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SH vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SH vs. SPXL

Last updated Jun 4, 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 (-100%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SH returned -12.89%/yr vs 30.20%/yr for SPXL. At a correlation of -1.00, they often move in opposite directions. SH charges 0.90%/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.

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Returns By Period

In the year-to-date period, SH achieves a -8.00% return, which is significantly lower than SPXL's 28.14% return. Over the past 10 years, SH has underperformed SPXL with an annualized return of -12.89%, while SPXL has yielded a comparatively higher 30.20% annualized return.

SH

1D
0.70%
1M
-4.35%
YTD
-8.00%
6M
-7.59%
1Y
-17.23%
3Y*
-13.02%
5Y*
-9.07%
10Y*
-12.89%

SPXL

1D
-2.08%
1M
14.77%
YTD
28.14%
6M
26.88%
1Y
81.54%
3Y*
52.83%
5Y*
23.51%
10Y*
30.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SH vs. SPXL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SH
ProShares Short S&P500		-8.00%-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		28.14%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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-1.00

Correlation (3Y)
Calculated over the trailing 3-year period

-1.00

Correlation (5Y)
Calculated over the trailing 5-year period

-1.00

Correlation (10Y)
Calculated over the trailing 10-year period

-1.00

Correlation (All Time)
Calculated using the full available price history since Nov 6, 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

91.6%
2.6%

Basic Materials

-

0.4%

Communication Services

-

2.4%

Consumer Cyclical

-

2.2%

Consumer Defensive

-

1.1%

Energy

-

0.8%

Healthcare

-

1.9%

Industrials

-

1.7%

Real Estate

-

0.4%

Technology

-

8.5%

Utilities

-

0.6%

Financial Services

SH
91.6%
SPXL
2.6%

Basic Materials

SH

-

SPXL
0.4%

Communication Services

SH

-

SPXL
2.4%

Consumer Cyclical

SH

-

SPXL
2.2%

Consumer Defensive

SH

-

SPXL
1.1%

Energy

SH

-

SPXL
0.8%

Healthcare

SH

-

SPXL
1.9%

Industrials

SH

-

SPXL
1.7%

Real Estate

SH

-

SPXL
0.4%

Technology

SH

-

SPXL
8.5%

Utilities

SH

-

SPXL
0.6%

Compare stocks, funds, or ETFs

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ProShares Short S&P500

Direxion Daily S&P 500 Bull 3X ETF

Often compared with SH:
SH vs. SPYSH vs. SDSSH vs. SPDNSH vs. SCHDSH vs. SQQQSH vs. DOGSH vs. IVOL
Often compared with SPXL:
SPXL vs. TQQQSPXL vs. SPYSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU

Return for Risk

SH vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SH
SH Risk / Return Rank: 11
Overall Rank
SH Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SH Sortino Ratio Rank: 11
Sortino Ratio Rank
SH Omega Ratio Rank: 11
Omega Ratio Rank
SH Calmar Ratio Rank: 11
Calmar Ratio Rank
SH Martin Ratio Rank: 00
Martin Ratio Rank
SPXL
SPXL Risk / Return Rank: 6363
Overall Rank
SPXL Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5757
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5858
Omega Ratio Rank
SPXL Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

SHSPXLDifference
Sharpe ratioReturn per unit of total volatility
-1.47
2.32

-3.79

Sortino ratioReturn per unit of downside risk
-2.10
2.78

-4.88

Omega ratioGain probability vs. loss probability

0.77

1.37

-0.59

Calmar ratioReturn relative to maximum drawdown

-0.95

3.06

-4.01

Martin ratioReturn relative to average drawdown

-1.75

12.94

-14.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SH vs. SPXL - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.47, which is lower than the SPXL Sharpe Ratio of 2.32. 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.

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Sharpe Ratios by Period

SHSPXLDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.47

2.32

-3.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.54

0.47

-1.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.72

0.57

-1.29

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.59

0.53

-1.12

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.

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Drawdown Indicators

SHSPXLDifference

Max Drawdown

Largest peak-to-trough decline

-94.66%

-76.86%

-17.80%

Max Drawdown (1Y)

Largest decline over 1 year

-18.28%

-26.77%

+8.49%

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

-76.12%

-76.86%

+0.74%

Current Drawdown

Current decline from peak

-94.62%

-2.08%

-92.54%

Average Drawdown

Average peak-to-trough decline

-67.73%

-15.72%

-52.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.89%

6.32%

+3.57%

Volatility

SH vs. SPXL - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 2.84%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 8.49%. 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.

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Volatility by Period

SHSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

8.49%

-5.65%

Volatility (6M)

Calculated over the trailing 6-month period

8.91%

26.67%

-17.76%

Volatility (1Y)

Calculated over the trailing 1-year period

11.80%

35.39%

-23.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.85%

50.24%

-33.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

53.42%

-35.41%

SH vs. SPXL - Expense Ratio Comparison

SH has a 0.90% 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 4.51%, more than SPXL's 0.52% yield.

PositionTTM202520242023202220212020201920182017
SH
ProShares Short S&P500		4.51%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		0.52%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%

Frequently Asked Questions

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.

SPXL has higher volatility (8.49%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs SPXL's -76.86%.

On 10-year performance, SPXL leads with 30.20% vs -12.89% for SH. On fees, SPXL is cheaper at 0.84% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXL has performed better with a 30.20% return vs -12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPXL is cheaper with a 0.84% expense ratio, compared with 0.90% for SH.

SH has the higher dividend yield at 4.51%, compared with 0.52% for SPXL.

SH is categorized as Inverse Equities, while SPXL is Leveraged Equities. SH tracks S&P 500 (-100%), while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SH and 0.84% for SPXL.

SPXL currently has the higher Sharpe Ratio (2.32 vs -1.47), 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.

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