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 -5.80%/yr vs -8.76%/yr for SH. At a correlation of -0.02, they often move in opposite directions. IVOL charges 0.99%/yr vs 0.89%/yr for SH.
Performance
IVOL vs. SH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IVOL achieves a -8.68% return, which is significantly lower than SH's -6.86% return.
IVOL
- 1D
- -0.42%
- 1M
- -3.37%
- YTD
- -8.68%
- 6M
- -8.41%
- 1Y
- -7.18%
- 3Y*
- -2.75%
- 5Y*
- -5.80%
- 10Y*
- —
SH
- 1D
- 0.36%
- 1M
- 0.27%
- YTD
- -6.86%
- 6M
- -6.32%
- 1Y
- -16.57%
- 3Y*
- -12.31%
- 5Y*
- -8.76%
- 10Y*
- -13.02%
IVOL vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -8.68% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.35% |
SH ProShares Short S&P500 | -6.86% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -12.96% |
Correlation
The correlation between IVOL and SH is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | -0.02 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.79 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | -0.96 | +0.36 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.73 | +0.28 |
Loading charts...
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.
Loading charts...
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 | -12.08% | -17.35% | +5.27% |
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 | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -28.19% | -94.56% | +66.37% |
Average DrawdownAverage peak-to-trough decline | -13.38% | -67.78% | +54.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 10.40% | -5.46% |
Volatility
IVOL vs. SH - Volatility Comparison
The current volatility for Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) is 2.51%, while ProShares Short S&P500 (SH) has a volatility of 4.59%. 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.
Loading charts...
Volatility by Period
| IVOL | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 4.59% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.96% | 9.75% | -4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.06% | 12.40% | -5.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.85% | 16.94% | -4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.98% | 18.06% | -6.08% |
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 4.00%, less than SH's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 4.00% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.45% | 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 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (4.59%) compared to IVOL (2.51%). In terms of maximum drawdown, IVOL dropped -31.16% vs SH's -94.66%.
On 5-year performance, IVOL leads with -5.80% vs -8.76% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, IVOL has been the lower-risk option at 2.51%. 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 -5.80% return vs -8.76%. 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 4.45%, compared with 4.00% 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 (-1.02 vs -1.34), 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.
Find the right allocation for IVOL and SH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer