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

Over the window to Sep 30, 2026, SDS finished 1.8 points from what its multiple implies and SPXU 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.

Are SDS and SPXU levered on the same thing?

Yes. Both are levered on the S&P 500, SDS at -2 times and SPXU at -3 times the daily move.

Which one decays faster, SDS or SPXU?

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

Can I hold SDS or SPXU 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 SPXU?

SDS charges 0.91% a year and SPXU charges 0.90%, so SPXU is cheaper. Fees come from each fund's prospectus.

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SDS vs SPXU: which held to its multiple?

Over three months against its own daily promise, SDS finished 2.5 points over and SPXU 3.4 points over. ProShares UltraShort S&P500 and ProShares UltraPro Short S&P500.

−3.2%

SDS returned, 3 months

−5.4%

SPXU returned, 3 months

+1.8 pts

SDS from its stated multiple

+2.1 pts

SPXU 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%

SPXU · 3 months to Sep 30, 20262.1 pts ahead of its stated multiple

SPXU returned −5.4% while −3 times SPY's move would have been −7.6%

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

SDS 73.2

SPXU 90

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	SPXU	SDS	SPXU	SDS	SPXU
1 month	+1.2%	+1.6%	+0.7%	+1.0%	+0.6 pts	+0.6 pts
3 months	−3.2%	−5.4%	−5.0%	−7.6%	+1.8 pts	+2.1 pts
6 months	−24.8%	−35.9%	−34.0%	−50.9%	+9.2 pts	+15.1 pts
1 year	−21.1%	−32.4%	−31.4%	−47.1%	+10.4 pts	+14.8 pts
3 years	−65.3%	−82.5%	−170.0%	−254.9%	+104.7 pts	+172.4 pts
Since launch SDS Jan 2010 · SPXU Jan 2010	−99.5%	−100.0%	not meaningful	not meaningful	not meaningful	not meaningful

SDS and SPXU 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

SPXU

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

Issuer ProShares ProShares

Sets out to return -2x -3x

Underlying asset SPY SPY

Segment us large cap us large cap

Fund returned, 3 months or since launch −3.2% −5.4%

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

What the stated multiple implies, over that window −5.0% −7.6%

Difference from stated, over that window +1.8 pts +2.1 pts

Fund returned, 1 year or since launch −21.1% −32.4%

Difference from stated, over that window +10.4 pts +14.8 pts

Underlying volatility 11% 11%

Difference over the days both have traded no shared window +2.1 pts

Expense ratio 0.91% 0.90%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $350m $430m

SDS and SPXU 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.

SPXU in plain words

Three months to Sep 30, 2026: SPXU returned −5.4% where its own daily promise gave −8.9%, 3.4 points over. Read the multiple against the whole window instead and −3 times SPY's 2.5% implies −7.6%, which makes SPXU look 2.1 points over. 1.3 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. SPXU aims to return -3 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not -3 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 SPXU?: Over the window to Sep 30, 2026, SDS finished 1.8 points from what its multiple implies and SPXU 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.
Are SDS and SPXU levered on the same thing?: Yes. Both are levered on the S&P 500, SDS at -2 times and SPXU at -3 times the daily move.
Which one decays faster, SDS or SPXU?: Decay follows how much the underlying moves about. Over this window SDS’s moved at 11% annualized and SPXU’s at 11%, so SDS has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SDS or SPXU 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 SPXU?: SDS charges 0.91% a year and SPXU charges 0.90%, so SPXU is cheaper. Fees come from each fund's prospectus.

Other comparisons

SDS vs SPXS SDS vs SPYU SDS vs SSO SDS vs UPRO SPXU vs SPYU SPXU vs SSO SPXU vs UPRO SPXU vs SH

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

Where these figures came from

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

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 SPXU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sds-vs-spxu

Open data

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