SDS vs SH: Grades, Fees and Holdings Compared

ProShares UltraShort S&P500

SDSBNYSE Arca

ProShares Short S&P500

SHANYSE Arca

Overlap

100%by weight

Expense ratio

SH −0.03pt a year

SDS0.91%SH0.88%

Avg volume · 30D

SH 2.7×the volume

SDS2.99MSH8.13M

10Y return · a year

SH +14.7pt

SDS−27.2%SH−12.5%

SDS vs SH Performance

Oct 29, 2021 – Oct 30, 2026

−64.5%SDS−30.5%SH

Expense ratio: SDS 0.91%; SH 0.88%, better
Fund size: SDS $372M; SH $950M
1Y total return: SDS −15.6%; SH −6.0%, better
Yield (12M): SDS 5.07%, better; SH 3.87%
Holdings: SDS 13; SH 5
Avg volume (30D): SDS 2.99M sh; SH 8.13M sh, better
NAV per share: SDS $55.91; SH $32.87
52W range

ETF.net Grade

Pillar letters and Scores for SDS, SH, with each pillar’s weight
Pillar	SDS	SH
Cost30% weight	C42	A71Higher
Mission25% weight	A80	A85Higher
Risk15% weight	C49	B64Higher
Tradability15% weight	C48	B67Higher
Holdings10% weight	B61Higher	B55
Durability5% weight	B59	B67Higher

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SDS and SH are both graded against the same 5 Inverse S&P 500 funds, so their Grades compare head to head.

Inverse S&P 500⁠

Category · 5 funds

See all 5 ›

SH ranks 2nd and SDS 4th of 5 funds in the Inverse S&P 500 Category.

Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
Rank 2ASHProShares Short S&P500Score 71
Rank 3BSPXUProShares UltraPro Short S&P500Score 59
Rank 4BSDSProShares UltraShort S&P500Score 56
Rank 5DSPXSDirexion Daily S&P 500 Bear 3X ETFScore 29

Our read on each fund

ETF.net Research

SDSBProShares UltraShort S&P500

SHAProShares Short S&P500

In short

SDS The middle setting on the bear-S&P dial: SDS aims for two times the inverse of the S&P 500's daily move, before fees. Running since 2006, it resets every close, which makes it a trading tool, not a parking spot.

SH The plain-vanilla bear. SH aims for -1x the S&P 500's daily move with no leverage stacked on top, and it has been doing that since 2006. One of the most heavily traded ways to lean against the index through a single ticker.

Stated mandate

SDS The fund seeks daily, before-fee-and-expense returns equal to two times the inverse of the daily performance of the S&P 500 Index.

SH The fund seeks daily returns before fees and expenses that are the inverse of the S&P 500 Index’s daily performance. It is intended to benefit when that index declines.

Why people hold it

SDS The mandate is one sentence long: twice the inverse of the S&P 500's daily performance. Day to day, it has landed close to that stated target.
Launched in 2006, it is one of the original leveraged ETFs and has run under the same sponsor through multiple market cycles.
Middle gear of the S&P bear lineup: SH runs 1x inverse, SPXU 3x, SDS 2x. Inverse exposure in a normal brokerage ticket, no share borrow.

SH No leverage multiplier: SH targets -1x the index's daily move, while category-mates SDS, SPXU and SPXS chase 2x and 3x versions of the same trade.proshares.com
Trading since 2006, one of the longest-running inverse equity ETFs, and consistently among the most actively traded funds in its category.
Swap contracts with major banks do the shorting, so the inverse exposure arrives through one ticker in a brokerage account rather than a short sale. Pays quarterly.sec.gov proshares.com

Worth knowing

SDS The 2x target resets daily. Over longer holds, compounding in choppy markets can pull results well away from twice the index's move for that stretch.
At 0.91% it is the dearest of the ProShares S&P bear trio (SH 0.89%, SPXU 0.90%) and sits just above the cohort median.
It is not the most heavily traded name in the S&P bear group, so spreads add to the bill on fast round trips.

