{"url":"https://etfiq.com/compare/leverage/sds-vs-spxs","section":"compare","title":"SDS vs SPXS: which held to its multiple? | ETFIQ","description":"SDS sets out to return -2 times SPY each day and SPXS -3 times. Over the three months to Sep 30, 2026 they finished +1.8 pts and +2.1 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SDS or SPXS?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SDS finished 1.8 points from what its multiple implies and SPXS finished 2.1 points from its own, so SDS came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SDS and SPXS levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SDS at -2 times and SPXS at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SDS or SPXS?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SDS\u2019s moved at 11% annualized and SPXS\u2019s at 11%, so SDS has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SDS or SPXS for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, SDS or SPXS?","acceptedAnswer":{"@type":"Answer","text":"SDS charges 0.91% a year and SPXS charges 1.04%, so SDS is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"SDS vs SPXS","item":"https://etfiq.com/compare/leverage/sds-vs-spxs"}]},{"@type":"WebPage","name":"SDS vs SPXS: which held to its multiple?","description":"SDS sets out to return -2 times SPY each day and SPXS -3 times. Over the three months to Sep 30, 2026 they finished +1.8 pts and +2.1 pts away.","url":"https://etfiq.com/compare/leverage/sds-vs-spxs","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SDS finished 2.5 points over and SPXS 3.4 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SDS and SPXS","description":"SDS sets out to return -2 times SPY each day and SPXS -3 times. Over the three months to Sep 30, 2026 they finished +1.8 pts and +2.1 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/sds-vs-spxs","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6887,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SDS vs SPXS \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SDS vs SPXS: which held to its multiple?\n\n Over three months against its own daily promise, SDS finished 2.5 points over and SPXS 3.4 points over.\n Copy this for sharing \n \n ProShares UltraShort S&P500 and Direxion Daily S&P 500(R) Bear 3X ETF.\n\n Download as PDF \n\n \u22123.2% SDS returned, 3 months \n \u22125.5% SPXS returned, 3 months \n +1.8 pts SDS from its stated multiple \n +2.1 pts SPXS from its stated multiple \n\n ETFIQ Decay Resistance Score: SPXS scores higher\n Did it keep up ","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/sds-vs-spxs","a":{"ticker":"SDS","name":"ProShares UltraShort S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SDS returned \u22123.2% where its own daily promise gave \u22125.7%, 2.5 points over.","url":"https://etfiq.com/funds/sds","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What \u22122 times a day gives","value":"\u22125.7%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22123.2%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+2.5 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$350m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.91%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"SPXS","name":"Direxion Daily S&P 500(R) Bear 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPXS returned \u22125.5% where its own daily promise gave \u22128.9%, 3.4 points over.","url":"https://etfiq.com/funds/spxs","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"\u22128.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22125.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+3.4 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$334m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.04%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/sds-vs-spxs"}