SH vs. MSFD
SH (ProShares Short S&P500) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - SH tracks the S&P 500 (-100%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SH returned -13.02%/yr vs -7.16%/yr for MSFD. A 0.67 correlation means they provide meaningful diversification when combined. SH charges 0.90%/yr vs 1.06%/yr for MSFD.
Performance
SH vs. MSFD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SH achieves a -8.00% return, which is significantly lower than MSFD's 10.43% return.
SH
- 1D
- 0.70%
- 1M
- -4.35%
- YTD
- -8.00%
- 6M
- -7.59%
- 1Y
- -17.23%
- 3Y*
- -13.02%
- 5Y*
- -9.07%
- 10Y*
- -12.89%
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
SH vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 3.81% |
MSFD Direxion Daily MSFT Bear 1X Shares | 10.43% | -13.36% | -7.86% | -35.90% | 3.88% |
Correlation
The correlation between SH and MSFD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.67 |
Over the past year, the correlation between SH and MSFD has dropped to 0.46 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SH vs. MSFD — Risk / Return Rank
SH
MSFD
SH vs. MSFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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.
| SH | MSFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.08 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.32 | -1.27 |
| Martin ratioReturn relative to average drawdown | -1.75 | 0.89 | -2.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SH | MSFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | 0.29 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.51 | -0.08 |
Drawdowns
SH vs. MSFD - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SH and MSFD.
Loading charts...
Drawdown Indicators
| SH | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -59.90% | -34.76% |
Max Drawdown (1Y)Largest decline over 1 year | -18.28% | -23.25% | +4.97% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -40.50% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -50.20% | -44.42% |
Average DrawdownAverage peak-to-trough decline | -67.73% | -41.59% | -26.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 8.40% | +1.49% |
Volatility
SH vs. MSFD - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 2.84%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 10.12%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SH | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 10.12% | -7.28% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 22.06% | -13.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 25.32% | -13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 26.15% | -9.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 26.15% | -8.14% |
SH vs. MSFD - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is lower than MSFD's 1.06% expense ratio.
Dividends
SH vs. MSFD - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.51%, more than MSFD's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 2.83% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.51% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
SH and MSFD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.12%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs MSFD's -59.90%.
On 3-year performance, MSFD leads with -7.16% vs -13.02% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -7.16% return vs -13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.06% for MSFD.
SH has the higher dividend yield at 4.51%, compared with 2.83% for MSFD.
SH tracks S&P 500 (-100%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SH and 1.06% for MSFD.
MSFD currently has the higher Sharpe Ratio (0.29 vs -1.47), 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.
Find the right allocation for SH and MSFD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer