GGLS vs. SH
GGLS (Direxion Daily GOOGL Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - GGLS tracks the Alphabet Inc. Class A (--100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 3 years, GGLS returned -31.29%/yr vs -13.02%/yr for SH. A 0.62 correlation means they provide meaningful diversification when combined. GGLS charges 1.09%/yr vs 0.90%/yr for SH.
Performance
GGLS vs. SH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GGLS achieves a -14.40% return, which is significantly lower than SH's -8.00% return.
GGLS
- 1D
- 0.70%
- 1M
- 6.67%
- YTD
- -14.40%
- 6M
- -12.57%
- 1Y
- -55.43%
- 3Y*
- -31.29%
- 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%
GGLS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | -14.40% | -42.64% | -26.50% | -37.72% | 19.63% |
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 3.81% |
Correlation
The correlation between GGLS 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 (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.62 |
The correlation between GGLS and SH has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GGLS vs. SH — Risk / Return Rank
GGLS
SH
GGLS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily GOOGL Bear 1X Shares (GGLS) 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.
| GGLS | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 0.63 | 0.77 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.95 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.75 | +0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GGLS | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.91 | -1.47 | -0.44 |
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 | -0.95 | -0.59 | -0.36 |
Drawdowns
GGLS vs. SH - Drawdown Comparison
The maximum GGLS drawdown since its inception was -81.24%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for GGLS and SH.
Loading charts...
Drawdown Indicators
| GGLS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.24% | -94.66% | +13.42% |
Max Drawdown (1Y)Largest decline over 1 year | -60.43% | -18.28% | -42.15% |
Max Drawdown (3Y)Largest decline over 3 years | -73.06% | -38.82% | -34.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -78.97% | -94.62% | +15.65% |
Average DrawdownAverage peak-to-trough decline | -46.86% | -67.73% | +20.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.18% | 9.89% | +31.29% |
Volatility
GGLS vs. SH - Volatility Comparison
Direxion Daily GOOGL Bear 1X Shares (GGLS) has a higher volatility of 8.19% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that GGLS'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.
Loading charts...
Volatility by Period
| GGLS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.19% | 2.84% | +5.35% |
Volatility (6M)Calculated over the trailing 6-month period | 21.23% | 8.91% | +12.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.17% | 11.80% | +17.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.27% | 16.85% | +14.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.27% | 18.01% | +13.26% |
GGLS vs. SH - Expense Ratio Comparison
GGLS has a 1.09% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
GGLS vs. SH - Dividend Comparison
GGLS's dividend yield for the trailing twelve months is around 4.93%, more than SH's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | 4.93% | 4.87% | 4.31% | 5.80% | 0.20% | 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
GGLS 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.
GGLS has higher volatility (8.19%) compared to SH (2.84%). In terms of maximum drawdown, GGLS dropped -81.24% vs SH's -94.66%.
On 3-year performance, SH leads with -13.02% vs -31.29% for GGLS. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SH has performed better with a -13.02% return vs -31.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.09% for GGLS.
GGLS has the higher dividend yield at 4.93%, compared with 4.51% for SH.
GGLS tracks Alphabet Inc. Class A (--100%), while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for GGLS and 0.90% for SH.
SH currently has the higher Sharpe Ratio (-1.47 vs -1.91), 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.
Find the right allocation for GGLS and SH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer