AMDD vs. SH

Last updated Jun 24, 2026

AMDD (Direxion Daily AMD Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds. AMDD is actively managed, while SH is passively managed. Over the past year, AMDD returned -83.39% vs -14.55% for SH. A 0.60 correlation means they provide meaningful diversification when combined. AMDD charges 0.97%/yr vs 0.89%/yr for SH.

Performance

AMDD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMD Bear 1X Shares (AMDD) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDD achieves a -67.76% return, which is significantly lower than SH's -5.55% return.

AMDD

• 1D: 5.47%
• 1M: -14.63%
• YTD: -67.76%
• 6M: -67.57%
• 1Y: -83.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: 1.41%
• 1M: 1.68%
• YTD: -5.55%
• 6M: -4.58%
• 1Y: -14.55%
• 3Y*: -11.90%
• 5Y*: -8.40%
• 10Y*: -12.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMDD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025
AMDD Direxion Daily AMD Bear 1X Shares	-67.76%	-61.12%
SH ProShares Short S&P500	-5.55%	-9.08%

Correlation

The correlation between AMDD and SH is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.60

The correlation between AMDD and SH has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

AMDD vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMDD

AMDD Risk / Return Rank: 0
AMDD Sharpe Ratio Rank: 0
AMDD Sortino Ratio Rank: 0
AMDD Omega Ratio Rank: 0
AMDD Calmar Ratio Rank: 0
AMDD Martin Ratio Rank: 0

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMDD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMD Bear 1X Shares (AMDD) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMDD	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.24	-1.17	-0.06
Sortino ratio: Return per unit of downside risk	-2.77	-1.68	-1.09
Omega ratio: Gain probability vs. loss probability	0.65	0.82	-0.16
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.89	-0.11
Martin ratio: Return relative to average drawdown	-1.69	-1.67	-0.02

AMDD vs. SH - Sharpe Ratio Comparison

The current AMDD Sharpe Ratio is -1.24, which is comparable to the SH Sharpe Ratio of -1.17. The chart below compares the historical Sharpe Ratios of AMDD and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMDD vs. SH - Drawdown Comparison

The maximum AMDD drawdown since its inception was -91.33%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for AMDD and SH.

Drawdown Indicators

	AMDD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-91.33%	-94.66%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-83.49%	-16.42%	-67.07%
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 Drawdown Current decline from peak	-90.86%	-94.48%	+3.62%
Average Drawdown Average peak-to-trough decline	-57.41%	-67.78%	+10.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.15%	9.62%	+41.53%

Volatility

AMDD vs. SH - Volatility Comparison

Direxion Daily AMD Bear 1X Shares (AMDD) has a higher volatility of 24.12% compared to ProShares Short S&P500 (SH) at 4.80%. This indicates that AMDD'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.

Volatility by Period

	AMDD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.12%	4.80%	+19.32%
Volatility (6M) Calculated over the trailing 6-month period	52.50%	9.83%	+42.67%
Volatility (1Y) Calculated over the trailing 1-year period	67.47%	12.46%	+55.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.86%	16.95%	+49.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.86%	18.03%	+48.83%

AMDD vs. SH - Expense Ratio Comparison

AMDD has a 0.97% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

AMDD vs. SH - Dividend Comparison

AMDD's dividend yield for the trailing twelve months is around 19.20%, more than SH's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMDD Direxion Daily AMD Bear 1X Shares	19.20%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.39%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both AMDD and SH in my portfolio?

AMDD and SH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDD or SH?

AMDD has higher volatility (24.12%) compared to SH (4.80%). In terms of maximum drawdown, AMDD dropped -91.33% vs SH's -94.66%.

Which ETF is better, AMDD or SH?

On 1-year performance, SH leads with -14.55% vs -83.39% for AMDD. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDD or SH?

Over the 1-year period, SH has performed better with a -14.55% return vs -83.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDD or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.97% for AMDD.

Which ETF pays a higher dividend yield, AMDD or SH?

AMDD has the higher dividend yield at 19.20%, compared with 4.39% for SH.

What is the main difference between AMDD and SH?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.97% for AMDD and 0.89% for SH.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.17 vs -1.24), 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.