SH vs. SPDN
SH (ProShares Short S&P500) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - SH tracks the S&P 500 (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SH returned -12.83%/yr vs -12.55%/yr for SPDN. With a 0.99 correlation, they move nearly in lockstep. SH charges 0.90%/yr vs 0.50%/yr for SPDN.
Performance
SH vs. SPDN - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with SH having a -6.30% return and SPDN slightly higher at -6.10%. Both investments have delivered pretty close results over the past 10 years, with SH having a -12.83% annualized return and SPDN not far ahead at -12.55%.
SH
- 1D
- 1.27%
- 1M
- -0.03%
- YTD
- -6.30%
- 6M
- -7.79%
- 1Y
- -15.72%
- 3Y*
- -11.69%
- 5Y*
- -8.99%
- 10Y*
- -12.83%
SPDN
- 1D
- 1.15%
- 1M
- -0.11%
- YTD
- -6.10%
- 6M
- -7.70%
- 1Y
- -15.41%
- 3Y*
- -11.49%
- 5Y*
- -8.81%
- 10Y*
- -12.55%
SH vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -6.30% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between SH and SPDN is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.99 |
The correlation between SH and SPDN has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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. SPDN — Risk / Return Rank
SH
SPDN
SH vs. SPDN - Risk-Adjusted Trends 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.
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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.81 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.87 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.53 | -1.53 | 0.00 |
Loading charts...
Drawdowns
SH vs. SPDN - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for SH and SPDN.
Loading charts...
Drawdown Indicators
| SH | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -75.31% | -19.35% |
Max Drawdown (1Y)Largest decline over 1 year | -18.16% | -17.73% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -38.24% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -43.85% | -0.68% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | -75.31% | -0.81% |
Current DrawdownCurrent decline from peak | -94.52% | -74.71% | -19.81% |
Average DrawdownAverage peak-to-trough decline | -67.77% | -48.62% | -19.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.29% | 10.06% | +0.23% |
Volatility
SH vs. SPDN - Volatility Comparison
ProShares Short S&P500 (SH) and Direxion Daily S&P 500 Bear 1x Shares (SPDN) have volatilities of 4.64% and 4.53%, 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.
Loading charts...
Volatility by Period
| SH | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.64% | 4.53% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 9.77% | 9.88% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.38% | 12.58% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 16.95% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 18.07% | -0.02% |
SH vs. SPDN - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
SH vs. SPDN - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.42%, more than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.42% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
With a correlation of 0.99, SH and SPDN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SH has higher volatility (4.64%) compared to SPDN (4.53%). In terms of maximum drawdown, SH dropped -94.66% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.55% vs -12.83% for SH. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.55% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.90% for SH.
SH has the higher dividend yield at 4.42%, compared with 4.02% for SPDN.
SH tracks S&P 500 (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SH and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.23 vs -1.28), 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 SPDN
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