OILD vs. SH

Last updated Aug 5, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and SH (ProShares Short S&P500) are both Inverse Equities funds - OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 3 years, OILD returned -42.92%/yr vs -12.58%/yr for SH. Their 0.27 correlation means their historical movements had little consistent relationship. OILD charges 0.95%/yr vs 0.89%/yr for SH.

Performance

OILD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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, OILD achieves a -62.98% return, which is significantly lower than SH's -9.60% return.

OILD

• 1D: 1.27%
• 1M: -27.98%
• 6M: -43.08%
• YTD: -62.98%
• 1Y: -70.97%
• 3Y*: -42.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -58.87%

SH

• 1D: -1.77%
• 1M: -3.05%
• 6M: -9.07%
• YTD: -9.60%
• 1Y: -14.67%
• 3Y*: -12.58%
• 5Y*: -8.45%
• 10Y*: -12.64%
• ALL TIME*: -11.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	$2.68M	$2.54M	$3.73M
SH ProShares Short S&P500	$272.98M	$242.77M	$298.72M

OILD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-62.98%	-41.67%	-14.58%	-19.58%	-90.32%	3.83%
SH ProShares Short S&P500	-9.60%	-11.35%	-13.52%	-14.80%	18.98%	-2.08%

Correlation

The correlation between OILD and SH is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.15
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.27

The correlation between OILD and SH shifts across timeframes, from -0.15 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

OILD vs. SH - Sectors Allocation Comparison

Sectors	OILD	SH
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	81.2%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

OILD vs. SH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 0
OILD Omega Ratio Rank: 1
OILD Calmar Ratio Rank: 1
OILD Martin Ratio Rank: 1

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OILD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	-1.15	+0.03
Sortino ratio: Return per unit of downside risk	-2.25	-1.63	-0.62
Omega ratio: Gain probability vs. loss probability	0.77	0.82	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.87	-0.09
Martin ratio: Return relative to average drawdown	-1.42	-1.67	+0.25

OILD vs. SH - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.12, which is comparable to the SH Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of OILD 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

OILD vs. SH - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, roughly equal to the maximum SH drawdown of -94.72%. Use the drawdown chart below to compare losses from any high point for OILD and SH.

Drawdown Indicators

	OILD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-94.72%	-4.18%
Max Drawdown (1Y) Largest decline over 1 year	-74.53%	-16.95%	-57.58%
Max Drawdown (3Y) Largest decline over 3 years	-85.42%	-39.46%	-45.96%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.07%	—
Current Drawdown Current decline from peak	-98.80%	-94.72%	-4.08%
Average Drawdown Average peak-to-trough decline	-88.92%	-67.94%	-20.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.00%	8.79%	+41.21%

Volatility

OILD vs. SH - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 20.27% compared to ProShares Short S&P500 (SH) at 4.10%. This indicates that OILD'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

	OILD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.27%	4.10%	+16.17%
Volatility (6M) Calculated over the trailing 6-month period	50.12%	10.30%	+39.82%
Volatility (1Y) Calculated over the trailing 1-year period	63.36%	12.87%	+50.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.04%	16.99%	+62.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.04%	18.03%	+61.01%

OILD vs. SH - Expense Ratio Comparison

OILD has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

OILD vs. SH - Dividend Comparison

OILD has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.32%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	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	4.32%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both OILD and SH in my portfolio?

OILD and SH have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or SH?

OILD has higher volatility (20.27%) compared to SH (4.10%). In terms of maximum drawdown, OILD dropped -98.90% vs SH's -94.72%.

Which ETF is better, OILD or SH?

On 3-year performance, SH leads with -12.58% vs -42.92% for OILD. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or SH?

Over the 3-year period, SH has performed better with a -12.58% return vs -42.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for OILD.

Which ETF pays a higher dividend yield, OILD or SH?

SH has the higher dividend yield at 4.32%, compared with 0.00% for OILD.

What is the main difference between OILD and SH?

OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: REX and ProShares. Their fees differ too: 0.95% for OILD and 0.89% for SH.

Which has better risk-adjusted returns?

OILD currently has the higher Sharpe Ratio (-1.12 vs -1.15), 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.