SH vs. METD

Last updated Aug 4, 2026

SH (ProShares Short S&P500) and METD (Direxion Daily META Bear 1X ETF) are both Inverse Equities funds. SH is passively managed, while METD is actively managed. Over the past year, SH returned -14.42% vs 24.41% for METD. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SH charges 0.89%/yr vs 1.00%/yr for METD.

Performance

SH vs. METD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and Direxion Daily META Bear 1X ETF (METD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -7.97% return, which is significantly lower than METD's 10.02% return.

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%

METD

• 1D: -3.30%
• 1M: 3.04%
• 6M: 20.93%
• YTD: 10.02%
• 1Y: 24.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.68%

*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)
METD Direxion Daily META Bear 1X ETF	$10.85M	$12.45M	$7.88M
SH ProShares Short S&P500	$269.15M	$242.02M	$299.42M

SH vs. METD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SH ProShares Short S&P500	-7.97%	-11.35%	-6.78%
METD Direxion Daily META Bear 1X ETF	10.02%	-17.33%	-15.84%

Correlation

The correlation between SH and METD is 0.54, 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.	0.54
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	0.57

The correlation between SH and METD has been stable across timeframes, ranging from 0.54 to 0.57 - a consistent structural relationship.

Return for Risk

SH vs. METD — 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

METD

METD Risk / Return Rank: 32
METD Sharpe Ratio Rank: 31
METD Sortino Ratio Rank: 33
METD Omega Ratio Rank: 35
METD Calmar Ratio Rank: 32
METD Martin Ratio Rank: 29

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. METD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Direxion Daily META Bear 1X ETF (METD). 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	METD	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	0.74	-1.88
Sortino ratio: Return per unit of downside risk	-1.61	1.24	-2.85
Omega ratio: Gain probability vs. loss probability	0.82	1.17	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.90	1.09	-2.00
Martin ratio: Return relative to average drawdown	-1.66	2.50	-4.15

SH vs. METD - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.13, which is lower than the METD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of SH and METD, 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

SH vs. METD - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than METD's maximum drawdown of -46.03%. Use the drawdown chart below to compare losses from any high point for SH and METD.

Drawdown Indicators

	SH	METD	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-46.03%	-48.63%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-26.03%	+9.97%
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%	-29.29%	-65.33%
Average Drawdown Average peak-to-trough decline	-67.93%	-28.87%	-39.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	11.39%	-2.31%

Volatility

SH vs. METD - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 3.78%, while Direxion Daily META Bear 1X ETF (METD) has a volatility of 15.23%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than METD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	METD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	15.23%	-11.45%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	30.46%	-20.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	40.18%	-27.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	37.75%	-20.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	37.75%	-19.72%

SH vs. METD - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than METD's 1.00% expense ratio.

Dividends

SH vs. METD - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.25%, more than METD's 2.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
METD Direxion Daily META Bear 1X ETF	2.51%	3.35%	2.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SH and METD in my portfolio?

SH and METD have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or METD?

METD has higher volatility (15.23%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs METD's -46.03%.

Which ETF is better, SH or METD?

On 1-year performance, METD leads with 24.41% vs -14.42% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or METD?

Over the 1-year period, METD has performed better with a 24.41% return vs -14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or METD?

SH is cheaper with a 0.89% expense ratio, compared with 1.00% for METD.

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

SH has the higher dividend yield at 4.25%, compared with 2.51% for METD.

What is the main difference between SH and METD?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for SH and 1.00% for METD.

Which has better risk-adjusted returns?

METD currently has the higher Sharpe Ratio (0.74 vs -1.13), 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.