TSLS vs. SH
Compare and contrast key facts about Direxion Daily TSLA Bear 1X Shares (TSLS) and ProShares Short S&P500 (SH).
TSLS and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSLS is a passively managed fund by Direxion that tracks the performance of the Tesla Inc (--100%). It was launched on Aug 8, 2022. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. Both TSLS and SH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TSLS vs. SH - Performance Comparison
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TSLS vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X Shares | 19.60% | -34.95% | -55.71% | -60.12% | 100.52% |
SH ProShares Short S&P500 | 5.77% | -11.35% | -13.52% | -14.80% | 7.31% |
Returns By Period
In the year-to-date period, TSLS achieves a 19.60% return, which is significantly higher than SH's 5.77% return.
TSLS
- 1D
- -4.60%
- 1M
- 7.51%
- YTD
- 19.60%
- 6M
- 13.90%
- 1Y
- -44.43%
- 3Y*
- -36.45%
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- -2.82%
- 1M
- 5.57%
- YTD
- 5.77%
- 6M
- 4.49%
- 1Y
- -11.46%
- 3Y*
- -9.86%
- 5Y*
- -7.57%
- 10Y*
- -11.84%
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TSLS vs. SH - Expense Ratio Comparison
TSLS has a 1.07% expense ratio, which is higher than SH's 0.90% expense ratio.
Return for Risk
TSLS vs. SH — Risk / Return Rank
TSLS
SH
TSLS vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) 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.
| TSLS | SH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.80 | -0.63 | -0.17 |
Sortino ratioReturn per unit of downside risk | -1.02 | -0.79 | -0.23 |
Omega ratioGain probability vs. loss probability | 0.87 | 0.89 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.45 | -0.24 |
Martin ratioReturn relative to average drawdown | -0.89 | -0.55 | -0.34 |
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
| TSLS | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.80 | -0.63 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.45 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.56 | +0.06 |
Correlation
The correlation between TSLS and SH is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
TSLS vs. SH - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.92%, less than SH's 3.92% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X Shares | 2.92% | 4.30% | 7.62% | 4.52% | 3.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 3.92% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Drawdowns
TSLS vs. SH - Drawdown Comparison
The maximum TSLS drawdown since its inception was -90.73%, roughly equal to the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for TSLS and SH.
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Drawdown Indicators
| TSLS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -94.26% | +3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -62.78% | -26.61% | -36.17% |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.31% | — |
Current DrawdownCurrent decline from peak | -87.94% | -93.82% | +5.88% |
Average DrawdownAverage peak-to-trough decline | -62.27% | -67.49% | +5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.80% | 21.81% | +26.99% |
Volatility
TSLS vs. SH - Volatility Comparison
Direxion Daily TSLA Bear 1X Shares (TSLS) has a higher volatility of 11.33% compared to ProShares Short S&P500 (SH) at 5.30%. This indicates that TSLS'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
| TSLS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.33% | 5.30% | +6.03% |
Volatility (6M)Calculated over the trailing 6-month period | 30.25% | 9.43% | +20.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.71% | 18.17% | +37.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.46% | 16.87% | +42.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.46% | 17.99% | +41.47% |