SDS vs SPYQ: Leverage, Returns & Decay
Over three months against its daily multiple, compounded, SDS finished 2.5 points over and SPYQ 1.8 points short. Net assets on Oct 22, 2026: $383m for ProShares UltraShort S&P500 and $13m for Tradr 2X Long SPY Quarterly ETF.
SDS costs 0.09 points a year less; their one-year returns differ by 43.4 points; SDS is far larger, $383m against $13m.
Points (pts) are percentage points.
| SDS | SPYQ | |
|---|---|---|
| Expense ratio | 0.91% | 1.00% |
| Net assets | $383m | $13m |
| Total return, 1 year | −20.9% | +22.5% |
| What it tracks | S&P 500 | S&P 500 |
| Holdings in common | not published | |
| What its daily multiple gave, 3 months | −7.9% | 7.3% |
| What the underlying did, 3 months | SPY 3.7% | SPY 3.7% |
SDS returned −5.5% while −2 times SPY's move would have been −7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
SDS returned −5.5% while −2 times SPY's move would have been −7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
SPYQ returned +5.5% while 2 times SPY's move would have been +7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
SPYQ returned +5.5% while 2 times SPY's move would have been +7.4%. Figures from Jul 23, 2026 to Oct 22, 2026.
SDS among the 73 inverse ETFs at 2x, over three months
How closely it delivered its daily multiple over 3 months, ranked against 73 inverse ETFs at 2x, over three months and 510 leveraged ETFs at 2x, over three months. 100 is best. How it is computed
SPYQ among the 510 leveraged ETFs at 2x, over three months
A percentile among the 73 inverse ETFs at 2x, over three months. SPYQ is a percentile among the 510 leveraged ETFs at 2x, over three months, a different set, so the two marks are not on one scale. Three months only, against the fund's own daily multiple; a different quarter can rank it very differently. All leveraged ETFs ranked by it →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SDS | SPYQ | SDS | SPYQ | SDS | SPYQ |
| 1 month | +3.1% | −2.9% | +2.4% | −2.4% | +0.7 pts | −0.5 pts |
| 3 months | −5.5% | +5.5% | −7.4% | +7.4% | +1.9 pts | −1.9 pts |
| 6 months | −12.2% | +12.3% | −16.8% | +16.8% | +4.6 pts | −4.5 pts |
| 1 year | −20.9% | +22.5% | −31.2% | +31.2% | +10.3 pts | −8.7 pts |
| 3 years | −66.5% | – | not meaningful | – | not meaningful | – |
| Since launch Not the same days: SDS Jul 2006 · SPYQ Oct 2024 | −99.7% | +56.5% | not meaningful | +74.8% | not meaningful | −18.3 pts |
Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →
On the same fields
As of Oct 22, 2026. Source: ETFIQ.
About SDS
Read the multiple against the whole window instead and −2 times SPY's 3.7% implies −7.4%, which makes SDS look 1.9 points over. That is not the fund's objective, which is daily. Of that 1.9, daily compounding is −0.6 points, which any −2 times fund would show over the same path, and the fund itself is +2.5 points against −2 times each day's move, compounded. SDS aims to return -2 times SPY's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not -2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. SPY moved at 11% annualized over that window. The more it moves, the further the two figures separate.
Over the three months to Oct 22, 2026, SDS lost 5.5%, against −7.9% for twice the inverse of SPY's daily moves.
About SPYQ
Read the multiple against the whole window instead and 2 times SPY's 3.7% implies +7.4%, which makes SPYQ look 1.9 points short. Of that 1.9, daily compounding is −0.1 points, which any 2 times fund would show over the same path, and the fund itself is −1.8 points against 2 times each day's move, compounded. SPYQ aims to return +2 times SPY's move each day, then resets. Over longer periods the daily results compound, so the total is not +2 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run.
Over the three months to Oct 22, 2026, SPYQ returned 5.5%, against 7.3% for twice SPY's daily moves.
Questions people ask
- Which came closer to its daily multiple, SDS or SPYQ?
- Over the window to Oct 22, 2026, SDS finished 1.9 points from what its multiple implies and SPYQ finished 1.9 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 SPYQ levered on the same thing?
- Yes. Both are levered on the S&P 500, SDS at -2 times and SPYQ at +2 times the daily move.
- Which one decays faster, SDS or SPYQ?
- Decay follows how much the underlying moves about. Over this window SDS’s moved at 11% annualized and SPYQ’s at 11%, so SDS has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SDS or SPYQ for a year?
- Both reset every day, so the multiple in the name applies to a single day, and daily results compound. Over a year the total is not the multiple times the year’s move; after a fall and recovery it is lower.
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Every figure is an ETFIQ calculation with distributions reinvested.
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ETFIQ, SDS against SPYQ, data as of Oct 22, 2026. https://etfiq.com/compare/leverage/sds-vs-spyq
ETFIQ. (Oct 22, 2026). SDS against SPYQ. Retrieved from https://etfiq.com/compare/leverage/sds-vs-spyq
[SDS against SPYQ (ETFIQ, Oct 22, 2026)](https://etfiq.com/compare/leverage/sds-vs-spyq)
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