SDS vs SPXS: Grades, Fees and Holdings Compared

ProShares UltraShort S&P500

SDSBNYSE Arca

Direxion Daily S&P 500 Bear 3X ETF

SPXSDNYSE Arca

Overlap

0.0%by weight

Expense ratio

SDS −0.13pt a year

SDS0.91%SPXS1.04%

Avg volume · 30D

SPXS 4.0×the volume

SDS2.99MSPXS11.9M

10Y return · a year

SDS +14.4pt

SDS−27.2%SPXS−41.6%

SDS vs SPXS Performance

Oct 29, 2021 – Oct 30, 2026

−64.5%SDS−84.4%SPXS

Expense ratio: SDS 0.91%, better; SPXS 1.04%
Fund size: SDS $372M; SPXS $313M
1Y total return: SDS −15.6%, better; SPXS −25.1%
Yield (12M): SDS 5.07%, better; SPXS 4.50%
Holdings: SDS 13; SPXS 7
Avg volume (30D): SDS 2.99M sh; SPXS 11.9M sh, better
NAV per share: SDS $55.91; SPXS $24.30
52W range

ETF.net Grade

Pillar letters and Scores for SDS, SPXS, with each pillar’s weight
Pillar	SDS	SPXS
Cost30% weight	C42Higher	F15
Mission25% weight	A80	Not scored
Risk15% weight	C49Higher	D33
Tradability15% weight	C48	C54Higher
Holdings10% weight	B61	Not scored
Durability5% weight	B59Higher	C40

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SDS and SPXS 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 ›

SDS ranks 4th and SPXS 5th 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

SPXSDDirexion Daily S&P 500 Bear 3X 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.

SPXS A one-day trading tool, not a hedge you can forget about. SPXS targets 300% of the inverse daily move of the S&P 500 and resets every session, a mechanism Direxion has been running since the fund launched in November 2008.

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.

SPXS The fund seeks daily investment results equal to 300% 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.

SPXS One of the bluntest ways to take the other side of the S&P 500: it targets 300% of the index's inverse daily move, before fees and expenses.direxion.com
No margin account, no stock borrow, no broker calling in the short. You buy shares in a normal account, and the most at stake is what you put in.direxion.com
Among the most heavily traded funds in its corner of the market, so getting in and out rarely means hunting for the other side of the trade.
Launched in November 2008, it has run its daily-reset machinery through crashes, melt-ups and volatility spikes rather than one calm stretch of market.

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.

SPXS The 3x objective resets every day. Hold it longer and compounding can push the result well away from three times the index move over that stretch, either direction.
At 1.04% a year it sits above the roughly 0.90% typical of this peer group, and a 1x short such as SPDN charges 0.54% for the same directional view.
Leverage runs both ways: a 1% index gain is designed to move the fund about 3% the other direction, which makes this a position to watch intraday, not park.

Full SDS profile⁠

Full SPXS profile⁠

SDS vs SPXS Holdings

How SDS and SPXS differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for SPXS.

Country, concentration and asset class

Country by domicile

No country split for SPXS.

Concentration

Weight in the 10 largest Holdings

SDS136.4%
SPXS158.1%

Securities held

SDS13
SPXS0

Asset class

SDS: Equity
SPXS: Leveraged/Inverse

Holdings

Only in SDS13
In both0
Only in SPXS0

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 SPXS

0 securities, 0.0% of SPXS by weight

Weight gaps

SDS and SPXS share no securities.

All 16 SDS holdings⁠All 12 SPXS 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 SPXS Cost

Overpaying SPXS vs SDS

$2,127

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

SDS 0.91%
$17,207
SPXS 1.04%
$19,334

Amount$10,000

Years30 years

Cost over time

SDS 0.91%
SPXS 1.04%
Overpaying

Year by year

Year	SDS	SPXS	Overpaying
10	$1,610	$1,831	$221
20	$6,076	$6,867	$791
30	$17,207	$19,334	$2,127

Expense ratio

0.91%SDS, cheaper
1.04%SPXS

SDS0.91%SPXS1.04%

0.48%1.04%

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

SDS 4th cheapest of 5 funds

SPXS 5th cheapest of 5 funds

SDS vs SPXS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SDS 5.07%, better; SPXS 4.50%
Payout (12M): SDS $2.83; SPXS $1.15
Last payment: SDS $0.63; SPXS $0.34
Ex-dividend: SDS Sep 23, 2026; SPXS Sep 22, 2026
Paid on: SDS Sep 29, 2026; SPXS Sep 29, 2026
Frequency: SDS Quarterly; SPXS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SDSQuarterly · 27 paymentsAll SDS payments⁠

SPXSQuarterly · 23 paymentsAll SPXS payments⁠

SDS vs SPXS Risk

Fall from peak · 5 years

SDS
SPXS

Risk facts

VolatilityStd dev, 3 years: SDS 22.9%, betterSPXS 34.1%
Return per unit of riskSharpe ratio, 3 years: SDS −1.63, betterSPXS −1.66
Worst fallMax drawdown, 5 years: SDS −76.6%, betterSPXS −91.1%
Market sensitivityBeta, 5 years: SDS −1.92SPXS −2.87; Market = 1

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