Which came closer to its stated multiple, SDS or SH?

Over the window to Sep 30, 2026, SDS finished 1.8 points from what its multiple implies and SH finished 1.5 points from its own, so SH came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SDS and SH levered on the same thing?

Yes. Both are levered on the S&P 500, SDS at -2 times and SH at -1 times the daily move.

Which one decays faster, SDS or SH?

Decay follows how much the underlying moves about. Over this window SDS’s moved at 11% annualized and SH’s at 11%, so SDS has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SDS or SH for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, SDS or SH?

SDS charges 0.91% a year and SH charges 0.88%, so SH is cheaper. Fees come from each fund's prospectus.

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SDS vs SH: which held to its multiple?

Over three months against its own daily promise, SDS finished 2.5 points over and SH 1.7 points over. ProShares UltraShort S&P500 and ProShares Short S&P500.

−3.2%

SDS returned, 3 months

−1.1%

SH returned, 3 months

+1.8 pts

SDS from its stated multiple

+1.5 pts

SH from its stated multiple

SDS · 3 months to Sep 30, 20261.8 pts ahead of its stated multiple

SDS returned −3.2% while −2 times SPY's move would have been −5.0%

SH · 3 months to Sep 30, 20261.5 pts ahead of its stated multiple

SH returned −1.1% while −1 times SPY's move would have been −2.5%

ETFIQ Decay Resistance Score · SDS scores higherDid it keep up with its own daily multiple, compounded day by day?

SDS 73.2

SH 58.8

0.4, the lowest in this set99.6, the highest

A percentile among the 125 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	SDS	SH	SDS	SH	SDS	SH
1 month	+1.2%	+0.8%	+0.7%	+0.3%	+0.6 pts	+0.4 pts
3 months	−3.2%	−1.1%	−5.0%	−2.5%	+1.8 pts	+1.5 pts
6 months	−24.8%	−12.3%	−34.0%	−17.0%	+9.2 pts	+4.7 pts
1 year	−21.1%	−9.1%	−31.4%	−15.7%	+10.4 pts	+6.7 pts
3 years	−65.3%	−35.5%	−170.0%	−85.0%	+104.7 pts	+49.5 pts
Since launch SDS Jan 2010 · SH Jan 2010	−99.5%	−90.3%	not meaningful	not meaningful	not meaningful	not meaningful

SDS and SH over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SDS

ProShares UltraShort S&P500 · Aims to return twice the opposite of the daily move of the S&P 500

ProShares Short S&P500 · Aims to return 1 times the opposite of the daily move of the S&P 500

Issuer ProShares ProShares

Sets out to return -2x -1x

Underlying asset SPY SPY

Segment us large cap us large cap

Fund returned, 3 months or since launch −3.2% −1.1%

Underlying returned, over that window +2.5% +2.5%

What the stated multiple implies, over that window −5.0% −2.5%

Difference from stated, over that window +1.8 pts +1.5 pts

Fund returned, 1 year or since launch −21.1% −9.1%

Difference from stated, over that window +10.4 pts +6.7 pts

Underlying volatility 11% 11%

Difference over the days both have traded no shared window +1.5 pts

Expense ratio 0.91% 0.88%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $350m $1.0bn

SDS and SH on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SDS in plain words

Three months to Sep 30, 2026: SDS returned −3.2% where its own daily promise gave −5.7%, 2.5 points over. Read the multiple against the whole window instead and −2 times SPY's 2.5% implies −5.0%, which makes SDS look 1.8 points over. 0.7 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SDS aims to return -2 times SPY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPY moved at 11% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

SH in plain words

Three months to Sep 30, 2026: SH returned −1.1% where its own daily promise gave −2.8%, 1.7 points over. Read the multiple against the whole window instead and −1 times SPY's 2.5% implies −2.5%, which makes SH look 1.5 points over. 0.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. SH aims to return -1 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, SDS or SH?: Over the window to Sep 30, 2026, SDS finished 1.8 points from what its multiple implies and SH finished 1.5 points from its own, so SH came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SDS and SH levered on the same thing?: Yes. Both are levered on the S&P 500, SDS at -2 times and SH at -1 times the daily move.
Which one decays faster, SDS or SH?: Decay follows how much the underlying moves about. Over this window SDS’s moved at 11% annualized and SH’s at 11%, so SDS has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SDS or SH for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, SDS or SH?: SDS charges 0.91% a year and SH charges 0.88%, so SH is cheaper. Fees come from each fund's prospectus.

Other comparisons

SDS vs SPDN SDS vs SPUU SDS vs SPXL SDS vs SPXS SH vs SPDN SH vs SPUU SH vs SPXL SH vs SPXS

SPY →SDS on its own →SH on its own →How every figure is computed →Standards and sources →

Where these figures came from

SDS and SH filings on SEC EDGAR ↗SDS and SH prospectus with the expense ratio (SEC) ↗ProShares page for SDS ↗ProShares page for SH ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SDS against SH, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sds-vs-sh

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.