EUM vs. SH

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - EUM tracks the MSCI Emerging Markets Index (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 10 years, EUM returned -10.22%/yr vs -12.88%/yr for SH. A 0.74 correlation means they provide meaningful diversification when combined. EUM charges 0.95%/yr vs 0.90%/yr for SH.

Performance

EUM vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -21.40% return, which is significantly lower than SH's -8.37% return. Over the past 10 years, EUM has outperformed SH with an annualized return of -10.22%, while SH has yielded a comparatively lower -12.88% annualized return.

EUM

• 1D: 1.09%
• 1M: -5.64%
• YTD: -21.40%
• 6M: -22.97%
• 1Y: -32.85%
• 3Y*: -15.90%
• 5Y*: -5.09%
• 10Y*: -10.22%

SH

• 1D: -0.39%
• 1M: -3.97%
• YTD: -8.37%
• 6M: -7.88%
• 1Y: -17.62%
• 3Y*: -13.17%
• 5Y*: -9.14%
• 10Y*: -12.88%

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

EUM vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-21.40%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
SH ProShares Short S&P500	-8.37%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between EUM and SH is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 2, 2007	0.74

The correlation between EUM and SH has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.

EUM vs. SH - Sectors Allocation Comparison

Sectors	EUM	SH
Financial Services	47.1%	91.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EUM vs. SH — Risk / Return Rank

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

EUM

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

SH

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

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.

EUM vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.

	EUM	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	-1.50	-0.11
Sortino ratio: Return per unit of downside risk	-2.42	-2.16	-0.27
Omega ratio: Gain probability vs. loss probability	0.72	0.77	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.97	0.00
Martin ratio: Return relative to average drawdown	-1.91	-1.77	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUM vs. SH - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is comparable to the SH Sharpe Ratio of -1.50. The chart below compares the historical Sharpe Ratios of EUM 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.

Sharpe Ratios by Period

	EUM	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	-1.50	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.54	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	-0.72	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	-0.59	+0.23

Drawdowns

EUM vs. SH - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for EUM and SH.

Drawdown Indicators

	EUM	SH	Difference
Max Drawdown Largest peak-to-trough decline	-93.07%	-94.66%	+1.59%
Max Drawdown (1Y) Largest decline over 1 year	-34.25%	-18.28%	-15.97%
Max Drawdown (3Y) Largest decline over 3 years	-47.06%	-38.82%	-8.24%
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	-44.53%	-5.49%
Max Drawdown (10Y) Largest decline over 10 years	-68.27%	-76.12%	+7.85%
Current Drawdown Current decline from peak	-92.91%	-94.64%	+1.73%
Average Drawdown Average peak-to-trough decline	-77.17%	-67.73%	-9.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	9.95%	+7.46%

Volatility

EUM vs. SH - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 8.73% compared to ProShares Short S&P500 (SH) at 2.79%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUM	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	2.79%	+5.94%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	8.92%	+9.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	11.79%	+8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	16.85%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	18.01%	+2.53%

EUM vs. SH - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

EUM vs. SH - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, which matches SH's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	4.54%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%	0.00%
SH ProShares Short S&P500	4.52%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both EUM and SH in my portfolio?

EUM and SH have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or SH?

EUM has higher volatility (8.73%) compared to SH (2.79%). In terms of maximum drawdown, EUM dropped -93.07% vs SH's -94.66%.

Which ETF is better, EUM or SH?

On 10-year performance, EUM leads with -10.22% vs -12.88% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or SH?

Over the 10-year period, EUM has performed better with a -10.22% return vs -12.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or SH?

SH is cheaper with a 0.90% expense ratio, compared with 0.95% for EUM.

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

EUM has the higher dividend yield at 4.54%, compared with 4.52% for SH.

What is the main difference between EUM and SH?

EUM tracks MSCI Emerging Markets Index (-100%), while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for EUM and 0.90% for SH.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.50 vs -1.61), 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.