SH vs. SPDN
Compare and contrast key facts about ProShares Short S&P500 (SH) and Direxion Daily S&P 500 Bear 1x Shares (SPDN).
SH and SPDN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. Both SH and SPDN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SH or SPDN.
Key characteristics
| SH | SPDN | |
|---|---|---|
| YTD Return | -15.91% | -15.37% |
| 1Y Return | -21.40% | -21.10% |
| 3Y Return (Ann) | -6.23% | -5.90% |
| 5Y Return (Ann) | -14.47% | -14.03% |
| Sharpe Ratio | -1.86 | -1.82 |
| Sortino Ratio | -2.72 | -2.66 |
| Omega Ratio | 0.71 | 0.71 |
| Calmar Ratio | -0.24 | -0.32 |
| Martin Ratio | -1.68 | -1.67 |
| Ulcer Index | 13.50% | 13.34% |
| Daily Std Dev | 12.13% | 12.23% |
| Max Drawdown | -93.65% | -70.57% |
| Current Drawdown | -93.65% | -70.57% |
Correlation
The correlation between SH and SPDN is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
SH vs. SPDN - Performance Comparison
The year-to-date returns for both investments are quite close, with SH having a -15.91% return and SPDN slightly higher at -15.37%. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SH vs. SPDN - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Risk-Adjusted Performance
SH vs. SPDN - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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.
Dividends
SH vs. SPDN - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 6.84%, more than SPDN's 6.10% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 6.84% | 5.37% | 0.32% | 0.00% | 0.16% | 1.49% | 1.01% | 0.06% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 6.10% | 5.84% | 0.96% | 0.00% | 0.10% | 1.88% | 1.24% | 0.42% |
Drawdowns
SH vs. SPDN - Drawdown Comparison
The maximum SH drawdown since its inception was -93.65%, which is greater than SPDN's maximum drawdown of -70.57%. Use the drawdown chart below to compare losses from any high point for SH and SPDN. For additional features, visit the drawdowns tool.
Volatility
SH vs. SPDN - Volatility Comparison
ProShares Short S&P500 (SH) and Direxion Daily S&P 500 Bear 1x Shares (SPDN) have volatilities of 3.94% and 3.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.