RKLZ vs. SH
RKLZ (Defiance Daily Target 2X Short RKLB ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds. RKLZ is actively managed, while SH is passively managed. At a 0.50 correlation, their price movements are largely independent. RKLZ charges 1.29%/yr vs 0.89%/yr for SH.
Performance
RKLZ vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, RKLZ achieves a -87.74% return, which is significantly lower than SH's -6.34% return.
RKLZ
- 1D
- -1.37%
- 1M
- 90.19%
- 6M
- -74.18%
- YTD
- -87.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- 1.06%
- 1M
- -0.04%
- 6M
- -5.31%
- YTD
- -6.34%
- 1Y
- -11.74%
- 3Y*
- -10.93%
- 5Y*
- -8.28%
- 10Y*
- -12.42%
RKLZ vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RKLZ Defiance Daily Target 2X Short RKLB ETF | -87.74% | -75.89% |
SH ProShares Short S&P500 | -6.34% | -1.98% |
Correlation
The correlation between RKLZ and SH is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | 0.50 |
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Return for Risk
RKLZ vs. SH — Risk / Return Rank
RKLZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SH
RKLZ vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short RKLB ETF (RKLZ) 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.
| RKLZ | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.85 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.73 | — |
| Martin ratioReturn relative to average drawdown | — | -1.37 | — |
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Drawdowns
RKLZ vs. SH - Drawdown Comparison
The maximum RKLZ drawdown since its inception was -99.10%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for RKLZ and SH.
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Drawdown Indicators
| RKLZ | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.10% | -94.66% | -4.44% |
Max Drawdown (1Y)Largest decline over 1 year | — | -16.06% | — |
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 DrawdownCurrent decline from peak | -97.31% | -94.53% | -2.78% |
Average DrawdownAverage peak-to-trough decline | -83.08% | -67.87% | -15.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 8.61% | — |
Volatility
RKLZ vs. SH - Volatility Comparison
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Volatility by Period
| RKLZ | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.48% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.00% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 207.75% | 12.55% | +195.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 207.75% | 16.96% | +190.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 207.75% | 18.00% | +189.75% |
RKLZ vs. SH - Expense Ratio Comparison
RKLZ has a 1.29% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
RKLZ vs. SH - Dividend Comparison
RKLZ has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RKLZ Defiance Daily Target 2X Short RKLB ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.17% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
RKLZ and SH have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SH is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SH is cheaper with a 0.89% expense ratio, compared with 1.29% for RKLZ.
SH has the higher dividend yield at 4.17%, compared with 0.00% for RKLZ.
They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.29% for RKLZ and 0.89% for SH.
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