AIBD vs. SH
AIBD (Direxion Daily AI and Big Data Bear 2X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - AIBD tracks the Solactive US AI & Big Data Index while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past year, AIBD returned -59.55% vs -17.23% for SH. A 0.79 correlation means they provide meaningful diversification when combined. AIBD charges 1.05%/yr vs 0.90%/yr for SH.
Performance
AIBD vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, AIBD achieves a -38.68% return, which is significantly lower than SH's -8.00% return.
AIBD
- 1D
- 4.30%
- 1M
- -24.36%
- YTD
- -38.68%
- 6M
- -33.54%
- 1Y
- -59.55%
- 3Y*
- —
- 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%
AIBD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AIBD Direxion Daily AI and Big Data Bear 2X Shares | -38.68% | -49.15% | -33.02% |
SH ProShares Short S&P500 | -8.00% | -11.35% | -6.15% |
Correlation
The correlation between AIBD and SH is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since May 16, 2024 | 0.79 |
The correlation between AIBD and SH has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
AIBD vs. SH — Risk / Return Rank
AIBD
SH
AIBD vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AI and Big Data Bear 2X Shares (AIBD) 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.
| AIBD | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.77 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.95 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.78 | -1.75 | -0.04 |
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
| AIBD | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.17 | -1.47 | +0.30 |
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 | -0.95 | -0.59 | -0.36 |
Drawdowns
AIBD vs. SH - Drawdown Comparison
The maximum AIBD drawdown since its inception was -82.11%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for AIBD and SH.
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Drawdown Indicators
| AIBD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.11% | -94.66% | +12.55% |
Max Drawdown (1Y)Largest decline over 1 year | -61.47% | -18.28% | -43.19% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.82% | — |
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 | -81.34% | -94.62% | +13.28% |
Average DrawdownAverage peak-to-trough decline | -48.17% | -67.73% | +19.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.38% | 9.89% | +23.49% |
Volatility
AIBD vs. SH - Volatility Comparison
Direxion Daily AI and Big Data Bear 2X Shares (AIBD) has a higher volatility of 14.63% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that AIBD'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
| AIBD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.63% | 2.84% | +11.79% |
Volatility (6M)Calculated over the trailing 6-month period | 37.40% | 8.91% | +28.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.16% | 11.80% | +39.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.52% | 16.85% | +39.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.52% | 18.01% | +38.51% |
AIBD vs. SH - Expense Ratio Comparison
AIBD has a 1.05% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
AIBD vs. SH - Dividend Comparison
AIBD's dividend yield for the trailing twelve months is around 5.68%, more than SH's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AIBD Direxion Daily AI and Big Data Bear 2X Shares | 5.68% | 4.37% | 3.58% | 0.00% | 0.00% | 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
AIBD and SH have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIBD has higher volatility (14.63%) compared to SH (2.84%). In terms of maximum drawdown, AIBD dropped -82.11% vs SH's -94.66%.
On 1-year performance, SH leads with -17.23% vs -59.55% for AIBD. 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 1-year period, SH has performed better with a -17.23% return vs -59.55%. 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 1.05% for AIBD.
AIBD has the higher dividend yield at 5.68%, compared with 4.51% for SH.
AIBD tracks Solactive US AI & Big Data Index, while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.05% for AIBD and 0.90% for SH.
AIBD currently has the higher Sharpe Ratio (-1.17 vs -1.47), 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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