PHO vs. SH

Last updated Jun 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 (-100%). Both are passively managed. Over the past 10 years, PHO returned 11.55%/yr vs -12.89%/yr for SH. At a correlation of -0.81, they often move in opposite directions. PHO charges 0.60%/yr vs 0.90%/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 -5.40% return, which is significantly higher than SH's -8.00% return. Over the past 10 years, PHO has outperformed SH with an annualized return of 11.55%, while SH has yielded a comparatively lower -12.89% annualized return.

PHO

• 1D: 0.30%
• 1M: -1.41%
• YTD: -5.40%
• 6M: -7.93%
• 1Y: -3.67%
• 3Y*: 7.71%
• 5Y*: 5.22%
• 10Y*: 11.55%

SH

• 1D: 0.70%
• 1M: -4.35%
• YTD: -8.00%
• 6M: -7.59%
• 1Y: -17.23%
• 3Y*: -13.02%
• 5Y*: -9.07%
• 10Y*: -12.89%

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

PHO vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHO Invesco Water Resources ETF	-5.40%	7.62%	8.59%	18.85%	-14.86%	31.28%	20.83%	37.57%	-6.40%	23.55%
SH ProShares Short S&P500	-8.00%	-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 -0.57, 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	-0.57
Correlation (3Y) Calculated over the trailing 3-year period	-0.67
Correlation (5Y) Calculated over the trailing 5-year period	-0.76
Correlation (10Y) Calculated over the trailing 10-year period	-0.78
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	-0.81

Over the past year, the inverse relationship between PHO and SH has weakened: their correlation has moved from -0.81 to -0.57, meaning they move in opposite directions less often than they have historically.

PHO vs. SH - Sectors Allocation Comparison

Sectors	PHO	SH
Industrials	56.3%	-
Utilities	14.1%	-
Technology	13.1%	-
Basic Materials	8.4%	-
Healthcare	8.2%	-
Financial Services	0.0%	91.6%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

PHO vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PHO

PHO Risk / Return Rank: 6
PHO Sharpe Ratio Rank: 6
PHO Sortino Ratio Rank: 6
PHO Omega Ratio Rank: 6
PHO Calmar Ratio Rank: 6
PHO Martin Ratio Rank: 5

SH

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	PHO	SH	Difference
Sharpe ratio Return per unit of total volatility	-0.25	-1.47	+1.22
Sortino ratio Return per unit of downside risk	-0.25	-2.10	+1.85
Omega ratio Gain probability vs. loss probability	0.97	0.77	+0.20
Calmar ratio Return relative to maximum drawdown	-0.27	-0.95	+0.68
Martin ratio Return relative to average drawdown	-0.69	-1.75	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHO vs. SH - Sharpe Ratio Comparison

The current PHO Sharpe Ratio is -0.25, which is higher than the SH Sharpe Ratio of -1.47. 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.

Sharpe Ratios by Period

	PHO	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	-1.47	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.54	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	-0.72	+1.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	-0.59	+0.93

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%	-18.28%	+4.50%
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%	-76.12%	+41.20%
Current Drawdown Current decline from peak	-10.62%	-94.62%	+84.00%
Average Drawdown Average peak-to-trough decline	-10.18%	-67.73%	+57.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.31%	9.89%	-4.58%

Volatility

PHO vs. SH - Volatility Comparison

Invesco Water Resources ETF (PHO) has a higher volatility of 4.01% compared to ProShares Short S&P500 (SH) at 2.84%. 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	4.01%	2.84%	+1.17%
Volatility (6M) Calculated over the trailing 6-month period	10.92%	8.91%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.03%	11.80%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	16.85%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	18.01%	+1.44%

PHO vs. SH - Expense Ratio Comparison

PHO has a 0.60% expense ratio, which is lower than SH's 0.90% expense ratio.

Dividends

PHO vs. SH - Dividend Comparison

PHO's dividend yield for the trailing twelve months is around 0.58%, less than SH's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHO Invesco Water Resources ETF	0.58%	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	4.51%	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 -0.57, 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 (4.01%) compared to SH (2.84%). 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 11.55% vs -12.89% for SH. On fees, PHO is cheaper at 0.60% per year. On volatility, SH has been the lower-risk option at 2.84%. 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 11.55% return vs -12.89%. 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 0.60% expense ratio, compared with 0.90% for SH.

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

SH has the higher dividend yield at 4.51%, compared with 0.58% 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 (-100%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.60% for PHO and 0.90% for SH.

Which has better risk-adjusted returns?

PHO currently has the higher Sharpe Ratio (-0.25 vs -1.47), 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.