EPI vs. SH

Last updated Jun 14, 2026

EPI (WisdomTree India Earnings Fund) and SH (ProShares Short S&P500) are both exchange-traded funds - EPI is a Emerging Markets Equities fund tracking the WisdomTree India Earnings Index, while SH is a Inverse Equities fund tracking the S&P 500 (-100%). Both are passively managed. Over the past 10 years, EPI returned 9.31%/yr vs -12.83%/yr for SH. At a correlation of -0.59, they often move in opposite directions. EPI charges 0.84%/yr vs 0.90%/yr for SH.

Performance

EPI vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree India Earnings Fund (EPI) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPI achieves a -9.12% return, which is significantly lower than SH's -6.39% return. Over the past 10 years, EPI has outperformed SH with an annualized return of 9.31%, while SH has yielded a comparatively lower -12.83% annualized return.

EPI

• 1D: 0.65%
• 1M: -0.99%
• YTD: -9.12%
• 6M: -6.55%
• 1Y: -9.08%
• 3Y*: 7.36%
• 5Y*: 5.53%
• 10Y*: 9.31%

SH

• 1D: -0.50%
• 1M: 1.30%
• YTD: -6.39%
• 6M: -6.43%
• 1Y: -15.90%
• 3Y*: -11.96%
• 5Y*: -8.68%
• 10Y*: -12.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPI vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPI WisdomTree India Earnings Fund	-9.12%	2.25%	10.70%	26.03%	-4.74%	26.41%	18.55%	1.53%	-9.88%	39.14%
SH ProShares Short S&P500	-6.39%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between EPI and SH is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.48
Correlation (3Y) Calculated over the trailing 3-year period	-0.44
Correlation (5Y) Calculated over the trailing 5-year period	-0.51
Correlation (10Y) Calculated over the trailing 10-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Feb 26, 2008	-0.59

The correlation between EPI and SH shifts across timeframes, from -0.59 (all time) to -0.44 (3 years), reflecting how their relationship changes across market environments.

EPI vs. SH - Sectors Allocation Comparison

Sectors	EPI	SH
Financial Services	23.2%	75.1%
Energy	16.4%	-
Basic Materials	14.2%	-
Industrials	9.9%	-
Technology	8.3%	-
Utilities	8.3%	-
Consumer Cyclical	7.6%	-
Healthcare	5.8%	-
Consumer Defensive	3.5%	-
Communication Services	2.0%	-
Real Estate	0.9%	-

Return for Risk

EPI vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EPI

EPI Risk / Return Rank: 4
EPI Sharpe Ratio Rank: 4
EPI Sortino Ratio Rank: 4
EPI Omega Ratio Rank: 4
EPI Calmar Ratio Rank: 5
EPI Martin Ratio Rank: 2

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EPI vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree India Earnings Fund (EPI) and ProShares Short S&P500 (SH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EPI	SH	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	-1.22	+0.53
Sortino ratio: Return per unit of downside risk	-0.90	-1.75	+0.85
Omega ratio: Gain probability vs. loss probability	0.90	0.81	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.61	-0.82	+0.21
Martin ratio: Return relative to average drawdown	-1.44	-1.47	+0.03

EPI vs. SH - Sharpe Ratio Comparison

The current EPI Sharpe Ratio is -0.69, which is higher than the SH Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of EPI and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EPI vs. SH - Drawdown Comparison

The maximum EPI drawdown since its inception was -66.21%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for EPI and SH.

Drawdown Indicators

	EPI	SH	Difference
Max Drawdown Largest peak-to-trough decline	-66.21%	-94.66%	+28.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.88%	-18.16%	+1.28%
Max Drawdown (3Y) Largest decline over 3 years	-21.89%	-38.82%	+16.93%
Max Drawdown (5Y) Largest decline over 5 years	-21.89%	-44.53%	+22.64%
Max Drawdown (10Y) Largest decline over 10 years	-50.29%	-76.12%	+25.83%
Current Drawdown Current decline from peak	-17.00%	-94.53%	+77.53%
Average Drawdown Average peak-to-trough decline	-18.65%	-67.75%	+49.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.17%	10.13%	-2.96%

Volatility

EPI vs. SH - Volatility Comparison

The current volatility for WisdomTree India Earnings Fund (EPI) is 4.09%, while ProShares Short S&P500 (SH) has a volatility of 4.33%. This indicates that EPI experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPI	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	4.33%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	12.88%	9.59%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.07%	12.28%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	16.91%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.35%	18.04%	+2.31%

EPI vs. SH - Expense Ratio Comparison

EPI has a 0.84% expense ratio, which is lower than SH's 0.90% expense ratio.

Dividends

EPI vs. SH - Dividend Comparison

EPI has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.43%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPI WisdomTree India Earnings Fund	0.00%	0.00%	0.27%	0.15%	6.01%	1.18%	0.78%	1.17%	1.18%	0.85%	1.05%	1.20%
SH ProShares Short S&P500	4.43%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPI and SH in my portfolio?

EPI and SH have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPI or SH?

SH has higher volatility (4.33%) compared to EPI (4.09%). In terms of maximum drawdown, EPI dropped -66.21% vs SH's -94.66%.

Which ETF is better, EPI or SH?

On 10-year performance, EPI leads with 9.31% vs -12.83% for SH. On fees, EPI is cheaper at 0.84% per year. On volatility, EPI has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPI or SH?

Over the 10-year period, EPI has performed better with a 9.31% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPI or SH?

EPI is cheaper with a 0.84% expense ratio, compared with 0.90% for SH.

Which ETF pays a higher dividend yield, EPI or SH?

SH has the higher dividend yield at 4.43%, compared with 0.00% for EPI.

What is the main difference between EPI and SH?

EPI is categorized as Emerging Markets Equities, while SH is Inverse Equities. EPI tracks WisdomTree India Earnings Index, while SH tracks S&P 500 (-100%). They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.84% for EPI and 0.90% for SH.

Which has better risk-adjusted returns?

EPI currently has the higher Sharpe Ratio (-0.69 vs -1.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.