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 Index (-100% daily). Both are passively managed. Over the past 10 years, SPDN returned -12.66%/yr vs -12.90%/yr for SH. With a 0.99 correlation, they move nearly in lockstep. SPDN charges 0.50%/yr vs 0.89%/yr for SH.
Performance
SPDN vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than SH's -5.55% return. Both investments have delivered pretty close results over the past 10 years, with SPDN having a -12.66% annualized return and SH not far behind at -12.90%.
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
SH
- 1D
- 1.41%
- 1M
- 1.68%
- YTD
- -5.55%
- 6M
- -4.58%
- 1Y
- -14.55%
- 3Y*
- -11.90%
- 5Y*
- -8.40%
- 10Y*
- -12.90%
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 | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SH ProShares Short S&P500 | -5.55% | -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 (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 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.
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.
| SPDN | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.89 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.67 | -0.08 |
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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 | -16.05% | -16.42% | +0.37% |
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 | -75.31% | -76.12% | +0.81% |
Current DrawdownCurrent decline from peak | -74.71% | -94.48% | +19.77% |
Average DrawdownAverage peak-to-trough decline | -48.66% | -67.78% | +19.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.44% | 9.62% | -0.18% |
Volatility
SPDN vs. SH - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while ProShares Short S&P500 (SH) has a volatility of 4.80%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. 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 | 4.51% | 4.80% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 9.82% | 9.83% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 12.46% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 16.95% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 18.03% | +0.01% |
SPDN vs. SH - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SH's 0.89% expense ratio.
Dividends
SPDN vs. SH - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.02%, less than SH's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.39% | 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 | 4.02% | 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.
SH has higher volatility (4.80%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs SH's -94.66%.
On 10-year performance, SPDN leads with -12.66% vs -12.90% for SH. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.66% return vs -12.90%. 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 0.89% for SH.
SH has the higher dividend yield at 4.39%, compared with 4.02% for SPDN.
SPDN tracks S&P 500 Index, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.89% for SH.
SH currently has the higher Sharpe Ratio (-1.17 vs -1.19), 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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