SCHK vs. SH

Last updated Jun 26, 2026

SCHK (Schwab 1000 Index ETF) and SH (ProShares Short S&P500) are both exchange-traded funds - SCHK is a Large Cap Blend Equities fund tracking the Schwab 1000 Index, while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Both are passively managed. Over the past 5 years, SCHK returned 12.22%/yr vs -8.31%/yr for SH. At a correlation of -0.99, they often move in opposite directions. SCHK charges 0.03%/yr vs 0.89%/yr for SH.

Performance

SCHK vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab 1000 Index ETF (SCHK) 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, SCHK achieves a 8.52% return, which is significantly higher than SH's -5.44% return.

SCHK

• 1D: 0.06%
• 1M: -1.68%
• YTD: 8.52%
• 6M: 7.14%
• 1Y: 22.28%
• 3Y*: 20.89%
• 5Y*: 12.22%
• 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%

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

SCHK vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHK Schwab 1000 Index ETF	8.52%	17.23%	24.48%	26.63%	-19.51%	26.17%	20.75%	31.31%	-5.09%	5.24%
SH ProShares Short S&P500	-5.44%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-4.86%

Correlation

The correlation between SCHK and SH is -1.00, 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.99
Correlation (5Y) Calculated over the trailing 5-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Oct 11, 2017	-0.99

The correlation between SCHK and SH has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

SCHK vs. SH - Sectors Allocation Comparison

Sectors	SCHK	SH
Technology	38.0%	-
Financial Services	11.2%	83.0%
Communication Services	10.1%	-
Consumer Cyclical	9.8%	-
Industrials	8.9%	-
Healthcare	8.4%	-
Consumer Defensive	4.3%	-
Energy	3.2%	-
Utilities	2.1%	-
Real Estate	2.0%	-
Basic Materials	1.9%	-

Return for Risk

SCHK vs. SH — Risk / Return Rank

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

SCHK

SCHK Risk / Return Rank: 61
SCHK Sharpe Ratio Rank: 62
SCHK Sortino Ratio Rank: 59
SCHK Omega Ratio Rank: 60
SCHK Calmar Ratio Rank: 59
SCHK Martin Ratio Rank: 69

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

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.

SCHK vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab 1000 Index ETF (SCHK) 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.

	SCHK	SH	Difference
Sharpe ratio: Return per unit of total volatility	1.75	-1.09	+2.84
Sortino ratio: Return per unit of downside risk	2.40	-1.55	+3.96
Omega ratio: Gain probability vs. loss probability	1.32	0.83	+0.49
Calmar ratio: Return relative to maximum drawdown	2.50	-0.84	+3.34
Martin ratio: Return relative to average drawdown	11.02	-1.63	+12.65

SCHK vs. SH - Sharpe Ratio Comparison

The current SCHK Sharpe Ratio is 1.75, which is higher than the SH Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of SCHK 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

SCHK vs. SH - Drawdown Comparison

The maximum SCHK drawdown since its inception was -34.80%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SCHK and SH.

Drawdown Indicators

	SCHK	SH	Difference
Max Drawdown Largest peak-to-trough decline	-34.80%	-94.66%	+59.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-16.06%	+7.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-38.82%	+19.61%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-44.53%	+19.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.67%	—
Current Drawdown Current decline from peak	-3.00%	-94.47%	+91.47%
Average Drawdown Average peak-to-trough decline	-5.16%	-67.79%	+62.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	8.76%	-6.73%

Volatility

SCHK vs. SH - Volatility Comparison

Schwab 1000 Index ETF (SCHK) and ProShares Short S&P500 (SH) have volatilities of 4.87% and 4.73%, 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.

Volatility by Period

	SCHK	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.73%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.79%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.77%	12.39%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	16.95%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	18.02%	+1.09%

SCHK vs. SH - Expense Ratio Comparison

SCHK has a 0.03% expense ratio, which is lower than SH's 0.89% expense ratio.

Dividends

SCHK vs. SH - Dividend Comparison

SCHK's dividend yield for the trailing twelve months is around 1.05%, less than SH's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHK Schwab 1000 Index ETF	1.05%	1.09%	1.20%	1.38%	1.57%	1.17%	1.58%	1.82%	1.80%	0.31%
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

Can I hold both SCHK and SH in my portfolio?

SCHK and SH have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHK or SH?

SCHK has higher volatility (4.87%) compared to SH (4.73%). In terms of maximum drawdown, SCHK dropped -34.80% vs SH's -94.66%.

Which ETF is better, SCHK or SH?

On 5-year performance, SCHK leads with 12.22% vs -8.31% for SH. On fees, SCHK is cheaper at 0.03% 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.

Which ETF has performed better, SCHK or SH?

Over the 5-year period, SCHK has performed better with a 12.22% return vs -8.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHK or SH?

SCHK is cheaper with a 0.03% expense ratio, compared with 0.89% for SH.

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

SH has the higher dividend yield at 4.13%, compared with 1.05% for SCHK.

What is the main difference between SCHK and SH?

SCHK is categorized as Large Cap Blend Equities, while SH is Inverse Equities. SCHK tracks Schwab 1000 Index, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Charles Schwab and ProShares. Their fees differ too: 0.03% for SCHK and 0.89% for SH.

Which has better risk-adjusted returns?

SCHK currently has the higher Sharpe Ratio (1.75 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.