SH vs. ORCS
SH (ProShares Short S&P500) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. SH is passively managed, while ORCS is actively managed. At a 0.48 correlation, their price movements are largely independent. SH charges 0.89%/yr vs 0.97%/yr for ORCS.
Performance
SH vs. ORCS - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -7.18% return, which is significantly lower than ORCS's 25.50% return.
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%
ORCS
- 1D
- 6.26%
- 1M
- 37.01%
- 6M
- 32.40%
- YTD
- 25.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH vs. ORCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SH ProShares Short S&P500 | -7.18% | -2.79% |
ORCS Direxion Daily ORCL Bear 1X ETF | 25.50% | 11.07% |
Correlation
The correlation between SH and ORCS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025 | 0.48 |
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Return for Risk
SH vs. ORCS — Risk / Return Rank
SH
ORCS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SH vs. ORCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Direxion Daily ORCL Bear 1X ETF (ORCS). 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 | ORCS | 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. ORCS - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for SH and ORCS.
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Drawdown Indicators
| SH | ORCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -50.25% | -44.41% |
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% | -10.21% | -84.36% |
Average DrawdownAverage peak-to-trough decline | -67.85% | -16.41% | -51.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.41% | — | — |
Volatility
SH vs. ORCS - Volatility Comparison
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Volatility by Period
| SH | ORCS | 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% | 59.82% | -47.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 59.82% | -42.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 59.82% | -41.82% |
SH vs. ORCS - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is lower than ORCS's 0.97% expense ratio.
Dividends
SH vs. ORCS - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.21%, more than ORCS's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | 1.14% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
SH and ORCS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SH is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SH is cheaper with a 0.89% expense ratio, compared with 0.97% for ORCS.
SH has the higher dividend yield at 4.21%, compared with 1.14% for ORCS.
They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for SH and 0.97% for ORCS.
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