MUD vs. SH

Last updated Aug 5, 2026

MUD (Direxion Daily MU Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds. MUD is actively managed, while SH is passively managed. Over the past year, MUD returned -93.46% vs -14.67% for SH. Their 0.54 correlation means they have sometimes moved together and sometimes differently. MUD charges 0.97%/yr vs 0.89%/yr for SH.

Performance

MUD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bear 1X Shares (MUD) 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, MUD achieves a -80.35% return, which is significantly lower than SH's -9.60% return.

MUD

• 1D: -7.66%
• 1M: -0.79%
• 6M: -69.73%
• YTD: -80.35%
• 1Y: -93.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -80.86%

SH

• 1D: -1.77%
• 1M: -3.05%
• 6M: -9.07%
• YTD: -9.60%
• 1Y: -14.67%
• 3Y*: -12.58%
• 5Y*: -8.45%
• 10Y*: -12.64%
• ALL TIME*: -11.42%

*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)
MUD Direxion Daily MU Bear 1X Shares	$176.35M	$166.22M	$199.88M
SH ProShares Short S&P500	$272.98M	$242.77M	$298.72M

MUD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUD Direxion Daily MU Bear 1X Shares	-80.35%	-78.75%	19.12%
SH ProShares Short S&P500	-9.60%	-11.35%	-0.25%

Correlation

The correlation between MUD and SH is 0.53, 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.	0.53
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.54

The correlation between MUD and SH has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

Return for Risk

MUD vs. SH — Risk / Return Rank

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

MUD

MUD Risk / Return Rank: 1
MUD Sharpe Ratio Rank: 1
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 2

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 0

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.

MUD vs. SH - Risk-Adjusted Trends Comparison

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

	MUD	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-1.15	0.00
Sortino ratio: Return per unit of downside risk	-3.54	-1.63	-1.91
Omega ratio: Gain probability vs. loss probability	0.61	0.82	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.87	-0.12
Martin ratio: Return relative to average drawdown	-1.32	-1.67	+0.36

MUD vs. SH - Sharpe Ratio Comparison

The current MUD Sharpe Ratio is -1.15, which is comparable to the SH Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of MUD 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

MUD vs. SH - Drawdown Comparison

The maximum MUD drawdown since its inception was -97.03%, roughly equal to the maximum SH drawdown of -94.72%. Use the drawdown chart below to compare losses from any high point for MUD and SH.

Drawdown Indicators

	MUD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-97.03%	-94.72%	-2.31%
Max Drawdown (1Y) Largest decline over 1 year	-94.56%	-16.95%	-77.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.07%	—
Current Drawdown Current decline from peak	-96.38%	-94.72%	-1.66%
Average Drawdown Average peak-to-trough decline	-54.46%	-67.94%	+13.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.10%	8.79%	+62.31%

Volatility

MUD vs. SH - Volatility Comparison

Direxion Daily MU Bear 1X Shares (MUD) has a higher volatility of 33.65% compared to ProShares Short S&P500 (SH) at 4.10%. This indicates that MUD'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

	MUD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.65%	4.10%	+29.55%
Volatility (6M) Calculated over the trailing 6-month period	70.44%	10.30%	+60.14%
Volatility (1Y) Calculated over the trailing 1-year period	81.08%	12.87%	+68.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.63%	16.99%	+56.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.63%	18.03%	+55.60%

MUD vs. SH - Expense Ratio Comparison

MUD has a 0.97% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

MUD vs. SH - Dividend Comparison

MUD's dividend yield for the trailing twelve months is around 12.46%, more than SH's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUD Direxion Daily MU Bear 1X Shares	12.46%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.32%	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 MUD and SH in my portfolio?

MUD and SH have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUD or SH?

MUD has higher volatility (33.65%) compared to SH (4.10%). In terms of maximum drawdown, MUD dropped -97.03% vs SH's -94.72%.

Which ETF is better, MUD or SH?

On 1-year performance, SH leads with -14.67% vs -93.46% for MUD. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUD or SH?

Over the 1-year period, SH has performed better with a -14.67% return vs -93.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUD or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.97% for MUD.

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

MUD has the higher dividend yield at 12.46%, compared with 4.32% for SH.

What is the main difference between MUD and SH?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.97% for MUD and 0.89% for SH.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.15 vs -1.15), 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.