SH vs SPDN: Grades, Fees and Holdings Compared

ProShares Short S&P500

SHANYSE Arca

Direxion Daily S&P 500 Bear 1X ETF

SPDNANYSE Arca

Overlap

0.0%by weight

Expense ratio

SPDN −0.40pt a year

SH0.88%SPDN0.48%

Avg volume · 30D

SPDN 4.7×the volume

SH8.13MSPDN38M

10Y return · a year

SPDN +0.3pt

SH−12.5%SPDN−12.2%

SH vs SPDN Performance

Oct 29, 2021 – Oct 30, 2026

−30.5%SH−29.8%SPDN

Expense ratio: SH 0.88%; SPDN 0.48%, better
Fund size: SH $950M; SPDN $291M
1Y total return: SH −6.0%; SPDN −5.6%, better
Yield (12M): SH 3.87%, better; SPDN 3.63%
Holdings: SH 5; SPDN 3
Avg volume (30D): SH 8.13M sh; SPDN 38M sh, better
NAV per share: SH $32.87; SPDN $8.45
52W range

ETF.net Grade

Pillar letters and Scores for SH, SPDN, with each pillar’s weight
Pillar	SH	SPDN
Cost30% weight	A71	A87Higher
Mission25% weight	A85	Not scored
Risk15% weight	B64	B66Higher
Tradability15% weight	B67Higher	B65
Holdings10% weight	B55	Not scored
Durability5% weight	B67Higher	C40

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SH and SPDN are both graded against the same 5 Inverse S&P 500 funds, so their Grades compare head to head.

Inverse S&P 500⁠

Category · 5 funds

See all 5 ›

SPDN ranks 1st and SH 2nd of 5 funds in the Inverse S&P 500 Category.

Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
Rank 2ASHProShares Short S&P500Score 71
Rank 3BSPXUProShares UltraPro Short S&P500Score 59

Our read on each fund

ETF.net Research

SHAProShares Short S&P500

SPDNADirexion Daily S&P 500 Bear 1X ETF

In short

SH The plain-vanilla bear. SH aims for -1x the S&P 500's daily move with no leverage stacked on top, and it has been doing that since 2006. One of the most heavily traded ways to lean against the index through a single ticker.

SPDN A bet against the S&P 500 without the leverage: SPDN aims for the index's daily move in reverse, one for one, at 0.48% net of a waiver through September 1, 2027, the lowest fee in its short-S&P group.

Stated mandate

SH The fund seeks daily returns before fees and expenses that are the inverse of the S&P 500 Index’s daily performance. It is intended to benefit when that index declines.

SPDN The fund seeks daily results equal to 100% of the inverse performance of the S&P 500® Index, before fees and expenses.

Why people hold it

SH No leverage multiplier: SH targets -1x the index's daily move, while category-mates SDS, SPXU and SPXS chase 2x and 3x versions of the same trade.proshares.com
Trading since 2006, one of the longest-running inverse equity ETFs, and consistently among the most actively traded funds in its category.
Swap contracts with major banks do the shorting, so the inverse exposure arrives through one ticker in a brokerage account rather than a short sale. Pays quarterly.sec.gov proshares.com

SPDN 0.48% net of a waiver through September 1, 2027 (0.54% gross), against 0.88% for SH, 0.91% for SDS and 1.04% for SPXS. The cheapest ticket in the group.
One times inverse, not 2x or 3x: it targets roughly a 1% gain for each 1% the S&P 500 drops that day, without the amplified swings of SDS or SPXS.direxion.com
Listed since 2016 and very actively traded for a corner this small, which matters when the whole point is getting in and out on a single session.
Among the strongest implementations in its small bear-S&P peer group, helped by the lowest fee and the absence of leverage.

Worth knowing

SH The daily reset is the whole story: the -1x target applies to a single day. Hold longer and compounding can pull results away from the inverse of the index's move over that stretch.proshares.com
The 0.88% fee sits near the category median. Direxion's SPDN targets the same -1x exposure at 0.48% net of a waiver through September 1, 2027 (0.54% gross).
The exposure rests on swap counterparties and money market collateral rather than a basket of shorted stocks, so counterparty and derivatives risk come with it.sec.gov proshares.com

SPDN The reset is daily. Direxion's filing says returns over periods longer than a trading day may have no resemblance to -100% of the index, with volatility and compounding driving the gap.sec.gov
Direxion states there is no guarantee the fund achieves its stated objective. The -100% daily target is an aim, not an outcome.direxion.com
That 0.48% rides on a waiver through September 1, 2027. The gross ratio is 0.54%, and the cap stops applying after that date unless it is renewed.

Full SH profile⁠

Full SPDN profile⁠

SH vs SPDN Holdings

How SH and SPDN differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of SH and 0.0% of SPDN.

Level by level

Asset classEquity, Leveraged/Inverse0.0%
Holdings0 in both0.0%

Sector

No Sector split for SPDN.

Country, concentration and asset class

Country by domicile

No country split for SPDN.

Concentration

Weight in the 10 largest Holdings

SH117.1%
SPDN12924.1%

Securities held

SH5
SPDN2

Asset class

SH: Equity
SPDN: Leveraged/Inverse

Holdings

Only in SH5
In both0
Only in SPDN2

Only in SH

5 securities, 100% of SH by weight

Proshares Genius Mny Mkt Etf91.45%
TREASURY BILL, 0%, due 2026-11-1710.28%
TREASURY BILL, 0%, due 2027-01-197.66%
TREASURY BILL, 0%, due 2026-12-295.12%
TREASURY BILL, 0%, due 2026-11-032.57%

Only in SPDN

2 securities, 100% of SPDN by weight

Goldman Sachs Fin Gov 465 Institut1867.85%
Goldman Finl Sq Trsry Inst 5060.00%

Weight gaps

SH and SPDN share no securities.

All 18 SH holdings⁠All 6 SPDN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SH vs SPDN Cost

Overpaying SH vs SPDN

$7,100

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SH 0.88%
$16,705
SPDN 0.48%
$9,605

Amount$10,000

Years30 years

Cost over time

SH 0.88%
SPDN 0.48%
Overpaying

Year by year

Year	SH	SPDN	Overpaying
10	$1,559	$865	$694
20	$5,891	$3,328	$2,563
30	$16,705	$9,605	$7,100

Expense ratio

0.88%SH
0.48%SPDN, cheaper

SPDN0.48%SH0.88%

0.48%1.04%

Middle half of Inverse S&P 500 funds
Median 0.90%

SPDN cheapest of 5 funds

SH 2nd cheapest of 5 funds

SH vs SPDN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SH 3.87%, better; SPDN 3.63%
Payout (12M): SH $1.27; SPDN $0.31
Last payment: SH $0.30; SPDN $0.12
Ex-dividend: SH Sep 23, 2026; SPDN Sep 22, 2026
Paid on: SH Sep 29, 2026; SPDN Sep 29, 2026
Frequency: SH Quarterly; SPDN Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SHQuarterly · 27 paymentsAll SH payments⁠

SPDNQuarterly · 29 paymentsAll SPDN payments⁠

SH vs SPDN Risk

Fall from peak · 5 years

SH
SPDN

Risk facts

VolatilityStd dev, 3 years: SH 11.7%, betterSPDN 11.9%
Return per unit of riskSharpe ratio, 3 years: SH −1.60SPDN −1.54, better
Worst fallMax drawdown, 5 years: SH −45.5%SPDN −44.8%, better
Market sensitivityBeta, 5 years: SH −0.97SPDN −0.97; Market = 1

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