LEO vs SDS

Comparison between BNY Mellon Strategic Municipals Inc (LEO, ETF) and ProShares UltraShort S&P500 -2x Shares (SDS, ETF).

5-Year PerformanceLEO has outperformed SDS, delivering a return of -4.1% compared to -20.4%

LEO vs SDS - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	LEO(ETF)	SDS(ETF)
Net Assets	$420M	$418M
Max Drawdown	54.53%	99.90%
Sharpe Ratio	0.57	-1.28
5Y Beta	0.18	-1.92
5Y Dividends CAGR	-6.11%	22.27%

Net Assets

Winner

LEO

$420M

SDS

$418M

Max Drawdown

Winner

LEO

54.53%

SDS

99.90%

Sharpe Ratio

Winner

LEO

0.57

SDS

-1.28

5Y Beta

LEO

0.18

Winner

SDS

-1.92

5Y Dividends CAGR

LEO

-6.11%

Winner

SDS

22.27%

LEO vs SDS - Historical Returns

Returns include dividend reinvestment.

Period	LEO	SDS
1 month	-0.65%	-7.66%
3 months	-2.22%	-4.44%
6 months	-2.68%	-19.83%
1 year	+10.17%	-27.07%
5 years(CAGR)	-4.07%	-20.36%
10 years(CAGR)	+0.87%	-27.36%
Max(CAGR)	+4.69%	-25.15%

Winner

LEO

-0.65%

SDS

-7.66%

Winner

LEO

-2.22%

SDS

-4.44%

Winner

LEO

-2.68%

SDS

-19.83%

Winner

LEO

+10.17%

SDS

-27.07%

5Y(CAGR)

Winner

LEO

-4.07%

SDS

-20.36%

10Y(CAGR)

Winner

LEO

+0.87%

SDS

-27.36%

Max(CAGR)

Winner

LEO

+4.69%

SDS

-25.15%

LEO vs SDS - Annual Returns (2001 - 2026)

Returns include dividend reinvestment.

Year	LEO	SDS
2026	+0.05%	-19.84%
2025	+8.40%	-27.18%
2024	+6.40%	-30.24%
2023	-1.05%	-32.17%
2022	-23.74%	+32.17%
2021	+5.05%	-44.54%
2020	+4.86%	-48.99%
2019	+22.72%	-41.12%
2018	-12.42%	+7.54%
2017	+8.83%	-30.97%
2016	+3.50%	-26.29%
2015	+11.03%	-9.61%
2014	+15.50%	-27.06%
2013	-16.60%	-42.30%
2012	+14.70%	-27.66%
2011	+23.10%	-17.21%
2010	+3.15%	-29.93%
2009	+46.92%	-47.35%
2008	-27.48%	+57.43%
2007	-7.07%	-4.12%
2006	+13.96%	-19.87%
2005	+7.55%	N/A
2004	-7.35%	N/A
2003	+10.84%	N/A
2002	+6.78%	N/A
2001	+22.11%	N/A

LEO vs SDS Drawdown Comparison

The maximum drawdown for LEO was -47.31%, occurring on Oct 10, 2008. Recovery took 671 trading sessions.

The maximum drawdown for SDS was -99.86%, occurring on Aug 13, 2026. This drawdown has not yet recovered.

The current LEO drawdown is -18.76%. The current SDS drawdown is -99.85%.

Rank	LEO	SDS
#1	-47.31% May 7, 2007 - Jan 5, 2010	-99.86% Mar 9, 2009 - Aug 13, 2026
#2	-41.48% Aug 27, 2021 - Oct 25, 2023	-41.04% Nov 20, 2008 - Mar 5, 2009
#3	-30.28% Feb 25, 2020 - Feb 5, 2021	-33.06% Jul 17, 2006 - Jul 11, 2008
#4	-23.62% Jan 8, 2013 - Nov 3, 2015	-31.02% Oct 27, 2008 - Nov 20, 2008
#5	-21.68% Jan 21, 2004 - Sep 7, 2005	-22.44% Oct 10, 2008 - Oct 27, 2008
#6	-19.81% Sep 10, 2010 - Oct 12, 2011	-14.92% Jul 15, 2008 - Sep 17, 2008
#7	-17.32% Aug 1, 2017 - Jul 2, 2019	-13.57% Sep 17, 2008 - Sep 29, 2008
#8	-12.16% Jul 8, 2016 - Jul 11, 2017	-8.50% Sep 29, 2008 - Oct 3, 2008
#9	-11.77% Oct 1, 2002 - Apr 29, 2003	-0.43% Mar 5, 2009 - Mar 9, 2009
#10	-11.61% Jun 12, 2003 - Jan 7, 2004	N/A
#11	-9.85% Aug 28, 2001 - Dec 31, 2001	N/A
#12	-8.30% Sep 7, 2005 - Mar 29, 2006	N/A
#13	-6.69% Mar 12, 2012 - May 9, 2012	N/A
#14	-6.02% Nov 29, 2012 - Jan 8, 2013	N/A
#15	-5.98% Dec 31, 2001 - Apr 5, 2002	N/A

Correlation

Correlation between LEO and SDS is -0.87 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.87

-101

Dividend Comparison (2001 - 2026)

LEO vs SDS dividend yield comparison.

Year	LEO	SDS
2026	3.52%	1.91%
2025	4.03%	5.88%
2024	3.77%	7.89%
2023	4.37%	5.77%
2022	5.66%	0.35%
2021	4.84%	0.00%
2020	4.95%	0.92%
2019	4.94%	1.84%
2018	5.96%	1.28%
2017	5.97%	0.09%
2016	6.14%	0.00%
2015	6.04%	0.00%
2014	7.11%	0.00%
2013	7.74%	0.00%
2012	6.16%	0.00%
2011	6.61%	0.00%
2010	7.54%	0.00%
2009	6.32%	0.00%
2008	8.94%	22.43%
2007	6.13%	3.30%
2006	5.03%	1.24%
2005	6.51%	0.00%
2004	7.38%	0.00%
2003	7.32%	0.00%
2002	7.14%	0.00%
2001	5.74%	0.00%