SPXS vs. SH
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - SPXS tracks the S&P 500 Index (-300%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 10 years, SPXS returned -42.01%/yr vs -12.89%/yr for SH. With a 1.00 correlation, they move nearly in lockstep. SPXS charges 1.08%/yr vs 0.90%/yr for SH.
Performance
SPXS vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than SH's -8.00% return. Over the past 10 years, SPXS has underperformed SH with an annualized return of -42.01%, while SH has yielded a comparatively higher -12.89% annualized return.
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
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%
SPXS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
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% |
Correlation
The correlation between SPXS and SH is 1.00 - 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 | 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 20, 2008 | 1.00 |
The correlation between SPXS and SH has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
SPXS vs. SH — Risk / Return Rank
SPXS
SH
SPXS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.77 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.95 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.75 | +0.12 |
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
| SPXS | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | -1.47 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | -0.54 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | -0.72 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.59 | -0.24 |
Drawdowns
SPXS vs. SH - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SPXS and SH.
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Drawdown Indicators
| SPXS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -94.66% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -18.28% | -32.49% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -38.82% | -45.31% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -44.53% | -45.58% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -76.12% | -23.51% |
Current DrawdownCurrent decline from peak | -100.00% | -94.62% | -5.38% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -67.73% | -28.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 9.89% | +20.15% |
Volatility
SPXS vs. SH - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 8.51% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier 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
| SPXS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 2.84% | +5.67% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 8.91% | +17.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 11.80% | +23.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 16.85% | +33.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 18.01% | +35.53% |
SPXS vs. SH - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
SPXS vs. SH - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than SH's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, SPXS 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.
SPXS has higher volatility (8.51%) compared to SH (2.84%). In terms of maximum drawdown, SPXS dropped -100.00% vs SH's -94.66%.
On 10-year performance, SH leads with -12.89% vs -42.01% for SPXS. On fees, SH is cheaper at 0.90% 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, SH has performed better with a -12.89% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 4.51% for SH.
SPXS tracks S&P 500 Index (-300%), while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.90% for SH.
SPXS currently has the higher Sharpe Ratio (-1.38 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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