DAMD vs. SH

Last updated Jun 6, 2026

DAMD (Defiance Daily Target 2X Short AMD ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds - DAMD tracks the Advanced Micro Devices, Inc. while SH tracks the S&P 500 (-100%). Both are passively managed. A 0.57 correlation means they provide meaningful diversification when combined. DAMD charges 1.31%/yr vs 0.90%/yr for SH.

Performance

DAMD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short AMD ETF (DAMD) 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, DAMD achieves a -90.01% return, which is significantly lower than SH's -5.94% return.

DAMD

• 1D: 21.08%
• 1M: -30.23%
• YTD: -90.01%
• 6M: -89.96%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: 2.65%
• 1M: -0.06%
• YTD: -5.94%
• 6M: -5.34%
• 1Y: -15.86%
• 3Y*: -12.35%
• 5Y*: -8.66%
• 10Y*: -12.64%

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

DAMD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025
DAMD Defiance Daily Target 2X Short AMD ETF	-90.01%	22.15%
SH ProShares Short S&P500	-5.94%	-1.03%

Correlation

The correlation between DAMD and SH is 0.57, 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 Nov 17, 2025	0.57

Return for Risk

DAMD 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: 1
SH Sharpe Ratio Rank: 0
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.

DAMD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short AMD ETF (DAMD) 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

	DAMD	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.32	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.51	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.71	-0.58	-0.13

Drawdowns

DAMD vs. SH - Drawdown Comparison

The maximum DAMD drawdown since its inception was -93.52%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for DAMD and SH.

Drawdown Indicators

	DAMD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-93.52%	-94.66%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.16%	—
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	-91.57%	-94.50%	+2.93%
Average Drawdown Average peak-to-trough decline	-39.60%	-67.74%	+28.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.00%	—

Volatility

Volatility by Period

	DAMD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	138.28%	12.10%	+126.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.28%	16.88%	+121.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.28%	18.03%	+120.25%

DAMD vs. SH - Expense Ratio Comparison

DAMD has a 1.31% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

DAMD vs. SH - Dividend Comparison

DAMD has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.41%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAMD Defiance Daily Target 2X Short AMD 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	4.41%	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 DAMD and SH in my portfolio?

DAMD and SH have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DAMD or SH?

On fees, SH is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DAMD or SH?

SH is cheaper with a 0.90% expense ratio, compared with 1.31% for DAMD.

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

SH has the higher dividend yield at 4.41%, compared with 0.00% for DAMD.

What is the main difference between DAMD and SH?

DAMD tracks Advanced Micro Devices, Inc., while SH tracks S&P 500 (-100%). They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for DAMD and 0.90% for SH.