GLD vs. SH
GLD (SPDR Gold Shares) and SH (ProShares Short S&P500) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, GLD returned 11.22%/yr vs -12.42%/yr for SH. At a correlation of -0.06, they often move in opposite directions. GLD charges 0.40%/yr vs 0.89%/yr for SH.
Performance
GLD vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -7.04% return, which is significantly lower than SH's -6.34% return. Over the past 10 years, GLD has outperformed SH with an annualized return of 11.22%, while SH has yielded a comparatively lower -12.42% annualized return.
GLD
- 1D
- 0.95%
- 1M
- -5.20%
- 6M
- -12.55%
- YTD
- -7.04%
- 1Y
- 19.77%
- 3Y*
- 26.12%
- 5Y*
- 16.81%
- 10Y*
- 11.22%
SH
- 1D
- 1.06%
- 1M
- -0.04%
- 6M
- -5.31%
- YTD
- -6.34%
- 1Y
- -11.74%
- 3Y*
- -10.93%
- 5Y*
- -8.28%
- 10Y*
- -12.42%
GLD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -7.04% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
SH ProShares Short S&P500 | -6.34% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between GLD 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 | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.06 |
Over the past year, the inverse relationship between GLD and SH has strengthened: their correlation has moved from -0.06 to -0.30, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
GLD vs. SH — Risk / Return Rank
GLD
SH
GLD vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.
| GLD | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.85 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.73 | +1.49 |
| Martin ratioReturn relative to average drawdown | 1.78 | -1.37 | +3.14 |
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Drawdowns
GLD vs. SH - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for GLD and SH.
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Drawdown Indicators
| GLD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -94.66% | +49.10% |
Max Drawdown (1Y)Largest decline over 1 year | -26.40% | -16.06% | -10.34% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -38.82% | +12.42% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -44.53% | +18.13% |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | -74.80% | +48.40% |
Current DrawdownCurrent decline from peak | -25.71% | -94.53% | +68.82% |
Average DrawdownAverage peak-to-trough decline | -16.19% | -67.87% | +51.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.16% | 8.61% | +2.55% |
Volatility
GLD vs. SH - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 6.70% compared to ProShares Short S&P500 (SH) at 3.48%. This indicates that GLD'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.
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Volatility by Period
| GLD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 3.48% | +3.22% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 10.00% | +14.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.01% | 12.55% | +15.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.41% | 16.96% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 18.00% | -1.89% |
GLD vs. SH - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than SH's 0.89% expense ratio.
Dividends
GLD vs. SH - Dividend Comparison
GLD has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.17% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
GLD 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.
GLD has higher volatility (6.70%) compared to SH (3.48%). In terms of maximum drawdown, GLD dropped -45.56% vs SH's -94.66%.
On 10-year performance, GLD leads with 11.22% vs -12.42% for SH. On fees, GLD is cheaper at 0.40% per year. On volatility, SH has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.22% return vs -12.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.89% for SH.
SH has the higher dividend yield at 4.17%, compared with 0.00% for GLD.
GLD is categorized as Gold, while SH is Inverse Equities. GLD tracks LBMA Gold Price PM, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.40% for GLD and 0.89% for SH.
GLD currently has the higher Sharpe Ratio (0.71 vs -0.94), 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.
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