AVS vs. SH

Last updated Jun 25, 2026

AVS (Direxion Daily AVGO Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds. AVS is actively managed, while SH is passively managed. Over the past year, AVS returned -40.93% vs -14.30% for SH. A 0.61 correlation means they provide meaningful diversification when combined. AVS charges 0.98%/yr vs 0.89%/yr for SH.

Performance

AVS vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bear 1X Shares (AVS) 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, AVS achieves a -16.68% return, which is significantly lower than SH's -6.33% return.

AVS

• 1D: -0.51%
• 1M: 4.24%
• YTD: -16.68%
• 6M: -15.57%
• 1Y: -40.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -0.83%
• 1M: 0.84%
• YTD: -6.33%
• 6M: -5.07%
• 1Y: -14.30%
• 3Y*: -12.14%
• 5Y*: -8.48%
• 10Y*: -12.98%

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

AVS vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	-16.68%	-45.96%	-27.15%
SH ProShares Short S&P500	-6.33%	-11.35%	-0.25%

Correlation

The correlation between AVS 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 (All Time) Calculated using the full available price history since Oct 10, 2024	0.61

The correlation between AVS and SH has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.

Return for Risk

AVS vs. SH — Risk / Return Rank

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

AVS

AVS Risk / Return Rank: 2
AVS Sharpe Ratio Rank: 3
AVS Sortino Ratio Rank: 3
AVS Omega Ratio Rank: 3
AVS Calmar Ratio Rank: 2
AVS Martin Ratio Rank: 2

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.

AVS vs. SH - Risk-Adjusted Trends Comparison

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

	AVS	SH	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-1.16	+0.27
Sortino ratio: Return per unit of downside risk	-1.22	-1.66	+0.44
Omega ratio: Gain probability vs. loss probability	0.85	0.82	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.88	+0.08
Martin ratio: Return relative to average drawdown	-1.41	-1.64	+0.23

AVS vs. SH - Sharpe Ratio Comparison

The current AVS Sharpe Ratio is -0.88, which is comparable to the SH Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of AVS 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

AVS vs. SH - Drawdown Comparison

The maximum AVS drawdown since its inception was -76.77%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for AVS and SH.

Drawdown Indicators

	AVS	SH	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-94.66%	+17.89%
Max Drawdown (1Y) Largest decline over 1 year	-51.29%	-16.39%	-34.90%
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	-71.72%	-94.52%	+22.80%
Average Drawdown Average peak-to-trough decline	-49.51%	-67.79%	+18.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.24%	8.75%	+20.49%

Volatility

AVS vs. SH - Volatility Comparison

Direxion Daily AVGO Bear 1X Shares (AVS) has a higher volatility of 20.67% compared to ProShares Short S&P500 (SH) at 4.87%. This indicates that AVS'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

	AVS	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.67%	4.87%	+15.80%
Volatility (6M) Calculated over the trailing 6-month period	33.02%	9.83%	+23.19%
Volatility (1Y) Calculated over the trailing 1-year period	46.66%	12.45%	+34.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.05%	16.95%	+37.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.05%	18.02%	+36.03%

AVS vs. SH - Expense Ratio Comparison

AVS has a 0.98% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

AVS vs. SH - Dividend Comparison

AVS's dividend yield for the trailing twelve months is around 3.48%, less than SH's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVS Direxion Daily AVGO Bear 1X Shares	3.48%	4.22%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.43%	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 AVS and SH in my portfolio?

AVS 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.

Which is riskier, AVS or SH?

AVS has higher volatility (20.67%) compared to SH (4.87%). In terms of maximum drawdown, AVS dropped -76.77% vs SH's -94.66%.

Which ETF is better, AVS or SH?

On 1-year performance, SH leads with -14.30% vs -40.93% for AVS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVS or SH?

Over the 1-year period, SH has performed better with a -14.30% return vs -40.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVS or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.98% for AVS.

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

SH has the higher dividend yield at 4.43%, compared with 3.48% for AVS.

What is the main difference between AVS and SH?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for AVS and 0.89% for SH.

Which has better risk-adjusted returns?

AVS currently has the higher Sharpe Ratio (-0.88 vs -1.16), 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.