Honda Pioneer SXS500M 2019 Owner's Manual page 162

Suspension
Position 1: for a light load and smooth terrain.
Position 2: standard position.
Positions 3 to 5: for when the SXS is more heavily loaded. (Also
increase spring pre-load for stiffer suspension.)
Make sure that both shock absorbers are adjusted to the same
position.
Always adjust the shock absorber position in sequence (1-2-3-4-5 or
5-4-3-2-1). Attempting to adjust directly from 1 to 5 or 5 to 1 may
damage the shock absorber.
Rear Suspension Adjustment
Using a pin spanner, which is available from your dealer, the rear
suspension can be adjusted for carrying heavier cargo.
Do not attempt to disassemble, service, or dispose of the damper;
see your dealer. The instructions found in this owner's manual are
limited to adjustments of the shock assembly only.
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Servicing Your Honda