METD vs. SH

Last updated Aug 2, 2026

METD (Direxion Daily META Bear 1X ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds. METD is actively managed, while SH is passively managed. Over the past year, METD returned 24.41% vs -13.19% for SH. Their 0.57 correlation means they have sometimes moved together and sometimes differently. METD charges 1.00%/yr vs 0.89%/yr for SH.

Performance

METD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily META Bear 1X ETF (METD) 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, METD achieves a 10.02% return, which is significantly higher than SH's -6.65% return.

METD

• 1D: -3.30%
• 1M: 3.04%
• 6M: 20.93%
• YTD: 10.02%
• 1Y: 24.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.68%

SH

• 1D: -0.69%
• 1M: 0.12%
• 6M: -5.73%
• YTD: -6.65%
• 1Y: -13.19%
• 3Y*: -10.94%
• 5Y*: -8.01%
• 10Y*: -12.47%
• ALL TIME*: -11.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
METD Direxion Daily META Bear 1X ETF	$10.85M	$12.45M	$7.88M
SH ProShares Short S&P500	$271.72M	$244.09M	$301.56M

METD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
METD Direxion Daily META Bear 1X ETF	10.02%	-17.33%	-15.84%
SH ProShares Short S&P500	-6.65%	-11.35%	-6.78%

Correlation

The correlation between METD and SH is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	0.57

The correlation between METD and SH has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

Return for Risk

METD vs. SH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

METD

METD Risk / Return Rank: 32
METD Sharpe Ratio Rank: 31
METD Sortino Ratio Rank: 33
METD Omega Ratio Rank: 35
METD Calmar Ratio Rank: 32
METD Martin Ratio Rank: 29

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 2
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 3
SH Calmar Ratio Rank: 3
SH Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

METD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily META Bear 1X ETF (METD) 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.

	METD	SH	Difference
Sharpe ratio: Return per unit of total volatility	0.74	-0.92	+1.66
Sortino ratio: Return per unit of downside risk	1.24	-1.29	+2.53
Omega ratio: Gain probability vs. loss probability	1.17	0.86	+0.31
Calmar ratio: Return relative to maximum drawdown	1.09	-0.73	+1.83
Martin ratio: Return relative to average drawdown	2.50	-1.30	+3.80

METD vs. SH - Sharpe Ratio Comparison

The current METD Sharpe Ratio is 0.74, which is higher than the SH Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of METD and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

METD vs. SH - Drawdown Comparison

The maximum METD drawdown since its inception was -46.03%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for METD and SH.

Drawdown Indicators

	METD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-46.03%	-94.66%	+48.63%
Max Drawdown (1Y) Largest decline over 1 year	-26.03%	-16.06%	-9.97%
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	—	-74.80%	—
Current Drawdown Current decline from peak	-29.29%	-94.54%	+65.25%
Average Drawdown Average peak-to-trough decline	-28.87%	-67.93%	+39.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.39%	9.03%	+2.36%

Volatility

METD vs. SH - Volatility Comparison

Direxion Daily META Bear 1X ETF (METD) has a higher volatility of 15.23% compared to ProShares Short S&P500 (SH) at 3.51%. This indicates that METD'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.

Volatility by Period

	METD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.23%	3.51%	+11.72%
Volatility (6M) Calculated over the trailing 6-month period	30.46%	10.08%	+20.38%
Volatility (1Y) Calculated over the trailing 1-year period	40.18%	12.81%	+27.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.75%	16.96%	+20.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.75%	18.02%	+19.73%

METD vs. SH - Expense Ratio Comparison

METD has a 1.00% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

METD vs. SH - Dividend Comparison

METD's dividend yield for the trailing twelve months is around 2.51%, less than SH's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
METD Direxion Daily META Bear 1X ETF	2.51%	3.35%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.19%	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 METD and SH in my portfolio?

METD and SH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, METD or SH?

METD has higher volatility (15.23%) compared to SH (3.51%). In terms of maximum drawdown, METD dropped -46.03% vs SH's -94.66%.

Which ETF is better, METD or SH?

On 1-year performance, METD leads with 24.41% vs -13.19% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, METD or SH?

Over the 1-year period, METD has performed better with a 24.41% return vs -13.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, METD or SH?

SH is cheaper with a 0.89% expense ratio, compared with 1.00% for METD.

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

SH has the higher dividend yield at 4.19%, compared with 2.51% for METD.

What is the main difference between METD and SH?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.00% for METD and 0.89% for SH.

Which has better risk-adjusted returns?

METD currently has the higher Sharpe Ratio (0.74 vs -0.92), 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.