SH vs. DXJS
SH (ProShares Short S&P500) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index. Both are passively managed. Over the past 10 years, SH returned -12.90%/yr vs 16.84%/yr for DXJS. At a correlation of -0.56, they often move in opposite directions. SH charges 0.89%/yr vs 0.58%/yr for DXJS.
Performance
SH vs. DXJS - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -5.55% return, which is significantly lower than DXJS's 23.30% return. Over the past 10 years, SH has underperformed DXJS with an annualized return of -12.90%, while DXJS has yielded a comparatively higher 16.84% annualized return.
SH
- 1D
- 1.41%
- 1M
- 1.68%
- YTD
- -5.55%
- 6M
- -4.58%
- 1Y
- -14.55%
- 3Y*
- -11.90%
- 5Y*
- -8.40%
- 10Y*
- -12.90%
DXJS
- 1D
- -2.83%
- 1M
- -1.82%
- YTD
- 23.30%
- 6M
- 24.16%
- 1Y
- 59.61%
- 3Y*
- 33.69%
- 5Y*
- 24.61%
- 10Y*
- 16.84%
SH vs. DXJS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -5.55% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 23.30% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between SH and DXJS is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | -0.56 |
The correlation between SH and DXJS shifts across timeframes, from -0.56 (all time) to -0.41 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SH vs. DXJS — Risk / Return Rank
SH
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SH vs. DXJS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). 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.
| SH | DXJS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.26 | ||
| Sortino ratioReturn per unit of downside risk | -5.72 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.51 | -0.70 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 6.24 | -7.13 |
| Martin ratioReturn relative to average drawdown | -1.67 | 22.10 | -23.78 |
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Drawdowns
SH vs. DXJS - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than DXJS's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for SH and DXJS.
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Drawdown Indicators
| SH | DXJS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -39.30% | -55.36% |
Max Drawdown (1Y)Largest decline over 1 year | -16.42% | -9.82% | -6.60% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -16.49% | -22.33% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -16.49% | -28.04% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | -39.30% | -36.82% |
Current DrawdownCurrent decline from peak | -94.48% | -6.44% | -88.04% |
Average DrawdownAverage peak-to-trough decline | -67.78% | -6.49% | -61.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.62% | 2.77% | +6.85% |
Volatility
SH vs. DXJS - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 4.80%, while WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) has a volatility of 5.19%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than DXJS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | DXJS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 5.19% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 9.83% | 15.69% | -5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.46% | 19.86% | -7.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 18.08% | -1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 19.72% | -1.69% |
SH vs. DXJS - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is higher than DXJS's 0.58% expense ratio.
Dividends
SH vs. DXJS - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.39%, while DXJS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 1.54% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
SH ProShares Short S&P500 | 4.39% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
SH and DXJS have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJS has higher volatility (5.19%) compared to SH (4.80%). In terms of maximum drawdown, SH dropped -94.66% vs DXJS's -39.30%.
On 10-year performance, DXJS leads with 16.84% vs -12.90% for SH. On fees, DXJS is cheaper at 0.58% per year. On volatility, SH has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJS has performed better with a 16.84% return vs -12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJS is cheaper with a 0.58% expense ratio, compared with 0.89% for SH.
SH has the higher dividend yield at 4.39%, compared with 1.54% for DXJS.
SH is categorized as Inverse Equities, while DXJS is Japan Equities. SH tracks S&P 500 Index (-100% daily), while DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.89% for SH and 0.58% for DXJS.
DXJS currently has the higher Sharpe Ratio (3.08 vs -1.17), 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.
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