FAZ vs SH
Direxion Daily Financial Bear 3X ETF vs ProShares Short S&P500
Which is better, FAZ or SH?
Each has led over a different period.
SH has a lower expense ratio. FAZ led over 1Y, SH over 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FAZ | SH |
|---|---|---|
| Expense Ratio | 1.04% | 0.88%Best |
| AUM | $93M | $964M |
| Dividend Yield | 2.53% | 3.92% |
| Holdings | 16 | 16 |
| YTD Return | -0.09%Best | -8.49% |
| 1Y Return | -8.61%Best | -10.36% |
| 3Y Return (annualized) | -40.22% | -13.82%Best |
| 5Y Return (annualized) | -26.94% | -8.55%Best |
| Volatility (annualized) | 53.6% | 14.7%Best |
| Max Drawdown | - | -95.5% |
| $10,000 over 5 years | $2,082 | $6,396Best |
| Fund Family | Direxion Shares ETF Trust | ProShares |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Nov 6, 2008 | Jun 19, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 6, 2008 to Oct 14, 2026 (17.9 years).
FAZ vs SH growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.9 years both funds cover.
FAZ vs SH Performance
Direxion Daily Financial Bear 3X ETF (FAZ) is an ETF from Direxion Shares ETF Trust and ProShares Short S&P500 (SH) is an ETF from ProShares. Over the past year FAZ returned -8.61% while SH returned -10.36%. Year to date, FAZ is down 0.09% versus a loss of 8.49% for SH.
Over three years, FAZ compounded at -40.22% per year against -13.82% for SH; over five years the annualized figures are -26.94% and -8.55% respectively. Across the full 18-year window we track, SH has the edge at -15.05% annualized vs -52.01%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FAZ has been the more volatile fund, with annualized monthly volatility of 53.6% compared with 14.7% for SH. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FAZ charges 1.04% per year while SH charges 0.88%. On a $10,000 position that is $104 vs $88 annually, a gap of $16 per year that compounds over a long holding period. On income, FAZ currently yields 2.53% against 3.92% for SH.
Holdings Overlap
We hold position weights for 3 holdings in FAZ and 1 in SH, totalling 102.9% and 87.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 3 positions we hold weights for in FAZ and 1 in SH, against full books of 16 and 16.
You are not choosing between two funds in isolation.
Whichever of FAZ and SH you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FAZ or SH?
FAZ has an expense ratio of 1.04% while SH charges 0.88%. SH is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, FAZ or SH?
Over the past year FAZ returned -8.61% vs -10.36% for SH, so FAZ leads on 1-year performance. Over the longest common window we track (18 years), FAZ annualized -52.01% vs -15.05% for SH. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FAZ or SH?
FAZ has been the more volatile fund at 53.6% annualized versus 14.7% for SH.
Should I hold both FAZ and SH?
FAZ and SH have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FAZ or SH?
FAZ yields 2.53% while SH yields 3.92%, so SH currently pays the higher dividend yield.
Is SH better than FAZ?
SH has a lower expense ratio. FAZ led over 1Y, SH over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.