ELIS vs. SH

Last updated Jun 4, 2026

ELIS (Direxion Daily LLY Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds. ELIS is actively managed, while SH is passively managed. At a 0.29 correlation, their price movements are largely independent. ELIS charges 0.97%/yr vs 0.90%/yr for SH.

Performance

ELIS vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LLY Bear 1X Shares (ELIS) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ELIS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: 0.70%
• 1M: -4.35%
• YTD: -8.00%
• 6M: -7.59%
• 1Y: -17.23%
• 3Y*: -13.02%
• 5Y*: -9.07%
• 10Y*: -12.89%

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

ELIS vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025
ELIS Direxion Daily LLY Bear 1X Shares	11.37%	-29.46%
SH ProShares Short S&P500	-8.00%	-14.78%

Correlation

The correlation between ELIS and SH is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.29

ELIS vs. SH - Sectors Allocation Comparison

Sectors	ELIS	SH
Financial Services	100.0%	91.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ELIS 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: 0

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.

ELIS vs. SH - Risk-Adjusted Trends Comparison

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

	ELIS	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.47	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.59	—

Drawdowns

Drawdown Indicators

	ELIS	SH	Difference
Max Drawdown Largest peak-to-trough decline	—	-94.66%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-18.28%	—
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	—	-94.62%	—
Average Drawdown Average peak-to-trough decline	—	-67.73%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.89%	—

Volatility

Volatility by Period

	ELIS	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.80%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.85%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.01%	—

ELIS vs. SH - Expense Ratio Comparison

ELIS has a 0.97% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

ELIS vs. SH - Dividend Comparison

ELIS's dividend yield for the trailing twelve months is around 5.26%, more than SH's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELIS Direxion Daily LLY Bear 1X Shares	5.26%	5.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.51%	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 ELIS and SH in my portfolio?

ELIS and SH have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ELIS 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, ELIS or SH?

SH is cheaper with a 0.90% expense ratio, compared with 0.97% for ELIS.

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

ELIS has the higher dividend yield at 5.26%, compared with 4.51% for SH.

What is the main difference between ELIS and SH?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.97% for ELIS and 0.90% for SH.