SH vs SPXS: Grades, Fees and Holdings Compared

ProShares Short S&P500

SHANYSE Arca

Direxion Daily S&P 500 Bear 3X ETF

SPXSDNYSE Arca

Overlap

0.0%by weight

Expense ratio

SH −0.16pt a year

SH0.88%SPXS1.04%

Avg volume · 30D

SPXS 1.5×the volume

SH8.13MSPXS11.9M

10Y return · a year

SH +29.1pt

SH−12.5%SPXS−41.6%

SH vs SPXS Performance

Oct 29, 2021 – Oct 30, 2026

−30.5%SH−84.4%SPXS

Expense ratio: SH 0.88%, better; SPXS 1.04%
Fund size: SH $950M; SPXS $313M
1Y total return: SH −6.0%, better; SPXS −25.1%
Yield (12M): SH 3.87%; SPXS 4.50%, better
Holdings: SH 5; SPXS 7
Avg volume (30D): SH 8.13M sh; SPXS 11.9M sh, better
NAV per share: SH $32.87; SPXS $24.30
52W range

ETF.net Grade

Pillar letters and Scores for SH, SPXS, with each pillar’s weight
Pillar	SH	SPXS
Cost30% weight	A71Higher	F15
Mission25% weight	A85	Not scored
Risk15% weight	B64Higher	D33
Tradability15% weight	B67Higher	C54
Holdings10% weight	B55	Not scored
Durability5% weight	B67Higher	C40

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SH and SPXS 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 ›

SH ranks 2nd and SPXS 5th 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
Rank 4BSDSProShares UltraShort S&P500Score 56
Rank 5DSPXSDirexion Daily S&P 500 Bear 3X ETFScore 29

Our read on each fund

ETF.net Research

SHAProShares Short S&P500

SPXSDDirexion Daily S&P 500 Bear 3X 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.

SPXS A one-day trading tool, not a hedge you can forget about. SPXS targets 300% of the inverse daily move of the S&P 500 and resets every session, a mechanism Direxion has been running since the fund launched in November 2008.

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.

SPXS The fund seeks daily investment results equal to 300% 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

SPXS One of the bluntest ways to take the other side of the S&P 500: it targets 300% of the index's inverse daily move, before fees and expenses.direxion.com
No margin account, no stock borrow, no broker calling in the short. You buy shares in a normal account, and the most at stake is what you put in.direxion.com
Among the most heavily traded funds in its corner of the market, so getting in and out rarely means hunting for the other side of the trade.
Launched in November 2008, it has run its daily-reset machinery through crashes, melt-ups and volatility spikes rather than one calm stretch of market.

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

SPXS The 3x objective resets every day. Hold it longer and compounding can push the result well away from three times the index move over that stretch, either direction.
At 1.04% a year it sits above the roughly 0.90% typical of this peer group, and a 1x short such as SPDN charges 0.54% for the same directional view.
Leverage runs both ways: a 1% index gain is designed to move the fund about 3% the other direction, which makes this a position to watch intraday, not park.

Full SH profile⁠

Full SPXS profile⁠

SH vs SPXS Holdings

How SH and SPXS differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for SPXS.

Country, concentration and asset class

Country by domicile

No country split for SPXS.

Concentration

Weight in the 10 largest Holdings

SH117.1%
SPXS158.1%

Securities held

SH5
SPXS0

Asset class

SH: Equity
SPXS: Leveraged/Inverse

Holdings

Only in SH5
In both0
Only in SPXS0

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 SPXS

0 securities, 0.0% of SPXS by weight

Weight gaps

SH and SPXS share no securities.

All 18 SH holdings⁠All 12 SPXS 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 SPXS Cost

Overpaying SPXS vs SH

$2,629

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

SH 0.88%
$16,705
SPXS 1.04%
$19,334

Amount$10,000

Years30 years

Cost over time

SH 0.88%
SPXS 1.04%
Overpaying

Year by year

Year	SH	SPXS	Overpaying
10	$1,559	$1,831	$272
20	$5,891	$6,867	$976
30	$16,705	$19,334	$2,629

Expense ratio

0.88%SH, cheaper
1.04%SPXS

SH0.88%SPXS1.04%

0.48%1.04%

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

SH 2nd cheapest of 5 funds

SPXS 5th cheapest of 5 funds

SH vs SPXS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SH 3.87%; SPXS 4.50%, better
Payout (12M): SH $1.27; SPXS $1.15
Last payment: SH $0.30; SPXS $0.34
Ex-dividend: SH Sep 23, 2026; SPXS Sep 22, 2026
Paid on: SH Sep 29, 2026; SPXS Sep 29, 2026
Frequency: SH Quarterly; SPXS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SHQuarterly · 27 paymentsAll SH payments⁠

SPXSQuarterly · 23 paymentsAll SPXS payments⁠

SH vs SPXS Risk

Fall from peak · 5 years

SH
SPXS

Risk facts

VolatilityStd dev, 3 years: SH 11.7%, betterSPXS 34.1%
Return per unit of riskSharpe ratio, 3 years: SH −1.60, betterSPXS −1.66
Worst fallMax drawdown, 5 years: SH −45.5%, betterSPXS −91.1%
Market sensitivityBeta, 5 years: SH −0.97SPXS −2.87; Market = 1

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