SH vs. PLTD

Last updated Aug 4, 2026

SH (ProShares Short S&P500) and PLTD (Direxion Daily PLTR Bear 1X Shares) are both Inverse Equities funds - SH tracks the S&P 500 Index (-100% daily) while PLTD tracks the Palantir Technologies Inc. (-100%). Both are passively managed. Over the past year, SH returned -14.42% vs 3.22% for PLTD. Their 0.49 correlation means their historical movements had little consistent relationship. SH charges 0.89%/yr vs 0.98%/yr for PLTD.

Performance

SH vs. PLTD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and Direxion Daily PLTR Bear 1X Shares (PLTD). 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 PLTD's 26.78% 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%

PLTD

• 1D: -0.72%
• 1M: 3.64%
• 6M: 5.36%
• YTD: 26.78%
• 1Y: 3.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -46.97%

*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)
PLTD Direxion Daily PLTR Bear 1X Shares	$308.34M	$340.03M	$346.45M
SH ProShares Short S&P500	$269.15M	$242.02M	$299.42M

SH vs. PLTD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SH ProShares Short S&P500	-7.97%	-11.35%	2.89%
PLTD Direxion Daily PLTR Bear 1X Shares	26.78%	-70.53%	-5.12%

Correlation

The correlation between SH and PLTD is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.49

Return for Risk

SH vs. PLTD — 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

PLTD

PLTD Risk / Return Rank: 15
PLTD Sharpe Ratio Rank: 14
PLTD Sortino Ratio Rank: 18
PLTD Omega Ratio Rank: 17
PLTD Calmar Ratio Rank: 15
PLTD Martin Ratio Rank: 14

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. PLTD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Direxion Daily PLTR Bear 1X Shares (PLTD). 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	PLTD	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	0.12	-1.25
Sortino ratio: Return per unit of downside risk	-1.61	0.56	-2.17
Omega ratio: Gain probability vs. loss probability	0.82	1.07	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.90	0.22	-1.12
Martin ratio: Return relative to average drawdown	-1.66	0.42	-2.08

SH vs. PLTD - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.13, which is lower than the PLTD Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of SH and PLTD, 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. PLTD - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than PLTD's maximum drawdown of -77.34%. Use the drawdown chart below to compare losses from any high point for SH and PLTD.

Drawdown Indicators

	SH	PLTD	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-77.34%	-17.32%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-27.95%	+11.89%
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%	-67.53%	-27.09%
Average Drawdown Average peak-to-trough decline	-67.93%	-60.13%	-7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	14.70%	-5.62%

Volatility

SH vs. PLTD - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 3.78%, while Direxion Daily PLTR Bear 1X Shares (PLTD) has a volatility of 13.69%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than PLTD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	PLTD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	13.69%	-9.91%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	40.22%	-30.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	52.47%	-39.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	62.67%	-45.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	62.67%	-44.64%

SH vs. PLTD - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than PLTD's 0.98% expense ratio.

Dividends

SH vs. PLTD - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.25%, more than PLTD's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PLTD Direxion Daily PLTR Bear 1X Shares	2.76%	5.17%	0.00%	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 PLTD in my portfolio?

SH and PLTD have a correlation of 0.41, 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 PLTD?

PLTD has higher volatility (13.69%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs PLTD's -77.34%.

Which ETF is better, SH or PLTD?

On 1-year performance, PLTD leads with 3.22% 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 PLTD?

Over the 1-year period, PLTD has performed better with a 3.22% 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 PLTD?

SH is cheaper with a 0.89% expense ratio, compared with 0.98% for PLTD.

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

SH has the higher dividend yield at 4.25%, compared with 2.76% for PLTD.

What is the main difference between SH and PLTD?

SH tracks S&P 500 Index (-100% daily), while PLTD tracks Palantir Technologies Inc. (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for SH and 0.98% for PLTD.

Which has better risk-adjusted returns?

PLTD currently has the higher Sharpe Ratio (0.12 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.