CRCD vs. SH

Last updated Apr 2, 2026

Compare and contrast key facts about T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and ProShares Short S&P500 (SH).

CRCD and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CRCD is an actively managed fund by T-Rex. It was launched on Sep 25, 2025. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006.

Performance

CRCD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

CRCD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-78.35%	43.19%
SH ProShares Short S&P500	4.94%	-1.82%

Returns By Period

In the year-to-date period, CRCD achieves a -78.35% return, which is significantly lower than SH's 4.94% return.

CRCD

• 1D: 10.22%
• 1M: -13.49%
• YTD: -78.35%
• 6M: -67.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -0.79%
• 1M: 4.70%
• YTD: 4.94%
• 6M: 4.06%
• 1Y: -11.88%
• 3Y*: -10.10%
• 5Y*: -7.71%
• 10Y*: -11.91%

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

CRCD vs. SH - Expense Ratio Comparison

CRCD has a 1.50% expense ratio, which is higher than SH's 0.90% expense ratio.

CRCD

T-REX 2X Inverse CRCL Daily Target ETF

SH

ProShares Short S&P500

Return for Risk

CRCD vs. SH — Risk / Return Rank

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

SH

SH Risk / Return Rank: 4
SH Sharpe Ratio Rank: 2
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 5
SH Martin Ratio Rank: 8

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.

CRCD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse CRCL Daily Target ETF (CRCD) 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.

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

Sharpe Ratios by Period

	CRCD	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.66	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	-0.56	+0.12

Correlation

The correlation between CRCD and SH is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CRCD vs. SH - Dividend Comparison

CRCD has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 3.95%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRCD T-REX 2X Inverse CRCL Daily Target 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	3.95%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Drawdowns

CRCD vs. SH - Drawdown Comparison

The maximum CRCD drawdown since its inception was -94.38%, roughly equal to the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for CRCD and SH.

Drawdown Indicators

	CRCD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-94.38%	-94.26%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.31%	—
Current Drawdown Current decline from peak	-89.73%	-93.87%	+4.14%
Average Drawdown Average peak-to-trough decline	-41.29%	-67.50%	+26.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.86%	—

Volatility

Volatility by Period

	CRCD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	203.67%	18.18%	+185.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	203.67%	16.86%	+186.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	203.67%	17.99%	+185.68%