SH vs SPY
Comparison between ProShares Short S&P500 -1x Shares (SH, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed SH, delivering a return of +13.3% compared to -8.8%
SH vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
SH
$1.60B
Winner
SPY
$652B
Expense Ratio
SH
0.89%
Winner
SPY
0.09%
Max Drawdown
SH
95.95%
Winner
SPY
56.47%
Sharpe Ratio
SH
-2.06
Winner
SPY
2.07
5Y Beta
Winner
SH
-0.96
SPY
1.00
P/E Ratio
SH
N/A
SPY
28.24
Forward P/E
SH
N/A
SPY
21.85
5Y Dividends CAGR
Winner
SH
74.36%
SPY
5.43%
5Y EPS CAGR
SH
N/A
SPY
25.79%
Debt to Equity
SH
N/A
SPY
22.35%
P/S Ratio
SH
N/A
SPY
3.55
P/B Ratio
SH
N/A
SPY
5.29
SH vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
SH
-7.94%
Winner
SPY
+9.11%
3M
SH
-5.11%
Winner
SPY
+6.59%
6M
SH
-7.33%
Winner
SPY
+10.56%
1Y
SH
-19.81%
Winner
SPY
+32.04%
5Y(CAGR)
SH
-8.79%
Winner
SPY
+13.35%
10Y(CAGR)
SH
-12.94%
Winner
SPY
+15.49%
Max(CAGR)
SH
-11.35%
Winner
SPY
+8.50%
SH vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | SH | SPY |
|---|---|---|
| 2026 | -6.17% | +8.27% |
| 2025 | -11.61% | +18.00% |
| 2024 | -14.04% | +25.59% |
| 2023 | -15.11% | +26.72% |
| 2022 | +19.65% | -18.64% |
| 2021 | -25.21% | +30.52% |
| 2020 | -24.36% | +17.28% |
| 2019 | -22.12% | +31.09% |
| 2018 | +5.67% | -5.24% |
| 2017 | -16.79% | +20.78% |
| 2016 | -13.78% | +13.59% |
| 2015 | -4.31% | +1.31% |
| 2014 | -14.42% | +14.56% |
| 2013 | -23.96% | +29.00% |
| 2012 | -14.45% | +14.17% |
| 2011 | -6.93% | +0.85% |
| 2010 | -15.20% | +13.14% |
| 2009 | -24.87% | +22.67% |
| 2008 | +36.95% | -36.25% |
| 2007 | +1.16% | +5.32% |
| 2006 | -8.42% | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
SH vs SPY Drawdown Comparison
The maximum drawdown for SH was -94.52%, occurring on May 8, 2026. This drawdown has not yet recovered.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current SH drawdown is -94.52%.
| Rank | SH | SPY |
|---|---|---|
| #1 | -94.52% Mar 9, 2009 - May 8, 2026 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -22.19% Nov 20, 2008 - Mar 2, 2009 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -17.15% Oct 27, 2008 - Nov 19, 2008 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -15.22% Jul 17, 2006 - Jan 18, 2008 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -11.46% Mar 10, 2008 - Jul 3, 2008 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -10.82% Oct 10, 2008 - Oct 24, 2008 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -7.60% Sep 17, 2008 - Sep 29, 2008 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -7.32% Jul 15, 2008 - Sep 15, 2008 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -6.38% Jan 22, 2008 - Mar 7, 2008 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -3.12% Jun 27, 2006 - Jul 13, 2006 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -2.77% Sep 29, 2008 - Oct 2, 2008 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -2.48% Mar 3, 2009 - Mar 5, 2009 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -1.85% Jul 7, 2008 - Jul 9, 2008 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -1.66% Sep 15, 2008 - Sep 17, 2008 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -0.65% Jul 9, 2008 - Jul 11, 2008 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between SH and SPY is -0.78 which considered as a strong negative correlation - the stocks tend to move in opposite directions.
-0.78
-101
Dividend Comparison (1999 - 2026)
SH vs SPY dividend yield comparison.
| Year | SH | SPY |
|---|---|---|
| 2026 | 0.53% | 0.24% |
| 2025 | 4.49% | 1.07% |
| 2024 | 6.20% | 1.21% |
| 2023 | 5.37% | 1.40% |
| 2022 | 1.08% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.16% | 1.52% |
| 2019 | 1.76% | 1.75% |
| 2018 | 1.01% | 2.04% |
| 2017 | 0.06% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 17.52% | 3.02% |
| 2007 | 3.81% | 1.85% |
| 2006 | 1.86% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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