CLSZ vs. SH

Last updated Jun 26, 2026

CLSZ (Tradr 2X Short CLSK Daily ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds - CLSZ tracks the CleanSpark, Inc. (CLSK) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. A 0.61 correlation means they provide meaningful diversification when combined. CLSZ charges 1.49%/yr vs 0.89%/yr for SH.

Performance

CLSZ vs. SH - Performance Comparison

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

Returns By Period

CLSZ

• 1D: 0.00%
• 1M: 13.47%
• 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)

CLSZ vs. SH - Yearly Performance Comparison

	2026 (YTD)
CLSZ Tradr 2X Short CLSK Daily ETF	-82.67%
SH ProShares Short S&P500	-5.46%

Correlation

The correlation between CLSZ and SH is 0.61, 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 Feb 19, 2026	0.61

Return for Risk

CLSZ vs. SH — Risk / Return Rank

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

CLSZ

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.

CLSZ vs. SH - Risk-Adjusted Trends Comparison

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

	CLSZ	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

CLSZ vs. SH - Drawdown Comparison

The maximum CLSZ drawdown since its inception was -87.62%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for CLSZ and SH.

Drawdown Indicators

	CLSZ	SH	Difference
Max Drawdown Largest peak-to-trough decline	-87.62%	-94.66%	+7.04%
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	-82.67%	-94.47%	+11.80%
Average Drawdown Average peak-to-trough decline	-53.69%	-67.79%	+14.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.76%	—

Volatility

Volatility by Period

	CLSZ	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	139.63%	12.39%	+127.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	139.63%	16.95%	+122.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	139.63%	18.02%	+121.61%

CLSZ vs. SH - Expense Ratio Comparison

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

Dividends

CLSZ vs. SH - Dividend Comparison

CLSZ 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
CLSZ Tradr 2X Short CLSK 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 CLSZ and SH in my portfolio?

CLSZ and SH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLSZ 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, CLSZ or SH?

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

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

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

What is the main difference between CLSZ and SH?

CLSZ tracks CleanSpark, Inc. (CLSK), 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 CLSZ and 0.89% for SH.