SDS vs SPDN: Grades, Fees and Holdings Compared

ProShares UltraShort S&P500

SDSBNYSE Arca

Direxion Daily S&P 500 Bear 1X ETF

SPDNANYSE Arca

Overlap

0.0%by weight

Expense ratio

SPDN −0.43pt a year

SDS0.91%SPDN0.48%

Avg volume · 30D

SPDN 12.7×the volume

SDS2.99MSPDN38M

10Y return · a year

SPDN +15.0pt

SDS−27.2%SPDN−12.2%

SDS vs SPDN Performance

Oct 29, 2021 – Oct 30, 2026

−64.5%SDS−29.8%SPDN

Expense ratio: SDS 0.91%; SPDN 0.48%, better
Fund size: SDS $372M; SPDN $291M
1Y total return: SDS −15.6%; SPDN −5.6%, better
Yield (12M): SDS 5.07%, better; SPDN 3.63%
Holdings: SDS 13; SPDN 3
Avg volume (30D): SDS 2.99M sh; SPDN 38M sh, better
NAV per share: SDS $55.91; SPDN $8.45
52W range

ETF.net Grade

Pillar letters and Scores for SDS, SPDN, with each pillar’s weight
Pillar	SDS	SPDN
Cost30% weight	C42	A87Higher
Mission25% weight	A80	Not scored
Risk15% weight	C49	B66Higher
Tradability15% weight	C48	B65Higher
Holdings10% weight	B61	Not scored
Durability5% weight	B59Higher	C40

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SDS and SPDN 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 ›

SPDN ranks 1st 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

SPDNADirexion Daily S&P 500 Bear 1X ETF

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.

SPDN A bet against the S&P 500 without the leverage: SPDN aims for the index's daily move in reverse, one for one, at 0.48% net of a waiver through September 1, 2027, the lowest fee in its short-S&P group.

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.

SPDN The fund seeks daily results equal to 100% of the inverse performance of the S&P 500® Index, before fees and expenses.

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.

SPDN 0.48% net of a waiver through September 1, 2027 (0.54% gross), against 0.88% for SH, 0.91% for SDS and 1.04% for SPXS. The cheapest ticket in the group.
One times inverse, not 2x or 3x: it targets roughly a 1% gain for each 1% the S&P 500 drops that day, without the amplified swings of SDS or SPXS.direxion.com
Listed since 2016 and very actively traded for a corner this small, which matters when the whole point is getting in and out on a single session.
Among the strongest implementations in its small bear-S&P peer group, helped by the lowest fee and the absence of leverage.

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.

SPDN The reset is daily. Direxion's filing says returns over periods longer than a trading day may have no resemblance to -100% of the index, with volatility and compounding driving the gap.sec.gov
Direxion states there is no guarantee the fund achieves its stated objective. The -100% daily target is an aim, not an outcome.direxion.com
That 0.48% rides on a waiver through September 1, 2027. The gross ratio is 0.54%, and the cap stops applying after that date unless it is renewed.

Full SDS profile⁠

Full SPDN profile⁠

SDS vs SPDN Holdings

How SDS and SPDN differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SDS and 0.0% of SPDN.

Level by level

Asset classEquity, Leveraged/Inverse0.0%
Holdings0 in both0.0%

Sector

No Sector split for SPDN.

Country, concentration and asset class

Country by domicile

No country split for SPDN.

Concentration

Weight in the 10 largest Holdings

SDS136.4%
SPDN12924.1%

Securities held

SDS13
SPDN2

Asset class

SDS: Equity
SPDN: Leveraged/Inverse

Holdings

Only in SDS13
In both0
Only in SPDN2

Only in SDS

13 securities, 100% of SDS by weight

Proshares Genius Mny Mkt Etf99.59%
TREASURY BILL, 0%, due 2026-11-056.52%
TREASURY BILL, 0%, due 2026-11-175.21%
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 2026-12-293.11%
TREASURY BILL, 0%, due 2026-11-032.61%
TREASURY BILL, 0%, due 2027-03-041.54%
TREASURY BILL, 0%, due 2026-12-311.30%
TREASURY BILL, 0%, due 2027-01-191.29%
TREASURY BILL, 0%, due 2026-11-240.52%

Only in SPDN

2 securities, 100% of SPDN by weight

Goldman Sachs Fin Gov 465 Institut1867.85%
Goldman Finl Sq Trsry Inst 5060.00%

Weight gaps

SDS and SPDN share no securities.

All 16 SDS holdings⁠All 6 SPDN 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 SPDN Cost

Overpaying SDS vs SPDN

$7,602

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

SDS 0.91%
$17,207
SPDN 0.48%
$9,605

Amount$10,000

Years30 years

Cost over time

SDS 0.91%
SPDN 0.48%
Overpaying

Year by year

Year	SDS	SPDN	Overpaying
10	$1,610	$865	$745
20	$6,076	$3,328	$2,748
30	$17,207	$9,605	$7,602

Expense ratio

0.91%SDS
0.48%SPDN, cheaper

SPDN0.48%SDS0.91%

0.48%1.04%

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

SPDN cheapest of 5 funds

SDS 4th cheapest of 5 funds

SDS vs SPDN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SDS 5.07%, better; SPDN 3.63%
Payout (12M): SDS $2.83; SPDN $0.31
Last payment: SDS $0.63; SPDN $0.12
Ex-dividend: SDS Sep 23, 2026; SPDN Sep 22, 2026
Paid on: SDS Sep 29, 2026; SPDN Sep 29, 2026
Frequency: SDS Quarterly; SPDN Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SDSQuarterly · 27 paymentsAll SDS payments⁠

SPDNQuarterly · 29 paymentsAll SPDN payments⁠

SDS vs SPDN Risk

Fall from peak · 5 years

SDS
SPDN

Risk facts

VolatilityStd dev, 3 years: SDS 22.9%SPDN 11.9%, better
Return per unit of riskSharpe ratio, 3 years: SDS −1.63SPDN −1.54, better
Worst fallMax drawdown, 5 years: SDS −76.6%SPDN −44.8%, better
Market sensitivityBeta, 5 years: SDS −1.92SPDN −0.97; Market = 1

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