SH vs. DXJS

Last updated Aug 4, 2026

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. Their -0.56 correlation means they have often moved in opposite directions in the past. SH charges 0.89%/yr vs 0.58%/yr for DXJS.

Performance

SH vs. DXJS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SH

• 1D: -1.42%
• 1M: -1.30%
• 6M: -6.60%
• YTD: -7.97%
• 1Y: -14.42%
• 3Y*: -12.05%
• 5Y*: -8.25%
• 10Y*: -12.49%
• ALL TIME*: -11.35%

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
SH ProShares Short S&P500	$269.15M	$242.02M	$299.42M

SH vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-7.97%	-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 -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.38
Correlation (3Y) Balances recent behavior with more history.	-0.40
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.45
Correlation (10Y) Provides a long-term view across more market conditions.	-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 -0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SH vs. DXJS — Risk / Return Rank

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

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: 1
SH Martin Ratio Rank: 0

DXJS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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 ratio: Return per unit of total volatility	-1.13	—	—
Sortino ratio: Return per unit of downside risk	-1.61	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.90	—	—
Martin ratio: Return relative to average drawdown	-1.66	—	—

Drawdowns

Drawdown Indicators

	SH	DXJS	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	—	—
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 Drawdown Current decline from peak	-94.62%	—	—
Average Drawdown Average peak-to-trough decline	-67.93%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	—	—

Volatility

Volatility by Period

	SH	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	—	—

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 4.25%, 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	0.53%	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	4.25%	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

Can I hold both SH and DXJS in my portfolio?

SH and DXJS have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SH or DXJS?

On fees, DXJS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SH or DXJS?

DXJS is cheaper with a 0.58% expense ratio, compared with 0.89% for SH.

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

SH has the higher dividend yield at 4.25%, compared with 0.53% for DXJS.

What is the main difference between SH and 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.