SDS
SDS is an exchange-traded fund (ETF) designed to provide twice (2x) the inverse (opposite) of the daily performance of the S&P 500 Index. This means it aims to deliver -2x the daily return of the S&P 500 Index, which can be used by investors seeking to profit from or hedge against declines in the S&P 500.
Asset Summary
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Asset Performance Metrics and Risk Characteristics:
Metrics below use daily returns for Jan 1, 2026 – Aug 23, 2026 (YTD).
Understanding asset performance is crucial for evaluating investment quality and making informed decisions. Metrics like trailing return and drawdown provide insights into how an asset has performed over time, its volatility, and the efficiency of its returns relative to risk. Performance indicators help assess the stability, risk, and reward of an investment, allowing investors and portfolio managers to make comparisons and strategize accordingly.
1 Month Trailing Return
-6.54%
Represents the percentage change in asset value over the past month.
3 Month Trailing Return
-4.14%
Indicates the percentage change in asset value over the last three months.
Period Max Drawdown
33.90%
The highest percentage drop from the peak value to the lowest point during the observed period.
Standard Deviation
27.16%
Shows how much the asset’s daily returns deviate from the average, annualized for the entire period.
Sharpe Ratio
-1.16
Measures the average return earned in excess of the risk-free rate per unit of volatility, annualized.
Calmar Ratio
-0.93
The ratio of the annualized return to the maximum drawdown, reflecting the return per unit of risk.
Asset Technical Analysis
Technical analysis involves evaluating an asset's price and volume data to forecast future movements and make informed trading decisions. Using indicators such as moving averages, pivot levels, momentum studies, and candlestick pattern scans can clarify trend strength and volatility. The tabs below summarize moving averages, pivots, technical indicators, candlestick patterns, and recent prices for this symbol.
Analysis
Moving Averages
Moving Averages are commonly used to smooth out price data and identify trends over a specific period. Here’s a summary of the latest moving averages for various periods:
| Type/Period | |
|---|---|
| SMA | |
| EMA | |
| WMA | |
| WEMA |
- SMA (Simple Moving Average): Reflects the average price over a specific number of periods.
- EMA (Exponential Moving Average): Gives more weight to recent prices, making it more responsive to new information.
- WMA (Weighted Moving Average): Assigns a weight to each price, emphasizing more recent prices.
- WEMA (Weighted Exponential Moving Average): Combines elements of both WMA and EMA for a more responsive moving average.
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Unlock Full Potential NowFrequently Asked Questions
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SDS aims to provide twice the inverse of the daily return of the S&P 500 Index. This means that if the S&P 500 Index decreases by 1% in a day, SDS seeks to increase by 2%. Conversely, if the S&P 500 Index increases, SDS aims to decrease by twice that amount. Due to daily rebalancing and compounding effects, the long-term performance may deviate from -2x the cumulative return of the S&P 500.
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Risks associated with SDS include leverage risk, market risk, and tracking error. The use of leverage can amplify both gains and losses, leading to increased volatility. Daily rebalancing and compounding effects can result in performance deviations from the intended -2x return over longer periods.
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SDS specifically targets twice the inverse daily return of the S&P 500 Index. Other inverse ETFs may focus on different indices or offer varying levels of inverse exposure, such as 1x or 3x, and may use different strategies or underlying assets.
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Key performance metrics for SDS include its net asset value (NAV), expense ratio, total return, and tracking error. NAV reflects the per-share value of the ETF, the expense ratio indicates the cost of managing the fund, total return measures overall performance including dividends, and tracking error shows how closely SDS tracks its -2x performance objective.
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Investors can purchase shares of SDS through a brokerage account, similar to other stocks and ETFs. It is traded on the New York Stock Exchange (NYSE) under the ticker symbol "SDS."
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The historical performance of SDS reflects its objective to provide twice the inverse of the daily return of the S&P 500 Index. While it can achieve this over short periods, the long-term performance may vary due to the effects of leverage, daily rebalancing, and compounding.
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SDS is managed by ProShares. The fund uses leverage and financial derivatives such as futures contracts and swaps to achieve its goal of providing twice the inverse of the daily return of the S&P 500 Index. The ETF is rebalanced daily to maintain the -2x leverage ratio.
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SDS rebalance its portfolio daily to maintain its -2x leverage ratio relative to the S&P 500 Index. This daily rebalancing is necessary to meet the fund’s objective of providing twice the inverse daily return.
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Similar ETFs to SDS include ProShares UltraPro Short S&P 500 ETF (SPXU), which seeks to provide three times (3x) the inverse daily return of the S&P 500 Index, and Direxion Daily S&P 500 Bear 3x Shares (SPXS), which also aims to deliver three times the inverse daily performance of the S&P 500 Index.
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Factors affecting SDS’s performance include market conditions, changes in the S&P 500 Index, and the impact of leverage and daily rebalancing. Volatility and compounding effects can lead to deviations from the intended -2x return over time.
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Disclaimers
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