SH vs. SPXL

Last updated Aug 2, 2026

SH (ProShares Short S&P500) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SH returned -12.47%/yr vs 28.61%/yr for SPXL. Their -1.00 correlation means they have often moved in opposite directions in the past. SH charges 0.89%/yr vs 0.84%/yr for SPXL.

Performance

SH vs. SPXL - 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 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -6.65% return, which is significantly lower than SPXL's 22.10% return. Over the past 10 years, SH has underperformed SPXL with an annualized return of -12.47%, while SPXL has yielded a comparatively higher 28.61% annualized return.

SH

• 1D: -0.69%
• 1M: 0.12%
• 6M: -5.73%
• YTD: -6.65%
• 1Y: -13.19%
• 3Y*: -10.94%
• 5Y*: -8.01%
• 10Y*: -12.47%
• ALL TIME*: -11.29%

SPXL

• 1D: 2.01%
• 1M: -0.23%
• 6M: 18.15%
• YTD: 22.10%
• 1Y: 54.55%
• 3Y*: 41.56%
• 5Y*: 19.59%
• 10Y*: 28.61%
• ALL TIME*: 27.32%

*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)
SH ProShares Short S&P500	$271.72M	$244.09M	$301.56M
SPXL Direxion Daily S&P 500 Bull 3X ETF	$473.70M	$462.79M	$534.56M

SH vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-6.65%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.10%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between SH and SPXL is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-1.00
Correlation (3Y) Balances recent behavior with more history.	-1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	-1.00
Correlation (10Y) Provides a long-term view across more market conditions.	-1.00
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	-1.00

The correlation between SH and SPXL has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

SH vs. SPXL - Sectors Allocation Comparison

Sectors	SH	SPXL
Financial Services	81.2%	2.9%
Basic Materials	-	0.4%
Communication Services	-	2.2%
Consumer Cyclical	-	2.1%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Healthcare	-	2.1%
Industrials	-	1.8%
Real Estate	-	0.5%
Technology	-	9.0%
Utilities	-	0.6%

Return for Risk

SH vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 2
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 3
SH Calmar Ratio Rank: 3
SH Martin Ratio Rank: 2

SPXL

SPXL Risk / Return Rank: 51
SPXL Sharpe Ratio Rank: 50
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 48
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 57

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. SPXL - 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 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	1.22	-2.14
Sortino ratio: Return per unit of downside risk	-1.29	1.72	-3.00
Omega ratio: Gain probability vs. loss probability	0.86	1.22	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.73	1.76	-2.49
Martin ratio: Return relative to average drawdown	-1.30	6.74	-8.04

SH vs. SPXL - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -0.92, which is lower than the SPXL Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of SH and SPXL, 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. SPXL - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SH and SPXL.

Drawdown Indicators

	SH	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-76.86%	-17.80%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-26.77%	+10.71%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-48.95%	+10.13%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-63.80%	+19.27%
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	-76.86%	+2.06%
Current Drawdown Current decline from peak	-94.54%	-6.70%	-87.84%
Average Drawdown Average peak-to-trough decline	-67.93%	-16.04%	-51.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.03%	6.98%	+2.05%

Volatility

SH vs. SPXL - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 3.51%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 10.75%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	10.75%	-7.24%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	30.45%	-20.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	38.62%	-25.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	50.62%	-33.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	53.45%	-35.43%

SH vs. SPXL - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

SH vs. SPXL - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.19%, more than SPXL's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	4.19%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.53%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SH and SPXL in my portfolio?

SH and SPXL have a correlation of -1.00, 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 SPXL?

SPXL has higher volatility (10.75%) compared to SH (3.51%). In terms of maximum drawdown, SH dropped -94.66% vs SPXL's -76.86%.

Which ETF is better, SH or SPXL?

On 10-year performance, SPXL leads with 28.61% vs -12.47% for SH. On fees, SPXL is cheaper at 0.84% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or SPXL?

Over the 10-year period, SPXL has performed better with a 28.61% return vs -12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.89% for SH.

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

SH has the higher dividend yield at 4.19%, compared with 0.53% for SPXL.

What is the main difference between SH and SPXL?

SH is categorized as Inverse Equities, while SPXL is Leveraged Equities. SH tracks S&P 500 Index (-100% daily), while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.89% for SH and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.22 vs -0.92), 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.