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. 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
SH
- 1D
- 0.73%
- 1M
- -0.85%
- 6M
- -5.53%
- YTD
- -7.18%
- 1Y
- -13.05%
- 3Y*
- -11.50%
- 5Y*
- -8.24%
- 10Y*
- -12.51%
DXJS
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH vs. DXJS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -7.18% | -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 -0.40, 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 | -0.40 |
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 -0.40 (1 year), 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 | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.84 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | — | — |
| Martin ratioReturn relative to average drawdown | -1.55 | — | — |
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Drawdowns
SH vs. DXJS - Drawdown Comparison
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Drawdown Indicators
| SH | DXJS | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -94.57% | — | — |
Average DrawdownAverage peak-to-trough decline | -67.85% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.41% | — | — |
Volatility
SH vs. DXJS - Volatility Comparison
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Volatility by Period
| SH | DXJS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.09% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 9.95% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.51% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | — | — |
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 4.21%, 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 | 4.21% | 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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
DXJS is cheaper with a 0.58% expense ratio, compared with 0.89% for SH.
SH has the higher dividend yield at 4.21%, compared with 0.53% 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.
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