METD vs. SH

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily META Bear 1X ETF (METD) and ProShares Short S&P500 (SH).

METD and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. METD is an actively managed fund by Direxion. It was launched on Jun 5, 2024. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006.

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.

METD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
METD Direxion Daily META Bear 1X ETF	12.25%	-17.33%	-15.84%
SH ProShares Short S&P500	4.94%	-11.35%	-5.83%

Returns By Period

In the year-to-date period, METD achieves a 12.25% return, which is significantly higher than SH's 4.94% return.

METD

• 1D: -6.54%
• 1M: 11.62%
• YTD: 12.25%
• 6M: 23.48%
• 1Y: -7.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -0.79%
• 1M: 4.70%
• YTD: 4.94%
• 6M: 4.06%
• 1Y: -11.88%
• 3Y*: -10.10%
• 5Y*: -7.71%
• 10Y*: -11.91%

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

METD vs. SH - Expense Ratio Comparison

METD has a 1.00% expense ratio, which is higher than SH's 0.90% expense ratio.

METD

Direxion Daily META Bear 1X ETF

SH

ProShares Short S&P500

Return for Risk

METD vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

METD

METD Risk / Return Rank: 9
METD Sharpe Ratio Rank: 8
METD Sortino Ratio Rank: 9
METD Omega Ratio Rank: 9
METD Calmar Ratio Rank: 9
METD Martin Ratio Rank: 10

SH

SH Risk / Return Rank: 4
SH Sharpe Ratio Rank: 2
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 5
SH Martin Ratio Rank: 8

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.

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.

	METD	SH	Difference
Sharpe ratio Return per unit of total volatility	-0.20	-0.66	+0.46
Sortino ratio Return per unit of downside risk	0.00	-0.82	+0.82
Omega ratio Gain probability vs. loss probability	1.00	0.88	+0.12
Calmar ratio Return relative to maximum drawdown	-0.19	-0.46	+0.26
Martin ratio Return relative to average drawdown	-0.27	-0.56	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

METD vs. SH - Sharpe Ratio Comparison

The current METD Sharpe Ratio is -0.20, which is higher than the SH Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of METD and SH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	METD	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	-0.66	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.56	+0.21

Correlation

The correlation between METD and SH is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

METD vs. SH - Dividend Comparison

METD's dividend yield for the trailing twelve months is around 2.43%, less than SH's 3.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
METD Direxion Daily META Bear 1X ETF	2.43%	3.35%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	3.95%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Drawdowns

METD vs. SH - Drawdown Comparison

The maximum METD drawdown since its inception was -46.03%, smaller than the maximum SH drawdown of -94.26%. 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%	-94.26%	+48.23%
Max Drawdown (1Y) Largest decline over 1 year	-39.89%	-26.61%	-13.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.31%	—
Current Drawdown Current decline from peak	-27.85%	-93.87%	+66.02%
Average Drawdown Average peak-to-trough decline	-28.04%	-67.50%	+39.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.13%	21.86%	+7.27%

Volatility

METD vs. SH - Volatility Comparison

Direxion Daily META Bear 1X ETF (METD) has a higher volatility of 13.49% compared to ProShares Short S&P500 (SH) at 5.36%. 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	13.49%	5.36%	+8.13%
Volatility (6M) Calculated over the trailing 6-month period	26.76%	9.45%	+17.31%
Volatility (1Y) Calculated over the trailing 1-year period	40.30%	18.18%	+22.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.27%	16.86%	+19.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.27%	17.99%	+18.28%