SH vs SPDN: which held to its multiple?
Over the days both have traded, SH finished 1.5 points from its stated multiple and SPDN 1.4. ProShares Short S&P500 and Direxion Daily S&P 500 (R) Bear 1X ETF.
SH returned −1.1% while −1 times SPY's move would have been −2.5%
SPDN returned −1.1% while −1 times SPY's move would have been −2.5%
A percentile among the 125 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SH | SPDN | SH | SPDN | SH | SPDN |
| 1 month | +0.8% | +0.8% | +0.3% | +0.3% | +0.4 pts | +0.5 pts |
| 3 months | −1.1% | −1.1% | −2.5% | −2.5% | +1.5 pts | +1.4 pts |
| 6 months | −12.3% | −12.1% | −17.0% | −17.0% | +4.7 pts | +4.9 pts |
| 1 year | −9.1% | −8.6% | −15.7% | −15.7% | +6.7 pts | +7.1 pts |
| 3 years | −35.5% | −34.9% | −85.0% | −85.0% | +49.5 pts | +50.1 pts |
| Since launch SH Jan 2010 · SPDN Jun 2016 | −90.3% | −73.7% | not meaningful | not meaningful | not meaningful | not meaningful |
SH and SPDN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
SH and SPDN on the same fields, as of Sep 30, 2026. Source: ETFIQ.
SH in plain words
Three months to Sep 30, 2026: SH returned −1.1% where its own daily promise gave −2.8%, 1.7 points over. Read the multiple against the whole window instead and −1 times SPY's 2.5% implies −2.5%, which makes SH look 1.5 points over. 0.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. SH aims to return -1 times SPY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPY moved at 11% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SPDN in plain words
Three months to Sep 30, 2026: SPDN returned −1.1% where its own daily promise gave −2.8%, 1.7 points over. Read the multiple against the whole window instead and −1 times SPY's 2.5% implies −2.5%, which makes SPDN look 1.4 points over. SPDN aims to return -1 times SPY's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, SH or SPDN?
- Over the window to Sep 30, 2026, SH finished 1.5 points from what its multiple implies and SPDN finished 1.4 points from its own, so SPDN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SH and SPDN levered on the same thing?
- Yes. Both are levered on the S&P 500, SH at -1 times and SPDN at -1 times the daily move.
- Which one decays faster, SH or SPDN?
- Decay follows how much the underlying moves about. Over this window SH’s moved at 11% annualized and SPDN’s at 11%, so SH has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SH or SPDN for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, SH against SPDN, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spdn
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, SH against SPDN, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spdn Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SH against SPDN, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spdn
- APA
- ETFIQ. (Sep 30, 2026). SH against SPDN. Retrieved from https://etfiq.com/compare/leverage/sh-vs-spdn
- Markdown
- [SH against SPDN (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/sh-vs-spdn)