ProShares UltraShort S&P500 (SDS) Performance
SDS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −17.1% since Dec 31, 2025
- 1 year
- −19.0% total return
- 5 years
- −19.3% a year
- 10 years
- −27.2% a year
- Since first price
- −24.8% a year since 2006
SDS trailing returns vs SPY, QQQ, AGG
| Period | SDS total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.9% | +2.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −4.3% | −5.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −11.1% | −13.1% | +7.8% | +8.4% | −1.5% |
| YTD | −17.1% | −19.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −19.0% | −22.5% | +14.4% | +15.9% | −1.1% |
| 3 years | −66.1%−30.3%/yr | −71.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −65.8%−19.3%/yr | −72.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −95.8%−27.2%/yr | −96.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −99.2%−27.3%/yr | −99.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | −99.6%−24.5%/yr | −99.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJul 13, 2006 | −99.7%−24.8%/yr | −99.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SDS vs SPY
From Jul 13, 2006: SDS grew to $30, SPY to $88,731.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SDS returns by calendar year
3 of 19 full years positive. Best 2008 (+60.5%), worst 2009 (−50.6%). 2026 is year to date.
SDS annual returns table
| Year | SDS | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −17.1% | −33.2% | +12.3% | +15.1% | −1.0% |
| 2025 | −26.8% | −48.2% | +17.7% | +20.8% | +7.2% |
| 2024 | −29.5% | −36.6% | +24.9% | +25.6% | +1.3% |
| 2023 | −31.5% | −33.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +30.7% | −28.5% | −18.2% | −32.6% | −13.0% |
| 2021 | −43.0% | −45.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −50.1% | −71.0% | +18.3% | +48.6% | +7.5% |
| 2019 | −41.2% | −44.2% | +31.2% | +39.0% | +8.5% |
| 2018 | +6.0% | −24.3% | −4.6% | −0.1% | +0.1% |
| 2017 | −32.0% | −31.7% | +21.7% | +32.7% | +3.6% |
| 2016 | −24.2% | −39.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −9.6% | −24.1% | +1.2% | +9.4% | +0.5% |
| 2014 | −25.7% | −35.5% | +13.5% | +19.2% | +6.0% |
| 2013 | −45.2% | −42.7% | +32.3% | +36.6% | −2.0% |
| 2012 | −29.9% | −29.5% | +16.0% | +18.1% | +3.8% |
| 2011 | −18.8% | −31.3% | +1.9% | +3.4% | +7.7% |
| 2010 | −32.2% | −38.3% | +15.1% | +19.9% | +6.4% |
| 2009 | −50.6% | −70.2% | +26.4% | +54.7% | +3.0% |
| 2008 | +60.5% | −37.3% | −36.8% | −41.7% | +7.9% |
| 2007 | −3.7% | −21.7% | +5.1% | +19.0% | +6.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SDS largest drawdowns
Now 99.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2009 | −99.9% | Aug 13, 2026 | not yet | 17.4 years | 17.6 years so far |
| Nov 20, 2008 | −40.9% | Jan 6, 2009 | Mar 5, 2009 | 47 days | 3 months |
| Jul 17, 2006 | −33.0% | Oct 9, 2007 | Jul 11, 2008 | 1.2 years | 2.0 years |
| Oct 27, 2008 | −31.0% | Nov 4, 2008 | Nov 20, 2008 | 8 days | 24 days |
| Oct 10, 2008 | −22.4% | Oct 13, 2008 | Oct 27, 2008 | 3 days | 17 days |
| Jul 15, 2008 | −14.9% | Aug 11, 2008 | Sep 17, 2008 | 27 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SDS risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2006 |
|---|---|---|---|---|
| Annualized return | −29.7% | −21.3% | −27.2% | −24.8% |
| Volatility (annualized) | 23.2% | 30.4% | 28.7% | 28.2% |
| Sharpe ratio | -1.57 | -0.75 | -1.03 | -0.91 |
| Sortino ratio | -1.63 | -0.95 | -1.23 | -1.12 |
| Best month | +12.1% | +20.3% | +20.3% | +21.8% |
| Worst month | −17.8% | −17.8% | −24.8% | −24.8% |
| Best 12 months | −7.6% | +30.7% | +30.7% | +87.7% |
| Worst 12 months | −41.8% | −41.8% | −64.7% | −64.7% |
| Positive months | 33% | 38% | 31% | 32% |
| Beta vs S&P 500 | -1.84 | -1.93 | -1.82 | — |
| Correlation with S&P 500 | -0.99 | -0.99 | -0.97 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SDS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 232 | −64.7% | −26.5% | +87.7% | 13% |
| 3-year (a year) | 208 | −45.3% | −26.6% | −3.7% | 0% |
| 5-year (a year) | 184 | −40.7% | −27.0% | −12.8% | 0% |
| 10-year (a year) | 124 | −31.7% | −26.8% | −21.5% | 0% |
Every holding period starting at a month-end since 2006. Returns for 3 years and longer are annualized.
SDS performance overview
ProShares UltraShort S&P500 (SDS) returned −19.0% over the past year and −27.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2006 it has returned −24.8% a year, turning $10,000 into about $30. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Mar 9, 2009 to Aug 13, 2026; the fund has not yet regained that high. SDS finished 3 of its 19 full calendar years with a gain; the best year was 2008 (+60.5%) and the worst 2009 (−50.6%). Volatility has been 28.2% a year.
Related: SDS chart, SDS dividends. See the SDS overview for the latest quote and fund facts.
SDS performance FAQ
What is the SDS return over the past year?
SDS returned −19.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 22.5%.
What is the average annual return of SDS?
SDS has returned −19.3% a year over 5 years, −27.2% a year over 10 years, −24.8% a year since July 13, 2006 (total return, distributions reinvested).
How much would $10,000 invested in SDS be worth?
$10,000 invested in SDS at its first recorded close on July 13, 2006 would be worth about $30 on October 23, 2026 with distributions reinvested.
What was the worst year for SDS?
The worst calendar year was 2009, with a total return of −50.6%. The best was 2008 at +60.5%.
What is the biggest drawdown of SDS?
The largest peak-to-trough decline was −99.9% between March 9, 2009 and August 13, 2026. It has not yet recovered to that high; it is 99.8% below its peak.
How volatile is SDS?
Over the past 3 years SDS had an annualized volatility of 23.2% and a Sharpe ratio of -1.57 (excess return over 1–3 month T-bills per unit of risk).