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SH vs. SPDN
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between SH and SPDN is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


-0.50.00.51.0
Correlation: -1.0

Performance

SH vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

-70.00%-68.00%-66.00%-64.00%-62.00%NovemberDecember2025FebruaryMarchApril
-66.96%
-65.70%
SH
SPDN

Key characteristics

Sharpe Ratio

SH:

-0.26

SPDN:

-0.23

Sortino Ratio

SH:

-0.24

SPDN:

-0.19

Omega Ratio

SH:

0.97

SPDN:

0.97

Calmar Ratio

SH:

-0.05

SPDN:

-0.06

Martin Ratio

SH:

-0.53

SPDN:

-0.48

Ulcer Index

SH:

9.50%

SPDN:

9.31%

Daily Std Dev

SH:

19.21%

SPDN:

19.35%

Max Drawdown

SH:

-93.70%

SPDN:

-70.87%

Current Drawdown

SH:

-93.01%

SPDN:

-67.59%

Returns By Period

The year-to-date returns for both investments are quite close, with SH having a 6.85% return and SPDN slightly higher at 7.01%.


SH

YTD

6.85%

1M

3.91%

6M

6.58%

1Y

-3.79%

5Y*

-12.66%

10Y*

-11.07%

SPDN

YTD

7.01%

1M

4.00%

6M

6.90%

1Y

-3.30%

5Y*

-12.28%

10Y*

N/A

*Annualized

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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.


Expense ratio chart for SH: current value is 0.90%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SH: 0.90%
Expense ratio chart for SPDN: current value is 0.50%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPDN: 0.50%

Risk-Adjusted Performance

SH vs. SPDN — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SH
The Risk-Adjusted Performance Rank of SH is 1212
Overall Rank
The Sharpe Ratio Rank of SH is 1111
Sharpe Ratio Rank
The Sortino Ratio Rank of SH is 1010
Sortino Ratio Rank
The Omega Ratio Rank of SH is 1010
Omega Ratio Rank
The Calmar Ratio Rank of SH is 1818
Calmar Ratio Rank
The Martin Ratio Rank of SH is 1313
Martin Ratio Rank

SPDN
The Risk-Adjusted Performance Rank of SPDN is 1313
Overall Rank
The Sharpe Ratio Rank of SPDN is 1212
Sharpe Ratio Rank
The Sortino Ratio Rank of SPDN is 1111
Sortino Ratio Rank
The Omega Ratio Rank of SPDN is 1111
Omega Ratio Rank
The Calmar Ratio Rank of SPDN is 1818
Calmar Ratio Rank
The Martin Ratio Rank of SPDN is 1313
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

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.


The chart of Sharpe ratio for SH, currently valued at -0.26, compared to the broader market-1.000.001.002.003.004.00
SH: -0.26
SPDN: -0.23
The chart of Sortino ratio for SH, currently valued at -0.24, compared to the broader market-2.000.002.004.006.008.00
SH: -0.24
SPDN: -0.19
The chart of Omega ratio for SH, currently valued at 0.97, compared to the broader market0.501.001.502.002.50
SH: 0.97
SPDN: 0.97
The chart of Calmar ratio for SH, currently valued at -0.07, compared to the broader market0.002.004.006.008.0010.0012.00
SH: -0.07
SPDN: -0.06
The chart of Martin ratio for SH, currently valued at -0.53, compared to the broader market0.0020.0040.0060.00
SH: -0.53
SPDN: -0.48

The current SH Sharpe Ratio is -0.26, which is comparable to the SPDN Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of SH and SPDN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-2.00-1.50-1.00-0.500.000.50NovemberDecember2025FebruaryMarchApril
-0.26
-0.23
SH
SPDN

Dividends

SH vs. SPDN - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 5.27%, more than SPDN's 4.49% yield.


TTM20242023202220212020201920182017
SH
ProShares Short S&P500
5.27%6.20%5.37%0.32%0.00%0.16%1.76%1.01%0.06%
SPDN
Direxion Daily S&P 500 Bear 1x Shares
4.49%5.32%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 -93.70%, which is greater than SPDN's maximum drawdown of -70.87%. Use the drawdown chart below to compare losses from any high point for SH and SPDN. For additional features, visit the drawdowns tool.


-72.00%-70.00%-68.00%-66.00%-64.00%NovemberDecember2025FebruaryMarchApril
-68.73%
-67.59%
SH
SPDN

Volatility

SH vs. SPDN - Volatility Comparison

ProShares Short S&P500 (SH) and Direxion Daily S&P 500 Bear 1x Shares (SPDN) have volatilities of 14.45% and 14.64%, 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.


2.00%4.00%6.00%8.00%10.00%12.00%14.00%NovemberDecember2025FebruaryMarchApril
14.45%
14.64%
SH
SPDN