SH vs. TSLZ

Last updated Aug 4, 2026

SH (ProShares Short S&P500) and TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) are both Inverse Equities funds. SH is passively managed, while TSLZ is actively managed. Over the past year, SH returned -14.42% vs -51.91% for TSLZ. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SH charges 0.89%/yr vs 1.05%/yr for TSLZ.

Performance

SH vs. TSLZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -7.97% return, which is significantly lower than TSLZ's 35.10% return.

SH

• 1D: -1.42%
• 1M: -1.30%
• 6M: -6.60%
• YTD: -7.97%
• 1Y: -14.42%
• 3Y*: -12.05%
• 5Y*: -8.25%
• 10Y*: -12.49%
• ALL TIME*: -11.35%

TSLZ

• 1D: -7.07%
• 1M: 34.14%
• 6M: 23.12%
• YTD: 35.10%
• 1Y: -51.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -72.47%

*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	$269.15M	$242.02M	$299.42M
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	$39.25M	$32.96M	$42.59M

SH vs. TSLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SH ProShares Short S&P500	-7.97%	-11.35%	-13.52%	-8.34%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	35.10%	-75.98%	-88.79%	-24.75%

Correlation

The correlation between SH and TSLZ is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.57

The correlation between SH and TSLZ has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

SH vs. TSLZ — Risk / Return Rank

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

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 0

TSLZ

TSLZ Risk / Return Rank: 5
TSLZ Sharpe Ratio Rank: 5
TSLZ Sortino Ratio Rank: 6
TSLZ Omega Ratio Rank: 6
TSLZ Calmar Ratio Rank: 3
TSLZ Martin Ratio Rank: 5

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. TSLZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ). 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	TSLZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	-0.57	-0.57
Sortino ratio: Return per unit of downside risk	-1.61	-0.49	-1.12
Omega ratio: Gain probability vs. loss probability	0.82	0.95	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.76	-0.14
Martin ratio: Return relative to average drawdown	-1.66	-0.94	-0.72

SH vs. TSLZ - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.13, which is lower than the TSLZ Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of SH and TSLZ, 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. TSLZ - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, roughly equal to the maximum TSLZ drawdown of -99.11%. Use the drawdown chart below to compare losses from any high point for SH and TSLZ.

Drawdown Indicators

	SH	TSLZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-99.11%	+4.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-68.61%	+52.55%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	—	—
Current Drawdown Current decline from peak	-94.62%	-98.58%	+3.96%
Average Drawdown Average peak-to-trough decline	-67.93%	-76.63%	+8.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	56.73%	-47.65%

Volatility

SH vs. TSLZ - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 3.78%, while T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a volatility of 36.30%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than TSLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	TSLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	36.30%	-32.52%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	67.43%	-57.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	91.90%	-79.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	117.66%	-100.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	117.66%	-99.63%

SH vs. TSLZ - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than TSLZ's 1.05% expense ratio.

Dividends

SH vs. TSLZ - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.25%, more than TSLZ's 0.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	4.25%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.51%	0.69%	2.08%	12.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SH and TSLZ in my portfolio?

SH and TSLZ have a correlation of 0.63, 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 TSLZ?

TSLZ has higher volatility (36.30%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs TSLZ's -99.11%.

Which ETF is better, SH or TSLZ?

On 1-year performance, SH leads with -14.42% vs -51.91% for TSLZ. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or TSLZ?

Over the 1-year period, SH has performed better with a -14.42% return vs -51.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or TSLZ?

SH is cheaper with a 0.89% expense ratio, compared with 1.05% for TSLZ.

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

SH has the higher dividend yield at 4.25%, compared with 0.51% for TSLZ.

What is the main difference between SH and TSLZ?

They also come from different issuers: ProShares and T-Rex. Their fees differ too: 0.89% for SH and 1.05% for TSLZ.

Which has better risk-adjusted returns?

TSLZ currently has the higher Sharpe Ratio (-0.57 vs -1.13), 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.