SDS Performance — ProShares UltraShort S&P500
Data updated: 2026-08-14
SDS returned −17.55% year to date and −36.27% over one year to May 2026. Annualised returns are −30.09% over 3 years and −22.31% over 5 years. The fund trailed its Trading - Leveraged category average: $100 invested three years ago grew to $34, against $173 for the category, and to $64 over one year, against $137. Volatility over the past three years was 25.08% a year. In the 12 months to May 2026 the fund took in a net $223.9M, and assets reached $433.09M.
SDS Growth of $100
What $100 invested in ProShares UltraShort S&P500 grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Trading - Leveraged category average over the same months.
| Period | SDS | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $64 | $137 |
| 3 years (Jun 2023 – May 2026) | $34 | $173 |
| 5 years (Jun 2021 – May 2026) | $28 | $155 |
| Since data start (Sep 2019 – May 2026) | $9 | $181 |
SDS Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −17.55% |
| 1 year | −36.27% |
| 3 years (annualised) | −30.09% |
| 5 years (annualised) | −22.31% |
SDS Annual Returns
Calendar-year total returns of ProShares UltraShort S&P500, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | −17.55% |
| 2025 | −26.85% |
| 2024 | −29.43% |
| 2023 | −31.53% |
| 2022 | +30.55% |
| 2021 | −42.95% |
| 2020 | −50.07% |
| 2019 (Sep–Dec) | −18.38% |
SDS Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −2.2% | +1.9% | +10.8% | −17.8% | −9.2% | — | — | — | — | — | — | — |
| 2025 | −4.8% | +3.3% | +12.2% | −3.5% | −11.1% | −8.8% | −3.4% | −3.2% | −6.1% | −4.0% | −0.1% | +0.7% |
| 2024 | −2.4% | −9.1% | −5.2% | +9.5% | −8.2% | −5.8% | −1.6% | −4.3% | −3.4% | +2.7% | −10.1% | +5.6% |
| 2023 | −11.2% | +5.5% | −6.7% | −2.3% | −0.1% | −11.1% | −5.2% | +4.3% | +11.2% | +5.1% | −15.3% | −7.6% |
| 2022 | +10.3% | +5.1% | −8.4% | +18.3% | −2.5% | +16.5% | −16.7% | +8.2% | +20.2% | −15.6% | −11.3% | +12.9% |
| 2021 | +1.4% | −5.7% | −8.9% | −10.2% | −1.9% | −4.7% | −4.9% | −6.0% | +9.5% | −13.0% | +1.0% | −9.1% |
| 2020 | +0.1% | +17.5% | +4.3% | −24.8% | −10.1% | −6.0% | −10.9% | −13.2% | +6.4% | +4.3% | −19.4% | −7.5% |
| 2019 | — | — | — | — | — | — | — | — | −3.4% | −4.2% | −6.6% | −5.6% |
SDS Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 25.08%
- 3-year Sharpe ratio: -1.38 (vs 4.5% risk-free rate)
- Best month: +12.23% (Mar 2025)
- Worst month: −17.77% (Apr 2026)
SDS Fund Flows
Monthly money in and out of ProShares UltraShort S&P500, from SEC Form N-PORT.
- 12-month net flow: $223.9M
- 12-month gross sales (incl. reinvestments): $3.1B
- Sales ÷ redemptions: 1.08×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $354.8M | $321.0M | $33.8M |
| Apr 2026 | $403.8M | $402.1M | $1.6M |
| Mar 2026 | $440.8M | $329.8M | $111.0M |
| Feb 2026 | $500.2M | $462.8M | $37.4M |
| Jan 2026 | $174.7M | $187.8M | −$13.1M |
| Dec 2025 | $65.8M | $62.7M | $3.1M |
| Nov 2025 | $486.7M | $565.0M | −$78.4M |
| Oct 2025 | $168.4M | $174.6M | −$6.3M |
| Sep 2025 | $112.9M | $57.0M | $55.8M |
| Aug 2025 | $91.0M | $96.0M | −$5.0M |
| Jul 2025 | $195.4M | $124.1M | $71.2M |
| Jun 2025 | $117.5M | $105.0M | $12.5M |
SDS Assets Under Management
Net assets of ProShares UltraShort S&P500 by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $433.09M |
| 2026-02-28 | $383.06M |
| 2025-11-30 | $360.90M |
| 2025-08-31 | $440.42M |
| 2025-05-31 | $434.91M |
| 2025-02-28 | $443.41M |
| 2024-11-30 | $389.59M |
| 2024-08-31 | $441.05M |
| 2024-05-31 | $571.67M |
| 2024-02-29 | $617.38M |
| 2023-11-30 | $761.74M |
| 2023-08-31 | $851.44M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.