FR vs. SH

Last updated Apr 1, 2026

Compare and contrast key facts about First Industrial Realty Trust, Inc. (FR) and ProShares Short S&P500 (SH).

SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006.

Performance

FR vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Industrial Realty Trust, Inc. (FR) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

FR vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FR First Industrial Realty Trust, Inc.	1.90%	18.17%	-2.01%	11.91%	-25.37%	60.33%	4.24%	47.37%	-5.61%	15.50%
SH ProShares Short S&P500	5.77%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Returns By Period

In the year-to-date period, FR achieves a 1.90% return, which is significantly lower than SH's 5.77% return. Over the past 10 years, FR has outperformed SH with an annualized return of 12.86%, while SH has yielded a comparatively lower -11.84% annualized return.

FR

• 1D: 1.92%
• 1M: -7.57%
• YTD: 1.90%
• 6M: 14.26%
• 1Y: 10.95%
• 3Y*: 5.99%
• 5Y*: 6.99%
• 10Y*: 12.86%

SH

• 1D: -2.82%
• 1M: 5.57%
• YTD: 5.77%
• 6M: 4.49%
• 1Y: -11.46%
• 3Y*: -9.86%
• 5Y*: -7.57%
• 10Y*: -11.84%

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

Return for Risk

FR vs. SH — Risk / Return Rank

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

FR

FR Risk / Return Rank: 55
FR Sharpe Ratio Rank: 58
FR Sortino Ratio Rank: 51
FR Omega Ratio Rank: 50
FR Calmar Ratio Rank: 56
FR Martin Ratio Rank: 60

SH

SH Risk / Return Rank: 4
SH Sharpe Ratio Rank: 3
SH Sortino Ratio Rank: 3
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 5
SH Martin Ratio Rank: 8

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.

FR vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Industrial Realty Trust, Inc. (FR) 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.

	FR	SH	Difference
Sharpe ratio Return per unit of total volatility	0.45	-0.63	+1.08
Sortino ratio Return per unit of downside risk	0.77	-0.79	+1.56
Omega ratio Gain probability vs. loss probability	1.10	0.89	+0.22
Calmar ratio Return relative to maximum drawdown	0.62	-0.45	+1.07
Martin ratio Return relative to average drawdown	1.89	-0.55	+2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FR vs. SH - Sharpe Ratio Comparison

The current FR Sharpe Ratio is 0.45, which is higher than the SH Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of FR and SH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FR	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.45	-0.63	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	-0.45	+0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	-0.66	+1.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.56	+0.76

Correlation

The correlation between FR and SH is -0.57. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FR vs. SH - Dividend Comparison

FR's dividend yield for the trailing twelve months is around 3.17%, less than SH's 3.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FR First Industrial Realty Trust, Inc.	3.17%	3.11%	2.95%	2.43%	2.45%	1.63%	2.37%	2.22%	3.01%	2.67%	2.71%	2.30%
SH ProShares Short S&P500	3.92%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%

Drawdowns

FR vs. SH - Drawdown Comparison

The maximum FR drawdown since its inception was -95.42%, roughly equal to the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for FR and SH.

Drawdown Indicators

	FR	SH	Difference
Max Drawdown Largest peak-to-trough decline	-95.42%	-94.26%	-1.16%
Max Drawdown (1Y) Largest decline over 1 year	-20.31%	-26.61%	+6.30%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-40.35%	+4.40%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-74.31%	+33.19%
Current Drawdown Current decline from peak	-8.10%	-93.82%	+85.72%
Average Drawdown Average peak-to-trough decline	-25.48%	-67.49%	+42.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.61%	21.81%	-15.20%

Volatility

FR vs. SH - Volatility Comparison

First Industrial Realty Trust, Inc. (FR) has a higher volatility of 6.58% compared to ProShares Short S&P500 (SH) at 5.30%. This indicates that FR'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

	FR	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	5.30%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	9.43%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	24.51%	18.17%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.79%	16.87%	+5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.32%	17.99%	+6.33%