SH vs SPDN
ProShares Short S&P500 vs Direxion Daily S&P 500 Bear 1X ETF
Which is better, SH or SPDN?
Nearly the same fund. SPDN costs less.
SPDN has a lower expense ratio. SPDN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
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 | SH | SPDN |
|---|---|---|
| Expense Ratio | 0.89% | 0.48%Best |
| AUM | $977M | $261M |
| Dividend Yield | 4.28% | 3.39% |
| Holdings | 16 | 10 |
| YTD Return | -9.49% | -9.15%Best |
| 1Y Return | -11.21% | -10.70%Best |
| 3Y Return (annualized) | -14.42% | -13.99%Best |
| 5Y Return (annualized) | -9.10% | -8.71%Best |
| Volatility (annualized) | 14.4%Tie | 14.4%Tie |
| Max Drawdown | -77.7% | -76.8%Best |
| $10,000 over 5 years | $6,206 | $6,340Best |
| Fund Family | ProShares | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jun 19, 2006 | Jun 8, 2016 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 8, 2016 to Oct 12, 2026 (10.3 years).
SH vs SPDN 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 10.3 years both funds cover.
SH vs SPDN Performance
ProShares Short S&P500 (SH) is an ETF from ProShares and Direxion Daily S&P 500 Bear 1X ETF (SPDN) is an ETF from Direxion Shares ETF Trust. Over the past year SH returned -11.21% while SPDN returned -10.70%. Year to date, SH is down 9.49% versus a loss of 9.15% for SPDN.
Over three years, SH compounded at -14.42% per year against -13.99% for SPDN; over five years the annualized figures are -9.10% and -8.71% respectively. Across the full 10-year window we track, SPDN has the edge at -12.65% annualized vs -13.00%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SH and SPDN have been equally volatile, both at 14.4% annualized.
The deepest peak-to-trough decline in our data was -77.7% for SH and -76.8% for SPDN. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SH charges 0.89% per year while SPDN charges 0.48%. On a $10,000 position that is $89 vs $48 annually, a gap of $41 per year that compounds over a long holding period. On income, SH currently yields 4.28% against 3.39% for SPDN.
Holdings Overlap
We hold position weights for 1 holding in SH and 2 in SPDN, totalling 83.9% and 103.1% 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 1 positions we hold weights for in SH and 2 in SPDN, against full books of 16 and 10.
You are not choosing between two funds in isolation.
Whichever of SH and SPDN 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, SH or SPDN?
SH has an expense ratio of 0.89% while SPDN charges 0.48%. SPDN is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, SH or SPDN?
Over the past year SH returned -11.21% vs -10.70% for SPDN, so SPDN leads on 1-year performance. Over the longest common window we track (10 years), SH annualized -13.00% vs -12.65% for SPDN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SH or SPDN?
SH and SPDN have been equally volatile, both at 14.4% annualized. Worst drawdown: SH -77.7% vs SPDN -76.8%.
Should I hold both SH and SPDN?
SH and SPDN have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, SH or SPDN?
SH yields 4.28% while SPDN yields 3.39%, so SH currently pays the higher dividend yield.
Is SPDN better than SH?
SPDN has a lower expense ratio. SPDN led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.