlap

0.0%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

SDOW0.95%SMDD0.95%

Avg volume · 30D

SDOW 362.6×the volume

SDOW3.85MSMDD10.6K

10Y return · a year

SDOW +1.8pt

SDOW−37.6%SMDD−39.4%

SDOW vs SMDD Performance

Oct 29, 2021 – Oct 30, 2026

−73.1%SDOW−79.1%SMDD

Oct 29, 2021 to Oct 30, 2026. SDOW −73.1%. SMDD −79.1%. Use the arrow keys to read each point.−50%−25%0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
SDOW 0.95%
SMDD 0.95%
Fund size
SDOW $154M
SMDD $2M
1Y total return
SDOW −21.9%, better
SMDD −32.1%
Yield (12M)
SDOW 4.76%, better
SMDD 3.82%
Holdings
SDOW 10
SMDD 1
Avg volume (30D)
SDOW 3.85M sh, better
SMDD 10.6K sh
NAV per share
SDOW $25.01
SMDD $8.74
52W range

ETF.net Grade

SDOW: Cost 84, Risk 69, Mission 78, Tradability 81, Holdings 0, Durability 67. SMDD: Cost 84, Risk 66, Mission not scored, Tradability 28, Holdings not scored, Durability 39.
Pillar letters and Scores for SDOW, SMDD, with each pillar’s weight
PillarSDOWSMDD
Cost30% weightA84A84
Mission25% weightA78Not scored
Risk15% weightB69HigherB66
Tradability15% weightA81HigherD28
Holdings10% weightF0Not scored
Durability5% weightB67HigherD39

Rank among 3x Leveraged Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. SDOW and SMDD are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds
See all 14 ›

SDOW ranks 2nd and SMDD 9th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 83
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 78
  3. Rank 3ASRTYProShares UltraPro Short Russell2000Score 71
  4. Rank 8CYANGDirexion Daily FTSE China Bear 3X ETFScore 45
  5. Rank 9CSMDDProShares UltraPro Short MidCap400Score 40
  6. Rank 10DDRVDirexion Daily Real Estate Bear 3X ETFScore 39

Our read on each fund

ETF.net Research

SDOWAProShares UltraPro Short Dow30

SMDDCProShares UltraPro Short MidCap400

In short

SDOW The only -3x ETF pointed at the Dow. SDOW aims to deliver three times the inverse of the index's daily move, reset at each close, for 0.95% net of a waiver through September 30, 2027.

SMDD The 3x bear trade on the market's forgotten middle. SMDD aims to deliver three times the inverse of the S&P MidCap 400's daily move, at 0.95% net of a waiver through September 30, 2027, and no peer in its category points at the same index.

Stated mandate

SDOW SDOW seeks daily investment results, before fees and expenses, corresponding to three times the inverse of the daily performance of the Dow Jones Industrial Average.

SMDD The fund seeks inverse daily exposure equal to three times the daily decline of the S&P MidCap 400.

Why people hold it

  • SDOW ProShares calls it the only -3x ETF built to move against the Dow's daily price, so a bearish view on the 30 blue chips has one address, not a Nasdaq or small-cap stand-in.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (0.98% gross) lands below the 3x bear median, next to SQQQ at 0.94% and SRTY at 0.95% net of a waiver through the same date.
  • Running since 2010 and actively traded, it sits among the stronger implementations in the 3x bear group, which matters for a tool used in days rather than years.
  • SMDD The only 3x bear fund in its category aimed at the S&P MidCap 400. Everyone else crowds the Nasdaq-100, the Dow and small caps.
  • 0.95% net of a waiver through September 30, 2027: below the category median, and under TZA (0.99%) and SOXS (1.00%).
  • The objective is a single day, NAV to NAV. The fund stays fully invested in instruments giving inverse leveraged exposure and rebalances daily.proshares.com
  • Running since 2010, which makes it one of the longer-tenured geared bear funds still trading.

Worth knowing

  • SDOW The -3x target is a one-day target. Held longer, compounding can push results away from -3x the Dow's move over the same stretch, especially after choppy markets.proshares.com
  • Leverage cuts both ways: on a day the Dow rises, the fund is designed to lose roughly three times as much.proshares.com
  • Exposure comes from swaps and futures rather than Dow shares, and the fee runs above a plain Dow index fund.proshares.com
  • SMDD Hold past one day and compounding takes over: results can differ from three times the index move over that stretch. ProShares tells holders to monitor as often as daily.proshares.com
  • A small fund and thinly traded, so spreads can bite on a position where entry and exit timing is the whole trade.
  • The gross expense ratio is 4.27%. The 0.95% you pay rests on a waiver that runs to September 30, 2027.

