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

Correlation

The correlation between SPDN and SH 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

SPDN vs. SH - Performance Comparison

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

-70.00%-68.00%-66.00%-64.00%-62.00%NovemberDecember2025FebruaryMarchApril
-65.96%
-67.18%
SPDN
SH

Key characteristics

Sharpe Ratio

SPDN:

-0.21

SH:

-0.24

Sortino Ratio

SPDN:

-0.16

SH:

-0.21

Omega Ratio

SPDN:

0.98

SH:

0.97

Calmar Ratio

SPDN:

-0.06

SH:

-0.05

Martin Ratio

SPDN:

-0.43

SH:

-0.47

Ulcer Index

SPDN:

9.33%

SH:

9.52%

Daily Std Dev

SPDN:

19.36%

SH:

19.22%

Max Drawdown

SPDN:

-70.87%

SH:

-93.70%

Current Drawdown

SPDN:

-67.83%

SH:

-93.05%

Returns By Period

The year-to-date returns for both stocks are quite close, with SPDN having a 6.19% return and SH slightly lower at 6.14%.


SPDN

YTD

6.19%

1M

2.11%

6M

5.98%

1Y

-4.49%

5Y*

-12.41%

10Y*

N/A

SH

YTD

6.14%

1M

2.03%

6M

5.77%

1Y

-4.89%

5Y*

-12.76%

10Y*

-11.11%

*Annualized

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SPDN vs. SH - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than SH's 0.90% 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

SPDN vs. SH — Risk-Adjusted Performance Rank

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

SPDN
The Risk-Adjusted Performance Rank of SPDN is 1212
Overall Rank
The Sharpe Ratio Rank of SPDN is 1111
Sharpe Ratio Rank
The Sortino Ratio Rank of SPDN is 1010
Sortino Ratio Rank
The Omega Ratio Rank of SPDN is 1010
Omega Ratio Rank
The Calmar Ratio Rank of SPDN is 1515
Calmar Ratio Rank
The Martin Ratio Rank of SPDN is 1212
Martin Ratio Rank

SH
The Risk-Adjusted Performance Rank of SH is 1111
Overall Rank
The Sharpe Ratio Rank of SH is 1010
Sharpe Ratio Rank
The Sortino Ratio Rank of SH is 99
Sortino Ratio Rank
The Omega Ratio Rank of SH is 99
Omega Ratio Rank
The Calmar Ratio Rank of SH is 1616
Calmar Ratio Rank
The Martin Ratio Rank of SH is 1111
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.

SPDN vs. SH - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares Short S&P500 (SH). 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 SPDN, currently valued at -0.21, compared to the broader market-1.000.001.002.003.004.00
SPDN: -0.21
SH: -0.24
The chart of Sortino ratio for SPDN, currently valued at -0.16, compared to the broader market-2.000.002.004.006.008.00
SPDN: -0.16
SH: -0.21
The chart of Omega ratio for SPDN, currently valued at 0.98, compared to the broader market0.501.001.502.002.50
SPDN: 0.98
SH: 0.97
The chart of Calmar ratio for SPDN, currently valued at -0.06, compared to the broader market0.002.004.006.008.0010.0012.00
SPDN: -0.06
SH: -0.06
The chart of Martin ratio for SPDN, currently valued at -0.43, compared to the broader market0.0020.0040.0060.00
SPDN: -0.43
SH: -0.47

The current SPDN Sharpe Ratio is -0.21, which is comparable to the SH Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of SPDN and SH, 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
-0.21
-0.24
SPDN
SH

Dividends

SPDN vs. SH - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 4.52%, less than SH's 5.31% yield.


TTM20242023202220212020201920182017
SPDN
Direxion Daily S&P 500 Bear 1x Shares
4.52%5.32%5.84%0.96%0.00%0.10%1.89%1.24%0.42%
SH
ProShares Short S&P500
5.31%6.20%5.37%0.32%0.00%0.16%1.76%1.01%0.06%

Drawdowns

SPDN vs. SH - Drawdown Comparison

The maximum SPDN drawdown since its inception was -70.87%, smaller than the maximum SH drawdown of -93.70%. Use the drawdown chart below to compare losses from any high point for SPDN and SH. For additional features, visit the drawdowns tool.


-72.00%-70.00%-68.00%-66.00%-64.00%NovemberDecember2025FebruaryMarchApril
-67.83%
-68.94%
SPDN
SH

Volatility

SPDN vs. SH - Volatility Comparison

Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares Short S&P500 (SH) have volatilities of 14.64% and 14.44%, 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
14.64%
14.44%
SPDN
SH