FR vs. SH

Last updated Jun 24, 2026

FR (First Industrial Realty Trust, Inc.) is a stock, while SH (ProShares Short S&P500) is Inverse Equities fund tracking the S&P 500 Index (-100% daily). Over the past 10 years, FR returned 12.04%/yr vs -12.90%/yr for SH. At a correlation of -0.57, they often move in opposite directions.

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.

Returns By Period

In the year-to-date period, FR achieves a 12.08% return, which is significantly higher than SH's -5.55% return. Over the past 10 years, FR has outperformed SH with an annualized return of 12.04%, while SH has yielded a comparatively lower -12.90% annualized return.

FR

• 1D: 0.81%
• 1M: 0.55%
• YTD: 12.08%
• 6M: 12.87%
• 1Y: 31.41%
• 3Y*: 11.63%
• 5Y*: 6.73%
• 10Y*: 12.04%

SH

• 1D: 1.41%
• 1M: 1.68%
• YTD: -5.55%
• 6M: -4.58%
• 1Y: -14.55%
• 3Y*: -11.90%
• 5Y*: -8.40%
• 10Y*: -12.90%

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

FR vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FR First Industrial Realty Trust, Inc.	12.08%	18.17%	-2.01%	11.91%	-25.37%	60.33%	4.24%	47.37%	-5.61%	15.50%
SH ProShares Short S&P500	-5.55%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between FR and SH is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.41
Correlation (5Y) Calculated over the trailing 5-year period	-0.50
Correlation (10Y) Calculated over the trailing 10-year period	-0.50
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.57

Over the past year, the inverse relationship between FR and SH has weakened: their correlation has moved from -0.57 to -0.30, meaning they move in opposite directions less often than they have historically.

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: 82
FR Sharpe Ratio Rank: 83
FR Sortino Ratio Rank: 80
FR Omega Ratio Rank: 76
FR Calmar Ratio Rank: 84
FR Martin Ratio Rank: 87

SH

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

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.

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.

	FR	SH	Difference
Sharpe ratio: Return per unit of total volatility	1.55	-1.17	+2.73
Sortino ratio: Return per unit of downside risk	2.23	-1.68	+3.91
Omega ratio: Gain probability vs. loss probability	1.26	0.82	+0.44
Calmar ratio: Return relative to maximum drawdown	3.08	-0.89	+3.97
Martin ratio: Return relative to average drawdown	9.54	-1.67	+11.21

FR vs. SH - Sharpe Ratio Comparison

The current FR Sharpe Ratio is 1.55, which is higher than the SH Sharpe Ratio of -1.17. The chart below compares the historical Sharpe Ratios of FR 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

FR vs. SH - Drawdown Comparison

The maximum FR drawdown since its inception was -95.42%, roughly equal to the maximum SH drawdown of -94.66%. 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%	-94.66%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-16.42%	+6.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.42%	-38.82%	+13.40%
Max Drawdown (5Y) Largest decline over 5 years	-35.95%	-44.53%	+8.58%
Max Drawdown (10Y) Largest decline over 10 years	-41.12%	-76.12%	+35.00%
Current Drawdown Current decline from peak	-1.20%	-94.48%	+93.28%
Average Drawdown Average peak-to-trough decline	-25.32%	-67.78%	+42.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	9.62%	-6.32%

Volatility

FR vs. SH - Volatility Comparison

First Industrial Realty Trust, Inc. (FR) has a higher volatility of 7.99% compared to ProShares Short S&P500 (SH) at 4.80%. 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	7.99%	4.80%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	14.46%	9.83%	+4.63%
Volatility (1Y) Calculated over the trailing 1-year period	20.44%	12.46%	+7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.89%	16.95%	+5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	18.03%	+6.38%

Dividends

FR vs. SH - Dividend Comparison

FR's dividend yield for the trailing twelve months is around 2.88%, less than SH's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FR First Industrial Realty Trust, Inc.	2.88%	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	4.39%	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 FR and SH in my portfolio?

FR and SH have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FR or SH?

FR has higher volatility (7.99%) compared to SH (4.80%). In terms of maximum drawdown, FR dropped -95.42% vs SH's -94.66%.

Which has better risk-adjusted returns?

FR currently has the higher Sharpe Ratio (1.55 vs -1.17), 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.