TSMZ vs. SH
TSMZ (Direxion Daily TSM Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds. TSMZ is actively managed, while SH is passively managed. Over the past year, TSMZ returned -59.11% vs -16.57% for SH. A 0.61 correlation means they provide meaningful diversification when combined. TSMZ charges 0.98%/yr vs 0.89%/yr for SH.
Performance
TSMZ vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, TSMZ achieves a -38.97% return, which is significantly lower than SH's -6.86% return.
TSMZ
- 1D
- -0.98%
- 1M
- -15.14%
- YTD
- -38.97%
- 6M
- -41.14%
- 1Y
- -59.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- 0.36%
- 1M
- 0.27%
- YTD
- -6.86%
- 6M
- -6.32%
- 1Y
- -16.57%
- 3Y*
- -12.31%
- 5Y*
- -8.76%
- 10Y*
- -13.02%
TSMZ vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSMZ Direxion Daily TSM Bear 1X Shares | -38.97% | -41.91% | -11.25% |
SH ProShares Short S&P500 | -6.86% | -11.35% | -1.62% |
Correlation
The correlation between TSMZ and SH is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | 0.61 |
The correlation between TSMZ and SH has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.
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Return for Risk
TSMZ vs. SH — Risk / Return Rank
TSMZ
SH
TSMZ vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) 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.
| TSMZ | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.79 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.96 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.73 | +0.08 |
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Drawdowns
TSMZ vs. SH - Drawdown Comparison
The maximum TSMZ drawdown since its inception was -73.32%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for TSMZ and SH.
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Drawdown Indicators
| TSMZ | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.32% | -94.66% | +21.34% |
Max Drawdown (1Y)Largest decline over 1 year | -59.01% | -17.35% | -41.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.82% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -73.32% | -94.56% | +21.24% |
Average DrawdownAverage peak-to-trough decline | -38.61% | -67.78% | +29.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.95% | 10.40% | +25.55% |
Volatility
TSMZ vs. SH - Volatility Comparison
Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 13.95% compared to ProShares Short S&P500 (SH) at 4.59%. This indicates that TSMZ'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
| TSMZ | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.95% | 4.59% | +9.36% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 9.75% | +19.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.56% | 12.40% | +25.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.91% | 16.94% | +23.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.91% | 18.06% | +22.85% |
TSMZ vs. SH - Expense Ratio Comparison
TSMZ has a 0.98% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
TSMZ vs. SH - Dividend Comparison
TSMZ's dividend yield for the trailing twelve months is around 5.74%, more than SH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.45% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
TSMZ Direxion Daily TSM Bear 1X Shares | 5.74% | 4.88% | 0.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSMZ and SH have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMZ has higher volatility (13.95%) compared to SH (4.59%). In terms of maximum drawdown, TSMZ dropped -73.32% vs SH's -94.66%.
On 1-year performance, SH leads with -16.57% vs -59.11% for TSMZ. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SH has performed better with a -16.57% return vs -59.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.98% for TSMZ.
TSMZ has the higher dividend yield at 5.74%, compared with 4.45% for SH.
They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for TSMZ and 0.89% for SH.
SH currently has the higher Sharpe Ratio (-1.34 vs -1.58), 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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