AAPD vs. SH
AAPD (Direxion Daily AAPL Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - AAPD tracks the Apple Inc. (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 3 years, AAPD returned -16.24%/yr vs -13.02%/yr for SH. A 0.63 correlation means they provide meaningful diversification when combined. AAPD charges 1.06%/yr vs 0.90%/yr for SH.
Performance
AAPD vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, AAPD achieves a -12.45% return, which is significantly lower than SH's -8.00% return.
AAPD
- 1D
- 1.51%
- 1M
- -10.79%
- YTD
- -12.45%
- 6M
- -8.15%
- 1Y
- -33.84%
- 3Y*
- -16.24%
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- 0.70%
- 1M
- -4.35%
- YTD
- -8.00%
- 6M
- -7.59%
- 1Y
- -17.23%
- 3Y*
- -13.02%
- 5Y*
- -9.07%
- 10Y*
- -12.89%
AAPD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | -12.45% | -11.41% | -21.45% | -30.42% | 21.49% |
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 7.31% |
Correlation
The correlation between AAPD and SH is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.63 |
The correlation between AAPD and SH shifts across timeframes, from 0.52 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AAPD vs. SH — Risk / Return Rank
AAPD
SH
AAPD vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and ProShares Short S&P500 (SH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AAPD | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.77 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.95 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.75 | +0.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAPD | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.52 | -1.47 | -0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.54 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.59 | 0.00 |
Drawdowns
AAPD vs. SH - Drawdown Comparison
The maximum AAPD drawdown since its inception was -59.79%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for AAPD and SH.
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Drawdown Indicators
| AAPD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.79% | -94.66% | +34.87% |
Max Drawdown (1Y)Largest decline over 1 year | -37.37% | -18.28% | -19.09% |
Max Drawdown (3Y)Largest decline over 3 years | -49.07% | -38.82% | -10.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -59.19% | -94.62% | +35.43% |
Average DrawdownAverage peak-to-trough decline | -34.19% | -67.73% | +33.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.16% | 9.89% | +13.27% |
Volatility
AAPD vs. SH - Volatility Comparison
Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 5.47% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAPD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 2.84% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 16.01% | 8.91% | +7.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.36% | 11.80% | +10.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.02% | 16.85% | +10.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.02% | 18.01% | +9.01% |
AAPD vs. SH - Expense Ratio Comparison
AAPD has a 1.06% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
AAPD vs. SH - Dividend Comparison
AAPD's dividend yield for the trailing twelve months is around 3.84%, less than SH's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | 3.84% | 3.60% | 4.55% | 4.37% | 0.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.51% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
AAPD and SH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAPD has higher volatility (5.47%) compared to SH (2.84%). In terms of maximum drawdown, AAPD dropped -59.79% vs SH's -94.66%.
On 3-year performance, SH leads with -13.02% vs -16.24% for AAPD. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SH has performed better with a -13.02% return vs -16.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.06% for AAPD.
SH has the higher dividend yield at 4.51%, compared with 3.84% for AAPD.
AAPD tracks Apple Inc. (-100%), while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for AAPD and 0.90% for SH.
SH currently has the higher Sharpe Ratio (-1.47 vs -1.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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