SDS vs NCV

Comparison between ProShares UltraShort S&P500 -2x Shares (SDS, ETF) and Virtus Convertible & Income Fund (NCV, ETF).

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

SDS vs NCV - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SDS(ETF)	NCV(ETF)
Net Assets	$418M	$418M
Max Drawdown	99.90%	84.83%
Sharpe Ratio	-1.28	1.30
5Y Beta	-1.92	0.76
5Y Dividends CAGR	22.27%	-4.36%

Net Assets

Winner

SDS

$418M

NCV

$418M

Max Drawdown

SDS

99.90%

Winner

NCV

84.83%

Sharpe Ratio

SDS

-1.28

Winner

NCV

1.30

5Y Beta

Winner

SDS

-1.92

NCV

0.76

5Y Dividends CAGR

Winner

SDS

22.27%

NCV

-4.36%

SDS vs NCV - Historical Returns

Returns include dividend reinvestment.

Period	SDS	NCV
1 month	-7.66%	+1.88%
3 months	-4.44%	-1.42%
6 months	-19.83%	+7.95%
1 year	-27.07%	+26.04%
5 years(CAGR)	-20.36%	+4.14%
10 years(CAGR)	-27.36%	+6.87%
Max(CAGR)	-25.15%	+6.52%

SDS

-7.66%

Winner

NCV

+1.88%

SDS

-4.44%

Winner

NCV

-1.42%

SDS

-19.83%

Winner

NCV

+7.95%

SDS

-27.07%

Winner

NCV

+26.04%

5Y(CAGR)

SDS

-20.36%

Winner

NCV

+4.14%

10Y(CAGR)

SDS

-27.36%

Winner

NCV

+6.87%

Max(CAGR)

SDS

-25.15%

Winner

NCV

+6.52%

SDS vs NCV - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

Year	SDS	NCV
2026	-19.84%	+17.19%
2025	-27.18%	+22.91%
2024	-30.24%	+16.54%
2023	-32.17%	+13.01%
2022	+32.17%	-33.85%
2021	-44.54%	+11.44%
2020	-48.99%	+12.09%
2019	-41.12%	+20.19%
2018	+7.54%	-16.72%
2017	-30.97%	+23.13%
2016	-26.29%	+28.60%
2015	-9.61%	-32.82%
2014	-27.06%	+8.50%
2013	-42.30%	+21.81%
2012	-27.66%	+9.97%
2011	-17.21%	-7.46%
2010	-29.93%	+25.26%
2009	-47.35%	+112.18%
2008	+57.43%	-58.08%
2007	-4.12%	-16.53%
2006	-19.87%	+21.89%
2005	N/A	+0.06%
2004	N/A	+14.67%
2003	N/A	+18.55%

SDS vs NCV Drawdown Comparison

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

The maximum drawdown for NCV was -78.88%, occurring on Nov 21, 2008. Recovery took 917 trading sessions.

The current SDS drawdown is -99.85%. The current NCV drawdown is -3.23%.

Rank	SDS	NCV
#1	-99.86% Mar 9, 2009 - Aug 13, 2026	-78.88% Jun 5, 2007 - Jan 24, 2011
#2	-41.04% Nov 20, 2008 - Mar 5, 2009	-56.13% Feb 13, 2020 - Dec 7, 2020
#3	-33.06% Jul 17, 2006 - Jul 11, 2008	-47.95% Jul 3, 2014 - Oct 6, 2017
#4	-31.02% Oct 27, 2008 - Nov 20, 2008	-44.60% Nov 5, 2021 - Nov 10, 2025
#5	-22.44% Oct 10, 2008 - Oct 27, 2008	-30.39% Sep 14, 2018 - Feb 10, 2020
#6	-14.92% Jul 15, 2008 - Sep 17, 2008	-27.22% Apr 4, 2011 - Sep 12, 2012
#7	-13.57% Sep 17, 2008 - Sep 29, 2008	-15.11% Feb 10, 2004 - Sep 7, 2004
#8	-8.50% Sep 29, 2008 - Oct 3, 2008	-12.69% Dec 30, 2004 - Jul 28, 2005
#9	-0.43% Mar 5, 2009 - Mar 9, 2009	-11.98% Oct 8, 2012 - Jan 23, 2013
#10	N/A	-11.39% Feb 11, 2026 - Apr 9, 2026
#11	N/A	-11.17% May 21, 2013 - Oct 17, 2013
#12	N/A	-8.21% Feb 10, 2021 - Jun 1, 2021
#13	N/A	-8.02% Jul 11, 2003 - Oct 3, 2003
#14	N/A	-7.53% Jul 7, 2021 - Aug 31, 2021
#15	N/A	-7.40% Sep 8, 2005 - Jan 6, 2006

Correlation

Correlation between SDS and NCV is -0.78 which considered as a strong negative correlation - the stocks tend to move in opposite directions.

-0.78

-101

Dividend Comparison (2003 - 2026)

SDS vs NCV dividend yield comparison.

Year	SDS	NCV
2026	1.91%	6.49%
2025	5.88%	10.77%
2024	7.89%	11.76%
2023	5.77%	12.86%
2022	0.35%	15.00%
2021	0.00%	8.75%
2020	0.92%	9.41%
2019	1.84%	11.61%
2018	1.28%	15.03%
2017	0.09%	11.10%
2016	0.00%	12.23%
2015	0.00%	17.69%
2014	0.00%	11.46%
2013	0.00%	11.12%
2012	0.00%	12.43%
2011	0.00%	13.34%
2010	0.00%	12.23%
2009	0.00%	10.68%
2008	22.43%	26.94%
2007	3.30%	12.30%
2006	1.24%	10.49%
2005	0.00%	14.76%
2004	0.00%	13.92%
2003	0.00%	6.70%