MYY vs. SH
MYY (ProShares Short S&P Mid Cap400) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - MYY tracks the S&P Mid Cap 400 (-100%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, MYY returned -11.38%/yr vs -12.90%/yr for SH. Their correlation of 0.87 suggests significant overlap in exposure. MYY charges 0.95%/yr vs 0.89%/yr for SH.
Performance
MYY vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, MYY achieves a -11.47% return, which is significantly lower than SH's -5.55% return. Over the past 10 years, MYY has outperformed SH with an annualized return of -11.38%, while SH has yielded a comparatively lower -12.90% annualized return.
MYY
- 1D
- 0.97%
- 1M
- -2.32%
- YTD
- -11.47%
- 6M
- -9.76%
- 1Y
- -16.72%
- 3Y*
- -9.96%
- 5Y*
- -6.13%
- 10Y*
- -11.38%
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%
MYY vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -11.47% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
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 MYY and SH is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.87 |
The correlation between MYY and SH shifts across timeframes, from 0.75 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MYY vs. SH — Risk / Return Rank
MYY
SH
MYY vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.
| MYY | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.82 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.89 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.67 | -0.15 |
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Drawdowns
MYY vs. SH - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.14%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for MYY and SH.
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Drawdown Indicators
| MYY | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.14% | -94.66% | -0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -17.48% | -16.42% | -1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -34.39% | -38.82% | +4.43% |
Max Drawdown (5Y)Largest decline over 5 years | -37.07% | -44.53% | +7.46% |
Max Drawdown (10Y)Largest decline over 10 years | -71.61% | -76.12% | +4.51% |
Current DrawdownCurrent decline from peak | -95.09% | -94.48% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -72.19% | -67.78% | -4.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.25% | 9.62% | -0.37% |
Volatility
MYY vs. SH - Volatility Comparison
The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 4.50%, while ProShares Short S&P500 (SH) has a volatility of 4.80%. This indicates that MYY 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
| MYY | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 4.80% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 11.75% | 9.83% | +1.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.86% | 12.46% | +3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.63% | 16.95% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.24% | 18.03% | +3.21% |
MYY vs. SH - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
MYY vs. SH - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.47%, more than SH's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | 4.47% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% | 0.00% |
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% |
Frequently Asked Questions
MYY and SH have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (4.80%) compared to MYY (4.50%). In terms of maximum drawdown, MYY dropped -95.14% vs SH's -94.66%.
On 10-year performance, MYY leads with -11.38% vs -12.90% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, MYY has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MYY has performed better with a -11.38% return vs -12.90%. 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 0.95% for MYY.
MYY has the higher dividend yield at 4.47%, compared with 4.39% for SH.
MYY tracks S&P Mid Cap 400 (-100%), while SH tracks S&P 500 Index (-100% daily). Their fees differ too: 0.95% for MYY and 0.89% for SH.
MYY currently has the higher Sharpe Ratio (-1.06 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.
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