IVOL vs. SH
IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) and SH (ProShares Short S&P500) are both exchange-traded funds - IVOL is a Inflation-Protected Bonds fund actively managed by CICC, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). IVOL is actively managed, while SH is passively managed. Over the past 5 years, IVOL returned -5.87%/yr vs -8.01%/yr for SH. Their -0.02 correlation means they have often moved in opposite directions in the past. IVOL charges 0.99%/yr vs 0.89%/yr for SH.
Performance
IVOL vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, IVOL achieves a -7.33% return, which is significantly lower than SH's -6.65% return.
IVOL
- 1D
- 0.17%
- 1M
- 0.36%
- 6M
- -6.64%
- YTD
- -7.33%
- 1Y
- -7.62%
- 3Y*
- -1.90%
- 5Y*
- -5.87%
- 10Y*
- —
- ALL TIME*
- -1.42%
SH
- 1D
- -0.69%
- 1M
- 0.12%
- 6M
- -5.73%
- YTD
- -6.65%
- 1Y
- -13.19%
- 3Y*
- -10.94%
- 5Y*
- -8.01%
- 10Y*
- -12.47%
- ALL TIME*
- -11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.46M | $1.22M | $2.07M | |
| $271.72M | $244.09M | $301.56M |
IVOL vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -7.33% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
SH ProShares Short S&P500 | -6.65% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -12.96% |
Correlation
The correlation between IVOL and SH is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.02 |
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Return for Risk
IVOL vs. SH — Risk / Return Rank
IVOL
SH
IVOL vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) 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.
| IVOL | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.73 | +0.23 |
| Martin ratioReturn relative to average drawdown | -0.99 | -1.30 | +0.32 |
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Drawdowns
IVOL vs. SH - Drawdown Comparison
The maximum IVOL drawdown since its inception was -31.16%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for IVOL and SH.
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Drawdown Indicators
| IVOL | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.16% | -94.66% | +63.50% |
Max Drawdown (1Y)Largest decline over 1 year | -12.17% | -16.06% | +3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -14.48% | -38.82% | +24.34% |
Max Drawdown (5Y)Largest decline over 5 years | -30.28% | -44.53% | +14.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.80% | — |
Current DrawdownCurrent decline from peak | -27.12% | -94.54% | +67.42% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -67.93% | +54.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 9.03% | -2.81% |
Volatility
IVOL vs. SH - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 1.74%, while ProShares Short S&P500 (SH) has a volatility of 3.51%. This indicates that IVOL 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.
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Volatility by Period
| IVOL | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 3.51% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 10.08% | -5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 12.81% | -6.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 16.96% | -4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 18.02% | -6.11% |
IVOL vs. SH - Expense Ratio Comparison
IVOL has a 0.99% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
IVOL vs. SH - Dividend Comparison
IVOL's dividend yield for the trailing twelve months is around 3.88%, less than SH's 4.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.88% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.19% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
IVOL and SH have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (3.51%) compared to IVOL (1.74%). In terms of maximum drawdown, IVOL dropped -31.16% vs SH's -94.66%.
On 5-year performance, IVOL leads with -5.87% vs -8.01% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, IVOL has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IVOL has performed better with a -5.87% return vs -8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.99% for IVOL.
SH has the higher dividend yield at 4.19%, compared with 3.88% for IVOL.
IVOL is categorized as Inflation-Protected Bonds, while SH is Inverse Equities. They also come from different issuers: CICC and ProShares. Their fees differ too: 0.99% for IVOL and 0.89% for SH.
IVOL currently has the higher Sharpe Ratio (-0.92 vs -0.92), 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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