APLZ vs. SH

Last updated Jun 26, 2026

APLZ (Tradr 2X Short APLD Daily ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds - APLZ tracks the Applied Digital Corporation (APLD) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. APLZ charges 1.49%/yr vs 0.89%/yr for SH.

Performance

APLZ vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short APLD Daily ETF (APLZ) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

APLZ

• 1D: 5.04%
• 1M: 4.16%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: 0.00%
• 1M: 2.42%
• YTD: -5.44%
• 6M: -4.16%
• 1Y: -13.46%
• 3Y*: -12.01%
• 5Y*: -8.31%
• 10Y*: -13.04%

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

APLZ vs. SH - Yearly Performance Comparison

	2026 (YTD)
APLZ Tradr 2X Short APLD Daily ETF	-86.93%
SH ProShares Short S&P500	-5.23%

Correlation

The correlation between APLZ 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 (All Time) Calculated using the full available price history since Jan 22, 2026	0.55

Return for Risk

APLZ vs. SH — Risk / Return Rank

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

APLZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
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.

APLZ vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short APLD Daily ETF (APLZ) 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.

	APLZ	SH	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.09	—
Sortino ratio: Return per unit of downside risk	—	-1.55	—
Omega ratio: Gain probability vs. loss probability	—	0.83	—
Calmar ratio: Return relative to maximum drawdown	—	-0.84	—
Martin ratio: Return relative to average drawdown	—	-1.63	—

Drawdowns

APLZ vs. SH - Drawdown Comparison

The maximum APLZ drawdown since its inception was -91.78%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for APLZ and SH.

Drawdown Indicators

	APLZ	SH	Difference
Max Drawdown Largest peak-to-trough decline	-91.78%	-94.66%	+2.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.06%	—
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	—	-75.67%	—
Current Drawdown Current decline from peak	-89.49%	-94.47%	+4.98%
Average Drawdown Average peak-to-trough decline	-57.58%	-67.79%	+10.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.76%	—

Volatility

Volatility by Period

	APLZ	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	219.87%	12.39%	+207.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	219.87%	16.95%	+202.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	219.87%	18.02%	+201.85%

APLZ vs. SH - Expense Ratio Comparison

APLZ has a 1.49% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

APLZ vs. SH - Dividend Comparison

APLZ has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
APLZ Tradr 2X Short APLD Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.13%	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 APLZ and SH in my portfolio?

APLZ 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 ETF is better, APLZ or SH?

On fees, SH is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APLZ or SH?

SH is cheaper with a 0.89% expense ratio, compared with 1.49% for APLZ.

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

SH has the higher dividend yield at 4.13%, compared with 0.00% for APLZ.

What is the main difference between APLZ and SH?

APLZ tracks Applied Digital Corporation (APLD), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Tradr and ProShares. Their fees differ too: 1.49% for APLZ and 0.89% for SH.