PHO vs. SH
Compare and contrast key facts about Invesco Water Resources ETF (PHO) and ProShares Short S&P500 (SH).
PHO and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHO is a passively managed fund by Invesco that tracks the performance of the NASDAQ OMX US Water Index. It was launched on Dec 6, 2005. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. Both PHO and SH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
PHO vs. SH - Performance Comparison
Loading graphics...
PHO vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -3.85% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
SH ProShares Short S&P500 | 4.94% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Returns By Period
In the year-to-date period, PHO achieves a -3.85% return, which is significantly lower than SH's 4.94% return. Over the past 10 years, PHO has outperformed SH with an annualized return of 12.33%, while SH has yielded a comparatively lower -11.91% annualized return.
PHO
- 1D
- 1.09%
- 1M
- -6.99%
- YTD
- -3.85%
- 6M
- -6.02%
- 1Y
- 4.93%
- 3Y*
- 8.81%
- 5Y*
- 6.80%
- 10Y*
- 12.33%
SH
- 1D
- -0.79%
- 1M
- 4.70%
- YTD
- 4.94%
- 6M
- 4.06%
- 1Y
- -11.88%
- 3Y*
- -10.10%
- 5Y*
- -7.71%
- 10Y*
- -11.91%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PHO vs. SH - Expense Ratio Comparison
PHO has a 0.60% expense ratio, which is lower than SH's 0.90% expense ratio.
Return for Risk
PHO vs. SH — Risk / Return Rank
PHO
SH
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 ratioReturn per unit of total volatility | 0.27 | -0.66 | +0.92 |
Sortino ratioReturn per unit of downside risk | 0.53 | -0.82 | +1.35 |
Omega ratioGain probability vs. loss probability | 1.06 | 0.88 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 0.45 | -0.46 | +0.90 |
Martin ratioReturn relative to average drawdown | 1.37 | -0.56 | +1.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PHO | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.27 | -0.66 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.46 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | -0.66 | +1.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | -0.56 | +0.91 |
Correlation
The correlation between PHO and SH is -0.82. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
PHO vs. SH - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.57%, less than SH's 3.95% yield.
| 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 | 3.95% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% | 0.00% | 0.00% |
Drawdowns
PHO vs. SH - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, smaller than the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for PHO and SH.
Loading graphics...
Drawdown Indicators
| PHO | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -94.26% | +38.64% |
Max Drawdown (1Y)Largest decline over 1 year | -11.98% | -26.61% | +14.63% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -40.35% | +11.75% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -74.31% | +39.39% |
Current DrawdownCurrent decline from peak | -9.16% | -93.87% | +84.71% |
Average DrawdownAverage peak-to-trough decline | -10.19% | -67.50% | +57.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 21.86% | -17.95% |
Volatility
PHO vs. SH - Volatility Comparison
Invesco Water Resources ETF (PHO) and ProShares Short S&P500 (SH) have volatilities of 5.37% and 5.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| PHO | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 5.36% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 9.45% | +1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.58% | 18.18% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.35% | 16.86% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 17.99% | +1.44% |