SH The daily reset is the whole story: the -1x target applies to a single day. Hold longer and compounding can pull results away from the inverse of the index's move over that stretch.proshares.com
The 0.88% fee sits near the category median. Direxion's SPDN targets the same -1x exposure at 0.48% net of a waiver through September 1, 2027 (0.54% gross).
The exposure rests on swap counterparties and money market collateral rather than a basket of shorted stocks, so counterparty and derivatives risk come with it.sec.gov proshares.com

Full SDS profile⁠

Full SH profile⁠

SDS vs SH Holdings

How SDS and SH differ

Overlap by weight

100%

Shared holdings make up 100% of SH and 100% of SDS.

Level by level

Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%
Holdings5 in both100%

Sector

Sector weights in SDS and SH, widest gap first
Sector	More in SDSMore in SH	SDS	SH
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in SDS and SH, widest gap first
Country	More in SDSMore in SH	SDS	SH
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SDS136.4%
SH117.1%

Securities held

SDS13
SH5

Asset class

SDS: Equity
SH: Equity

Holdings

Only in SDS8
In both5
Only in SH0

Only in SDS

8 securities, 27.7% of SDS by weight

TREASURY BILL, 0%, due 2026-11-056.52%
TREASURY BILL, 0%, due 2026-12-175.19%
TREASURY BILL, 0%, due 2026-12-084.42%
TREASURY BILL, 0%, due 2026-11-104.30%
TREASURY BILL, 0%, due 2027-01-123.88%
TREASURY BILL, 0%, due 2027-03-041.54%
TREASURY BILL, 0%, due 2026-12-311.30%
TREASURY BILL, 0%, due 2026-11-240.52%

Only in SH

0 securities, 0.0% of SH by weight

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in SDS and SH, widest gap first
Holding	More in SDSMore in SH	SDS	SH
Proshares Genius Mny Mkt EtfIQMM	SDS +8.14 points	99.59%	91.45%
TREASURY BILL, 0%, due 2027-01-19	SH +6.37 points	1.29%	7.66%
TREASURY BILL, 0%, due 2026-11-17	SH +5.07 points	5.21%	10.28%
TREASURY BILL, 0%, due 2026-12-29	SH +2.01 points	3.11%	5.12%
TREASURY BILL, 0%, due 2026-11-03	SDS +0.04 points	2.61%	2.57%

All 16 SDS holdings⁠All 18 SH 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.

SDS vs SH Cost

Overpaying SDS vs SH

$502

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

SDS 0.91%
$17,207
SH 0.88%
$16,705

Amount$10,000

Years30 years

Cost over time

SDS 0.91%
SH 0.88%
Overpaying

Year by year

Year	SDS	SH	Overpaying
10	$1,610	$1,559	$51
20	$6,076	$5,891	$185
30	$17,207	$16,705	$502

Expense ratio

0.91%SDS
0.88%SH, cheaper

SH0.88%SDS0.91%

0.48%1.04%

Middle half of Inverse S&P 500 funds
Median 0.90%

SH 2nd cheapest of 5 funds

SDS 4th cheapest of 5 funds

SDS vs SH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SDS 5.07%, better; SH 3.87%
Payout (12M): SDS $2.83; SH $1.27
Last payment: SDS $0.63; SH $0.30
Ex-dividend: SDS Sep 23, 2026; SH Sep 23, 2026
Paid on: SDS Sep 29, 2026; SH Sep 29, 2026
Frequency: SDS Quarterly; SH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SDSQuarterly · 27 paymentsAll SDS payments⁠

SHQuarterly · 27 paymentsAll SH payments⁠

SDS vs SH Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: SDS 22.9%SH 11.7%, better
Return per unit of riskSharpe ratio, 3 years: SDS −1.63SH −1.60, better
Worst fallMax drawdown, 5 years: SDS −76.6%SH −45.5%, better
Market sensitivityBeta, 5 years: SDS −1.92SH −0.97; Market = 1

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