PGEOX vs. SH
PGEOX (George Putnam Balanced Fund) and SH (ProShares Short S&P500) are both funds - PGEOX is a Diversified Portfolio fund managed by Putnam, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Over the past 10 years, PGEOX returned 10.25%/yr vs -12.90%/yr for SH. At a correlation of -0.95, they often move in opposite directions. PGEOX charges 0.94%/yr vs 0.89%/yr for SH.
Performance
PGEOX vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, PGEOX achieves a 7.40% return, which is significantly higher than SH's -5.55% return. Over the past 10 years, PGEOX has outperformed SH with an annualized return of 10.25%, while SH has yielded a comparatively lower -12.90% annualized return.
PGEOX
- 1D
- -0.45%
- 1M
- 0.59%
- YTD
- 7.40%
- 6M
- 6.81%
- 1Y
- 19.13%
- 3Y*
- 17.08%
- 5Y*
- 9.15%
- 10Y*
- 10.25%
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%
PGEOX vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PGEOX George Putnam Balanced Fund | 7.40% | 14.02% | 20.65% | 19.93% | -17.59% | 13.80% | 9.25% | 22.61% | -3.03% | 15.02% |
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 PGEOX and SH is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.95 |
The correlation between PGEOX and SH has been stable across timeframes, ranging from -0.97 to -0.95 - a consistent structural relationship.
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Return for Risk
PGEOX vs. SH — Risk / Return Rank
PGEOX
SH
PGEOX vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for George Putnam Balanced Fund (PGEOX) 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.
| PGEOX | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.50 | ||
| Sortino ratioReturn per unit of downside risk | +4.95 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 0.82 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | -0.89 | +4.39 |
| Martin ratioReturn relative to average drawdown | 15.81 | -1.67 | +17.49 |
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Drawdowns
PGEOX vs. SH - Drawdown Comparison
The maximum PGEOX drawdown since its inception was -50.63%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for PGEOX and SH.
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Drawdown Indicators
| PGEOX | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.63% | -94.66% | +44.03% |
Max Drawdown (1Y)Largest decline over 1 year | -5.72% | -16.42% | +10.70% |
Max Drawdown (3Y)Largest decline over 3 years | -12.61% | -38.82% | +26.21% |
Max Drawdown (5Y)Largest decline over 5 years | -21.36% | -44.53% | +23.17% |
Max Drawdown (10Y)Largest decline over 10 years | -23.00% | -76.12% | +53.12% |
Current DrawdownCurrent decline from peak | -1.37% | -94.48% | +93.11% |
Average DrawdownAverage peak-to-trough decline | -11.73% | -67.78% | +56.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 9.62% | -8.36% |
Volatility
PGEOX vs. SH - Volatility Comparison
The current volatility for George Putnam Balanced Fund (PGEOX) is 3.39%, while ProShares Short S&P500 (SH) has a volatility of 4.80%. This indicates that PGEOX 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
| PGEOX | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.39% | 4.80% | -1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 9.83% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.61% | 12.46% | -3.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.49% | 16.95% | -5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.66% | 18.03% | -6.37% |
PGEOX vs. SH - Expense Ratio Comparison
PGEOX has a 0.94% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
PGEOX vs. SH - Dividend Comparison
PGEOX's dividend yield for the trailing twelve months is around 7.63%, more than SH's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PGEOX George Putnam Balanced Fund | 7.63% | 8.13% | 7.99% | 1.10% | 0.89% | 7.75% | 1.05% | 5.22% | 9.04% | 1.10% | 1.18% | 1.13% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
PGEOX and SH have a correlation of -0.97, 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 PGEOX (3.39%). In terms of maximum drawdown, PGEOX dropped -50.63% vs SH's -94.66%.
PGEOX currently has the higher Sharpe Ratio (2.33 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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