SPDN vs. SH
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 5 years, SPDN returned -9.14%/yr vs -9.35%/yr for SH. With a 0.99 correlation, they move nearly in lockstep. SPDN charges 0.50%/yr vs 0.90%/yr for SH.
Performance
SPDN vs. SH - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPDN having a -8.34% return and SH slightly lower at -8.64%.
SPDN
- 1D
- -0.12%
- 1M
- -4.44%
- YTD
- -8.34%
- 6M
- -8.19%
- 1Y
- -17.88%
- 3Y*
- -12.97%
- 5Y*
- -9.14%
- 10Y*
- —
SH
- 1D
- -0.12%
- 1M
- -4.66%
- YTD
- -8.64%
- 6M
- -8.49%
- 1Y
- -18.28%
- 3Y*
- -13.22%
- 5Y*
- -9.35%
- 10Y*
- -12.95%
SPDN vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -8.34% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SH ProShares Short S&P500 | -8.64% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between SPDN and SH 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 (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.99 |
The correlation between SPDN and SH has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SPDN vs. SH — Risk / Return Rank
SPDN
SH
SPDN vs. SH - Risk-Adjusted Trends 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.
| SPDN | SH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.49 | -1.56 | +0.07 |
Sortino ratioReturn per unit of downside risk | -2.14 | -2.25 | +0.10 |
Omega ratioGain probability vs. loss probability | 0.77 | 0.76 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -1.02 | -1.02 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.89 | -1.91 | +0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPDN | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.49 | -1.56 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | -0.56 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.59 | -0.11 |
Drawdowns
SPDN vs. SH - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SPDN and SH.
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Drawdown Indicators
| SPDN | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -94.66% | +19.35% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -18.28% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -38.82% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -44.53% | +0.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -75.31% | -94.66% | +19.35% |
Average DrawdownAverage peak-to-trough decline | -48.53% | -67.72% | +19.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 9.83% | -0.12% |
Volatility
SPDN vs. SH - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) and ProShares Short S&P500 (SH) have volatilities of 2.78% and 2.75%, 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.
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Volatility by Period
| SPDN | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 2.75% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 8.90% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.09% | 11.78% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 16.85% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 18.01% | +0.03% |
SPDN vs. SH - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SH's 0.90% expense ratio.
Dividends
SPDN vs. SH - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.12%, less than SH's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.54% | 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 | 4.12% | 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, SPDN and SH 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.
SPDN has higher volatility (2.78%) compared to SH (2.75%). In terms of maximum drawdown, SPDN dropped -75.31% vs SH's -94.66%.
On 5-year performance, SPDN leads with -9.14% vs -9.35% for SH. On fees, SPDN is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPDN has performed better with a -9.14% return vs -9.35%. 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 4.54%, compared with 4.12% for SPDN.
SPDN tracks S&P 500 Index, while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.90% for SH.
SPDN currently has the higher Sharpe Ratio (-1.49 vs -1.56), 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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