SH vs. BERZ

Last updated Jun 4, 2026

SH (ProShares Short S&P500) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds - SH tracks the S&P 500 (-100%) while BERZ tracks the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, SH returned -13.02%/yr vs -77.59%/yr for BERZ. Their correlation of 0.87 suggests significant overlap in exposure. SH charges 0.90%/yr vs 0.95%/yr for BERZ.

Performance

SH vs. BERZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -8.00% return, which is significantly higher than BERZ's -65.19% return.

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%

BERZ

• 1D: 3.73%
• 1M: -37.37%
• YTD: -65.19%
• 6M: -64.50%
• 1Y: -86.22%
• 3Y*: -77.59%
• 5Y*: —
• 10Y*: —

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

SH vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SH ProShares Short S&P500	-8.00%	-11.35%	-13.52%	-14.80%	18.98%	-9.02%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-65.19%	-78.81%	-65.95%	-89.12%	102.85%	-30.19%

Correlation

The correlation between SH and BERZ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021	0.87

The correlation between SH and BERZ has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

SH vs. BERZ - Sectors Allocation Comparison

Sectors	SH	BERZ
Financial Services	91.6%	13.3%
Basic Materials	-	-
Communication Services	-	25.0%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	62.3%
Utilities	-	-

Return for Risk

SH vs. BERZ — Risk / Return Rank

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

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

BERZ

BERZ Risk / Return Rank: 0
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 0
BERZ Omega Ratio Rank: 0
BERZ Calmar Ratio Rank: 0
BERZ 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.

SH vs. BERZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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.

	SH	BERZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	-1.14	-0.33
Sortino ratio: Return per unit of downside risk	-2.10	-2.96	+0.85
Omega ratio: Gain probability vs. loss probability	0.77	0.69	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.99	+0.04
Martin ratio: Return relative to average drawdown	-1.75	-1.54	-0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SH vs. BERZ - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.47, which is comparable to the BERZ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of SH and BERZ, 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

	SH	BERZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	-1.14	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	-0.75	+0.16

Drawdowns

SH vs. BERZ - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, smaller than the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for SH and BERZ.

Drawdown Indicators

	SH	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-99.80%	+5.14%
Max Drawdown (1Y) Largest decline over 1 year	-18.28%	-87.32%	+69.04%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-98.97%	+60.15%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	—	—
Current Drawdown Current decline from peak	-94.62%	-99.79%	+5.17%
Average Drawdown Average peak-to-trough decline	-67.73%	-71.57%	+3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	56.07%	-46.18%

Volatility

SH vs. BERZ - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 2.84%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 23.63%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	23.63%	-20.79%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	57.98%	-49.07%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	75.77%	-63.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	92.20%	-75.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	92.20%	-74.19%

SH vs. BERZ - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is lower than BERZ's 0.95% expense ratio.

Dividends

SH vs. BERZ - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.51%, while BERZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SH and BERZ in my portfolio?

SH and BERZ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or BERZ?

BERZ has higher volatility (23.63%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs BERZ's -99.80%.

Which ETF is better, SH or BERZ?

On 3-year performance, SH leads with -13.02% vs -77.59% for BERZ. On fees, SH is cheaper at 0.90% 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, SH or BERZ?

Over the 3-year period, SH has performed better with a -13.02% return vs -77.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or BERZ?

SH is cheaper with a 0.90% expense ratio, compared with 0.95% for BERZ.

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

SH has the higher dividend yield at 4.51%, compared with 0.00% for BERZ.

What is the main difference between SH and BERZ?

SH tracks S&P 500 (-100%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: ProShares and BMO. Their fees differ too: 0.90% for SH and 0.95% for BERZ.

Which has better risk-adjusted returns?

BERZ currently has the higher Sharpe Ratio (-1.14 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.