PHO vs. SH

Last updated Aug 4, 2026

PHO (Invesco Water Resources ETF) and SH (ProShares Short S&P500) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water Index, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, PHO returned 11.85%/yr vs -12.49%/yr for SH. Their -0.81 correlation means they have often moved in opposite directions in the past. PHO charges 0.59%/yr vs 0.89%/yr for SH.

Performance

PHO vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Water Resources ETF (PHO) 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, PHO achieves a 1.45% return, which is significantly higher than SH's -7.97% return. Over the past 10 years, PHO has outperformed SH with an annualized return of 11.85%, while SH has yielded a comparatively lower -12.49% annualized return.

PHO

• 1D: 1.45%
• 1M: 2.18%
• 6M: -2.41%
• YTD: 1.45%
• 1Y: 2.26%
• 3Y*: 8.13%
• 5Y*: 4.94%
• 10Y*: 11.85%
• ALL TIME*: 8.36%

SH

• 1D: -1.42%
• 1M: -1.30%
• 6M: -6.60%
• YTD: -7.97%
• 1Y: -14.42%
• 3Y*: -12.05%
• 5Y*: -8.25%
• 10Y*: -12.49%
• ALL TIME*: -11.35%

*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)
PHO Invesco Water Resources ETF	$6.89M	$5.82M	$8.69M
SH ProShares Short S&P500	$269.15M	$242.02M	$299.42M

PHO vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	1.45%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	23.55%
SH ProShares Short S&P500	-7.97%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between PHO and SH is -0.49, 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.	-0.49
Correlation (3Y) Balances recent behavior with more history.	-0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.74
Correlation (10Y) Provides a long-term view across more market conditions.	-0.77
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.81

Over the past year, the inverse relationship between PHO and SH has weakened: their correlation has moved from -0.81 to -0.49, meaning they move in opposite directions less often than they have historically.

PHO vs. SH - Sectors Allocation Comparison

Sectors	PHO	SH
Industrials	50.1%	-
Healthcare	16.7%	-
Technology	16.5%	-
Basic Materials	9.3%	-
Utilities	7.5%	-
Financial Services	0.0%	81.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

PHO vs. SH — Risk / Return Rank

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

PHO

PHO Risk / Return Rank: 14
PHO Sharpe Ratio Rank: 14
PHO Sortino Ratio Rank: 14
PHO Omega Ratio Rank: 13
PHO Calmar Ratio Rank: 14
PHO Martin Ratio Rank: 14

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: 1
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.

PHO vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.

	PHO	SH	Difference
Sharpe ratio: Return per unit of total volatility	0.14	-1.13	+1.28
Sortino ratio: Return per unit of downside risk	0.32	-1.61	+1.93
Omega ratio: Gain probability vs. loss probability	1.04	0.82	+0.21
Calmar ratio: Return relative to maximum drawdown	0.16	-0.90	+1.07
Martin ratio: Return relative to average drawdown	0.36	-1.66	+2.02

PHO vs. SH - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is 0.14, which is higher than the SH Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of PHO 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

PHO vs. SH - Drawdown Comparison

The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for PHO and SH.

Drawdown Indicators

	PHO	SH	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-94.66%	+39.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-16.06%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-38.82%	+19.63%
Max Drawdown (5Y) Largest decline over 5 years	-28.60%	-44.53%	+15.93%
Max Drawdown (10Y) Largest decline over 10 years	-34.92%	-74.80%	+39.88%
Current Drawdown Current decline from peak	-4.15%	-94.62%	+90.47%
Average Drawdown Average peak-to-trough decline	-10.16%	-67.93%	+57.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	9.08%	-2.83%

Volatility

PHO vs. SH - Volatility Comparison

Invesco Water Resources ETF (PHO) has a higher volatility of 5.95% compared to ProShares Short S&P500 (SH) at 3.78%. This indicates that PHO'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

	PHO	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	3.78%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	10.16%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	12.78%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	16.98%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	18.03%	+1.48%

PHO vs. SH - Expense Ratio Comparison

PHO has a 0.59% expense ratio, which is lower than SH's 0.89% expense ratio.

Dividends

PHO vs. SH - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.57%, less than SH's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHO Invesco Water Resources ETF	0.57%	0.54%	0.45%	0.59%	0.49%	0.20%	0.39%	0.43%	0.46%	0.34%	0.47%	0.75%
SH ProShares Short S&P500	4.25%	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

Can I hold both PHO and SH in my portfolio?

PHO and SH have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHO or SH?

PHO has higher volatility (5.95%) compared to SH (3.78%). In terms of maximum drawdown, PHO dropped -55.62% vs SH's -94.66%.

Which ETF is better, PHO or SH?

On 10-year performance, PHO leads with 11.85% vs -12.49% for SH. On fees, PHO is cheaper at 0.59% per year. On volatility, SH has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHO or SH?

Over the 10-year period, PHO has performed better with a 11.85% return vs -12.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHO or SH?

PHO is cheaper with a 0.59% expense ratio, compared with 0.89% for SH.

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

SH has the higher dividend yield at 4.25%, compared with 0.57% for PHO.

What is the main difference between PHO and SH?

PHO is categorized as Water Equities, while SH is Inverse Equities. PHO tracks NASDAQ OMX US Water Index, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.59% for PHO and 0.89% for SH.

Which has better risk-adjusted returns?

PHO currently has the higher Sharpe Ratio (0.14 vs -1.13), 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.