TSLS vs. SH

Last updated Aug 2, 2026

TSLS (Direxion Daily TSLA Bear 1X ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds - TSLS tracks the Tesla, Inc. (-100% Daily) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 3 years, TSLS returned -27.51%/yr vs -10.94%/yr for SH. Their 0.56 correlation means they have sometimes moved together and sometimes differently. TSLS charges 0.95%/yr vs 0.89%/yr for SH.

Performance

TSLS vs. SH - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLS achieves a 33.30% return, which is significantly higher than SH's -6.65% return.

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

SH

• 1D: -0.69%
• 1M: 0.12%
• 6M: -5.73%
• YTD: -6.65%
• 1Y: -13.19%
• 3Y*: -10.94%
• 5Y*: -8.01%
• 10Y*: -12.47%
• ALL TIME*: -11.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SH ProShares Short S&P500	$271.72M	$244.09M	$301.56M
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M

TSLS vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-55.71%	-60.12%	105.60%
SH ProShares Short S&P500	-6.65%	-11.35%	-13.52%	-14.80%	7.67%

Correlation

The correlation between TSLS and SH is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.56

The correlation between TSLS and SH has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

Return for Risk

TSLS vs. SH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLS

TSLS Risk / Return Rank: 8
TSLS Sharpe Ratio Rank: 7
TSLS Sortino Ratio Rank: 8
TSLS Omega Ratio Rank: 8
TSLS Calmar Ratio Rank: 7
TSLS Martin Ratio Rank: 8

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 2
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 3
SH Calmar Ratio Rank: 3
SH Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLS vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (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.

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.

	TSLS	SH	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	-0.92	+0.64
Sortino ratio: Return per unit of downside risk	-0.11	-1.29	+1.18
Omega ratio: Gain probability vs. loss probability	0.99	0.86	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.32	-0.73	+0.41
Martin ratio: Return relative to average drawdown	-0.45	-1.30	+0.85

TSLS vs. SH - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.28, which is higher than the SH Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of TSLS and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSLS vs. SH - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for TSLS and SH.

Drawdown Indicators

	TSLS	SH	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-94.66%	+3.93%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-16.06%	-25.30%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-38.82%	-45.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-44.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.80%	—
Current Drawdown Current decline from peak	-86.56%	-94.54%	+7.98%
Average Drawdown Average peak-to-trough decline	-64.44%	-67.93%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.53%	9.03%	+20.50%

Volatility

TSLS vs. SH - Volatility Comparison

Direxion Daily TSLA Bear 1X ETF (TSLS) has a higher volatility of 19.07% compared to ProShares Short S&P500 (SH) at 3.51%. 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.

Volatility by Period

	TSLS	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.07%	3.51%	+15.56%
Volatility (6M) Calculated over the trailing 6-month period	33.98%	10.08%	+23.90%
Volatility (1Y) Calculated over the trailing 1-year period	46.81%	12.81%	+34.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.98%	16.96%	+42.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.98%	18.02%	+40.96%

TSLS vs. SH - Expense Ratio Comparison

TSLS has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

TSLS vs. SH - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.36%, less than SH's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	4.19%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLS and SH in my portfolio?

TSLS and SH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLS or SH?

TSLS has higher volatility (19.07%) compared to SH (3.51%). In terms of maximum drawdown, TSLS dropped -90.73% vs SH's -94.66%.

Which ETF is better, TSLS or SH?

On 3-year performance, SH leads with -10.94% vs -27.51% for TSLS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or SH?

Over the 3-year period, SH has performed better with a -10.94% return vs -27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for TSLS.

Which ETF pays a higher dividend yield, TSLS or SH?

SH has the higher dividend yield at 4.19%, compared with 2.36% for TSLS.

What is the main difference between TSLS and SH?

TSLS tracks Tesla, Inc. (-100% Daily), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.95% for TSLS and 0.89% for SH.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.28 vs -0.92), 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.