OILD vs. SH
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 -44.01%/yr vs -12.01%/yr for SH. At a 0.29 correlation, their price movements are largely independent. OILD charges 0.95%/yr vs 0.89%/yr for SH.
Performance
OILD vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, OILD achieves a -51.09% return, which is significantly lower than SH's -5.44% return.
OILD
- 1D
- -2.73%
- 1M
- 20.25%
- YTD
- -51.09%
- 6M
- -52.16%
- 1Y
- -62.90%
- 3Y*
- -44.01%
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- 0.00%
- 1M
- 2.42%
- YTD
- -5.44%
- 6M
- -4.16%
- 1Y
- -13.46%
- 3Y*
- -12.01%
- 5Y*
- -8.31%
- 10Y*
- -13.04%
OILD vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | -51.09% | -41.67% | -14.58% | -19.58% | -90.32% | 3.83% |
SH ProShares Short S&P500 | -5.44% | -11.35% | -13.52% | -14.80% | 18.98% | -2.08% |
Correlation
The correlation between OILD and SH is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | 0.29 |
The correlation between OILD and SH shifts across timeframes, from -0.08 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
OILD vs. SH - Sectors Allocation Comparison
Sectors
OILD
SH
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Financial Services
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Energy
OILD
SH
-
Basic Materials
OILD
-
SH
-
Communication Services
OILD
-
SH
-
Consumer Cyclical
OILD
-
SH
-
Consumer Defensive
OILD
-
SH
-
Financial Services
OILD
-
SH
Healthcare
OILD
-
SH
-
Industrials
OILD
-
SH
-
Real Estate
OILD
-
SH
-
Technology
OILD
-
SH
-
Utilities
OILD
-
SH
-
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Return for Risk
OILD vs. SH — Risk / Return Rank
OILD
SH
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 ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.84 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.63 | +0.23 |
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Drawdowns
OILD vs. SH - Drawdown Comparison
The maximum OILD drawdown since its inception was -98.90%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for OILD and SH.
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Drawdown Indicators
| OILD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.90% | -94.66% | -4.24% |
Max Drawdown (1Y)Largest decline over 1 year | -74.53% | -16.06% | -58.47% |
Max Drawdown (3Y)Largest decline over 3 years | -87.76% | -38.82% | -48.94% |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.67% | — |
Current DrawdownCurrent decline from peak | -98.41% | -94.47% | -3.94% |
Average DrawdownAverage peak-to-trough decline | -88.69% | -67.79% | -20.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.80% | 8.76% | +36.04% |
Volatility
OILD vs. SH - Volatility Comparison
MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 21.07% compared to ProShares Short S&P500 (SH) at 4.73%. 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.
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Volatility by Period
| OILD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.07% | 4.73% | +16.34% |
Volatility (6M)Calculated over the trailing 6-month period | 49.80% | 9.79% | +40.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 62.31% | 12.39% | +49.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.36% | 16.95% | +62.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 79.36% | 18.02% | +61.34% |
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 4.13%.
| 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 | 4.13% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
OILD and SH have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OILD has higher volatility (21.07%) compared to SH (4.73%). In terms of maximum drawdown, OILD dropped -98.90% vs SH's -94.66%.
On 3-year performance, SH leads with -12.01% vs -44.01% for OILD. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SH has performed better with a -12.01% return vs -44.01%. 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 0.95% for OILD.
SH has the higher dividend yield at 4.13%, compared with 0.00% for OILD.
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.
OILD currently has the higher Sharpe Ratio (-1.01 vs -1.09), 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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