AMZD vs. SH
AMZD (Direxion Daily AMZN Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - AMZD tracks the Amazon.com, Inc. (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 3 years, AMZD returned -22.66%/yr vs -13.02%/yr for SH. A 0.66 correlation means they provide meaningful diversification when combined. AMZD charges 1.09%/yr vs 0.90%/yr for SH.
Performance
AMZD vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, AMZD achieves a -8.90% return, which is significantly lower than SH's -8.00% return.
AMZD
- 1D
- 2.47%
- 1M
- 8.70%
- YTD
- -8.90%
- 6M
- -8.11%
- 1Y
- -19.87%
- 3Y*
- -22.66%
- 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%
AMZD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | -8.90% | -9.84% | -30.80% | -46.50% | 45.25% |
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 3.81% |
Correlation
The correlation between AMZD and SH is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.66 |
The correlation between AMZD and SH has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.
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Return for Risk
AMZD vs. SH — Risk / Return Rank
AMZD
SH
AMZD vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMZN Bear 1X Shares (AMZD) 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.
| AMZD | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.77 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.95 | +0.24 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.75 | +0.20 |
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
| AMZD | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -1.47 | +0.81 |
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
AMZD vs. SH - Drawdown Comparison
The maximum AMZD drawdown since its inception was -73.05%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for AMZD and SH.
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Drawdown Indicators
| AMZD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.05% | -94.66% | +21.61% |
Max Drawdown (1Y)Largest decline over 1 year | -28.27% | -18.28% | -9.99% |
Max Drawdown (3Y)Largest decline over 3 years | -59.20% | -38.82% | -20.38% |
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 | -70.36% | -94.62% | +24.26% |
Average DrawdownAverage peak-to-trough decline | -49.11% | -67.73% | +18.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.24% | 9.89% | +3.35% |
Volatility
AMZD vs. SH - Volatility Comparison
Direxion Daily AMZN Bear 1X Shares (AMZD) has a higher volatility of 7.23% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that AMZD'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
| AMZD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 2.84% | +4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 20.49% | 8.91% | +11.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.15% | 11.80% | +18.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.41% | 16.85% | +16.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.41% | 18.01% | +15.40% |
AMZD vs. SH - Expense Ratio Comparison
AMZD has a 1.09% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
AMZD vs. SH - Dividend Comparison
AMZD's dividend yield for the trailing twelve months is around 3.44%, less than SH's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AMZD Direxion Daily AMZN Bear 1X Shares | 3.44% | 3.61% | 5.15% | 6.83% | 2.45% | 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
AMZD and SH have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMZD has higher volatility (7.23%) compared to SH (2.84%). In terms of maximum drawdown, AMZD dropped -73.05% vs SH's -94.66%.
On 3-year performance, SH leads with -13.02% vs -22.66% for AMZD. 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 -22.66%. 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 1.09% for AMZD.
SH has the higher dividend yield at 4.51%, compared with 3.44% for AMZD.
AMZD tracks Amazon.com, Inc. (-100%), while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for AMZD and 0.90% for SH.
AMZD currently has the higher Sharpe Ratio (-0.66 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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