DXJS vs. SH
DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and SH (ProShares Short S&P500) are both exchange-traded funds - DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, DXJS returned 16.84%/yr vs -13.02%/yr for SH. At a correlation of -0.56, they often move in opposite directions. DXJS charges 0.58%/yr vs 0.89%/yr for SH.
Performance
DXJS vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, DXJS achieves a 23.30% return, which is significantly higher than SH's -6.86% return. Over the past 10 years, DXJS has outperformed SH with an annualized return of 16.84%, while SH has yielded a comparatively lower -13.02% annualized return.
DXJS
- 1D
- -2.83%
- 1M
- -1.82%
- YTD
- 23.30%
- 6M
- 24.48%
- 1Y
- 60.13%
- 3Y*
- 33.69%
- 5Y*
- 24.61%
- 10Y*
- 16.84%
SH
- 1D
- 0.36%
- 1M
- 0.27%
- YTD
- -6.86%
- 6M
- -6.32%
- 1Y
- -16.57%
- 3Y*
- -12.31%
- 5Y*
- -8.76%
- 10Y*
- -13.02%
DXJS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 23.30% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
SH ProShares Short S&P500 | -6.86% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between DXJS and SH is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | -0.56 |
The correlation between DXJS and SH shifts across timeframes, from -0.56 (all time) to -0.41 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DXJS vs. SH — Risk / Return Rank
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SH
DXJS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) 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.
| DXJS | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.43 | ||
| Sortino ratioReturn per unit of downside risk | +5.97 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.79 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 6.24 | -0.96 | +7.19 |
| Martin ratioReturn relative to average drawdown | 22.10 | -1.73 | +23.84 |
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Drawdowns
DXJS vs. SH - Drawdown Comparison
The maximum DXJS drawdown since its inception was -39.30%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for DXJS and SH.
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Drawdown Indicators
| DXJS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -94.66% | +55.36% |
Max Drawdown (1Y)Largest decline over 1 year | -9.82% | -17.35% | +7.53% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -38.82% | +22.33% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -44.53% | +28.04% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -76.12% | +36.82% |
Current DrawdownCurrent decline from peak | -6.44% | -94.56% | +88.12% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -67.78% | +61.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 10.40% | -7.63% |
Volatility
DXJS vs. SH - Volatility Comparison
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) has a higher volatility of 5.19% compared to ProShares Short S&P500 (SH) at 4.59%. This indicates that DXJS'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.
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Volatility by Period
| DXJS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 4.59% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 15.69% | 9.75% | +5.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.86% | 12.40% | +7.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.08% | 16.94% | +1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.72% | 18.06% | +1.66% |
DXJS vs. SH - Expense Ratio Comparison
DXJS has a 0.58% expense ratio, which is lower than SH's 0.89% expense ratio.
Dividends
DXJS vs. SH - Dividend Comparison
DXJS has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 1.54% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
SH ProShares Short S&P500 | 4.45% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
DXJS and SH have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJS has higher volatility (5.19%) compared to SH (4.59%). In terms of maximum drawdown, DXJS dropped -39.30% vs SH's -94.66%.
On 10-year performance, DXJS leads with 16.84% vs -13.02% for SH. On fees, DXJS is cheaper at 0.58% per year. On volatility, SH has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJS has performed better with a 16.84% return vs -13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJS is cheaper with a 0.58% expense ratio, compared with 0.89% for SH.
SH has the higher dividend yield at 4.45%, compared with 1.54% for DXJS.
DXJS is categorized as Japan Equities, while SH is Inverse Equities. DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.58% for DXJS and 0.89% for SH.
DXJS currently has the higher Sharpe Ratio (3.08 vs -1.34), 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.
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