Full SDOW profile⁠

Full SMDD profile⁠

SDOW vs SMDD Holdings

How SDOW and SMDD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SDOW and 0.0% of SMDD.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%

Sector

No Sector split for SMDD.

Country, concentration and asset class

Country by domicile

No country split for SMDD.

Concentration

Weight in the 10 largest Holdings

  • SDOW122.5%
  • SMDD100.0%

Securities held

  • SDOW10
  • SMDD0

Asset class

SDOW
Equity
SMDD
Equity

Holdings

  • Only in SDOW10
  • In both0
  • Only in SMDD0

Only in SDOW

10 securities, 100% of SDOW by weight

  • Proshares Genius Mny Mkt Etf77.79%
  • TREASURY BILL, 0%, due 2026-12-2913.80%
  • TREASURY BILL, 0%, due 2026-12-109.88%

Only in SMDD

0 securities, 0.0% of SMDD by weight

Weight gaps

SDOW and SMDD share no securities.

All 14 SDOW holdings⁠All 9 SMDD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SDOW vs SMDD Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SDOW 0.95%

    $17,869

  • SMDD 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SDOW 0.95%
  • SMDD 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SDOW $17,869SMDD $17,869

Year by year

YearSDOWSMDD
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%SDOW
  • 0.95%SMDD
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

SDOW 2nd cheapest of 14 funds

SMDD 2nd cheapest of 14 funds

SDOW vs SMDD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SDOW 4.76%, better
SMDD 3.82%
Payout (12M)
SDOW $1.19
SMDD $0.33
Last payment
SDOW $0.29
SMDD $0.07
Ex-dividend
SDOW Sep 23, 2026
SMDD Sep 23, 2026
Paid on
SDOW Sep 29, 2026
SMDD Sep 29, 2026
Frequency
SDOW Quarterly
SMDD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SDOWQuarterly · 26 paymentsAll SDOW payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $1.10; Mar 21, 2018 $2.04; Jun 20, 2018 $2.87; Sep 26, 2018 $3.60; Dec 26, 2018 $6.62; Mar 20, 2019 $2.73; Jun 25, 2019 $4.55; Sep 25, 2019 $3.69; Dec 24, 2019 $2.27; Mar 25, 2020 $1.06; Dec 22, 2022 $0.39; Mar 22, 2023 $0.88; Jun 21, 2023 $1.03; Sep 20, 2023 $1.03; Dec 20, 2023 $1.01; Mar 20, 2024 $1.01; Jun 26, 2024 $1.10; Sep 25, 2024 $0.93; Dec 23, 2024 $1.17; Mar 26, 2025 $0.61; Jun 25, 2025 $0.39; Sep 24, 2025 $0.41; Dec 24, 2025 $0.44; Mar 25, 2026 $0.24; Jun 24, 2026 $0.22; Sep 23, 2026 $0.29. Use the arrow keys to read each point.$0$52017202020232026YTD
SMDDQuarterly · 14 paymentsAll SMDD payments⁠
One bar per payment. 14 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.77; Jun 25, 2019 $2.05; Sep 25, 2019 $1.47; Jun 21, 2023 $0.24; Mar 20, 2024 $0.07; Jun 26, 2024 $0.12; Dec 23, 2024 $0.31; Mar 26, 2025 $0.09; Jun 25, 2025 $0.19; Sep 24, 2025 $0.20; Dec 24, 2025 $0.14; Mar 25, 2026 $0.05; Jun 24, 2026 $0.07; Sep 23, 2026 $0.07. Use the arrow keys to read each point.$0$52017202020232026YTD

SDOW vs SMDD Risk

Fall from peak · 5 years

  • SDOW
  • SMDD
Oct 29, 2021 to Oct 30, 2026. Worst fall: SMDD −89.3% · Aug 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
SDOW 34.4%, betterSMDD 44.0%
Return per unit of riskSharpe ratio, 3 years
SDOW −1.22SMDD −1.04, better
Worst fallMax drawdown, 5 years
SDOW −85.1%, betterSMDD −89.3%
Market sensitivityBeta, 5 years
SDOW −2.46SMDD −2.86

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