BRKD vs. SH

Last updated Apr 18, 2026

BRKD (Direxion Daily BRKB Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds — BRKD tracks the Berkshire Hathaway Inc. Class B (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past year, BRKD returned 12.58% vs -22.57% for SH. At 0.31, their price movements are largely independent. BRKD charges 1.00%/yr vs 0.90%/yr for SH.

Performance

BRKD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily BRKB Bear 1X Shares (BRKD) 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, BRKD achieves a 5.90% return, which is significantly higher than SH's -2.96% return.

BRKD

• 1D: 0.00%
• 1M: 1.36%
• YTD: 5.90%
• 6M: 4.75%
• 1Y: 12.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -1.14%
• 1M: -6.83%
• YTD: -2.96%
• 6M: -4.65%
• 1Y: -22.57%
• 3Y*: -12.13%
• 5Y*: -8.39%
• 10Y*: -12.46%

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

BRKD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%
SH ProShares Short S&P500	-2.96%	-11.35%	3.71%

Correlation

The correlation between BRKD and SH is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.31

Return for Risk

BRKD vs. SH — Risk / Return Rank

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

BRKD

BRKD Risk / Return Rank: 18
BRKD Sharpe Ratio Rank: 16
BRKD Sortino Ratio Rank: 17
BRKD Omega Ratio Rank: 16
BRKD Calmar Ratio Rank: 23
BRKD Martin Ratio Rank: 17

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 0
SH Omega Ratio Rank: 0
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 2

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.

BRKD vs. SH - Risk-Adjusted Trends Comparison

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

	BRKD	SH	Difference
Sharpe ratio Return per unit of total volatility	0.81	-1.75	+2.56
Sortino ratio Return per unit of downside risk	1.36	-2.49	+3.84
Omega ratio Gain probability vs. loss probability	1.16	0.72	+0.44
Calmar ratio Return relative to maximum drawdown	1.61	-0.86	+2.47
Martin ratio Return relative to average drawdown	3.12	-1.09	+4.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRKD vs. SH - Sharpe Ratio Comparison

The current BRKD Sharpe Ratio is 0.81, which is higher than the SH Sharpe Ratio of -1.75. The chart below compares the historical Sharpe Ratios of BRKD 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.

Sharpe Ratios by Period

	BRKD	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	-1.75	+2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	-0.58	+0.62

Drawdowns

BRKD vs. SH - Drawdown Comparison

The maximum BRKD drawdown since its inception was -17.92%, smaller than the maximum SH drawdown of -94.33%. Use the drawdown chart below to compare losses from any high point for BRKD and SH.

Drawdown Indicators

	BRKD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-17.92%	-94.33%	+76.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-24.26%	+14.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.63%	—
Current Drawdown Current decline from peak	-3.69%	-94.33%	+90.64%
Average Drawdown Average peak-to-trough decline	-8.13%	-67.55%	+59.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	19.04%	-14.23%

Volatility

BRKD vs. SH - Volatility Comparison

The current volatility for Direxion Daily BRKB Bear 1X Shares (BRKD) is 3.19%, while ProShares Short S&P500 (SH) has a volatility of 5.41%. This indicates that BRKD experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRKD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	5.41%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	9.50%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	13.01%	+2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	16.90%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	18.01%	+0.05%

BRKD vs. SH - Expense Ratio Comparison

BRKD has a 1.00% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

BRKD vs. SH - Dividend Comparison

BRKD's dividend yield for the trailing twelve months is around 2.82%, less than SH's 4.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	3.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.27%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%