SH vs. BRK-B

Last updated Jun 14, 2026

SH (ProShares Short S&P500) is Inverse Equities fund tracking the S&P 500 (-100%), while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, SH returned -12.83%/yr vs 13.22%/yr for BRK-B. At a correlation of -0.63, they often move in opposite directions.

Performance

SH vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -6.39% return, which is significantly lower than BRK-B's -2.67% return. Over the past 10 years, SH has underperformed BRK-B with an annualized return of -12.83%, while BRK-B has yielded a comparatively higher 13.22% annualized return.

SH

• 1D: -0.50%
• 1M: 1.30%
• YTD: -6.39%
• 6M: -6.43%
• 1Y: -15.90%
• 3Y*: -11.96%
• 5Y*: -8.68%
• 10Y*: -12.83%

BRK-B

• 1D: 0.71%
• 1M: 1.07%
• YTD: -2.67%
• 6M: -2.06%
• 1Y: 0.35%
• 3Y*: 13.30%
• 5Y*: 11.27%
• 10Y*: 13.22%

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

SH vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-6.39%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
BRK-B Berkshire Hathaway Inc.	-2.67%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between SH and BRK-B is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (5Y) Calculated over the trailing 5-year period	-0.52
Correlation (10Y) Calculated over the trailing 10-year period	-0.61
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.63

Over the past year, the inverse relationship between SH and BRK-B has weakened: their correlation has moved from -0.63 to -0.12, meaning they move in opposite directions less often than they have historically.

Return for Risk

SH vs. BRK-B — 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: 2
SH Martin Ratio Rank: 1

BRK-B

BRK-B Risk / Return Rank: 39
BRK-B Sharpe Ratio Rank: 42
BRK-B Sortino Ratio Rank: 34
BRK-B Omega Ratio Rank: 33
BRK-B Calmar Ratio Rank: 42
BRK-B Martin Ratio Rank: 42

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. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Berkshire Hathaway Inc. (BRK-B). 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.

	SH	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	-0.02	-1.20
Sortino ratio: Return per unit of downside risk	-1.75	0.08	-1.83
Omega ratio: Gain probability vs. loss probability	0.81	1.01	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.02	-0.80
Martin ratio: Return relative to average drawdown	-1.47	-0.05	-1.42

SH vs. BRK-B - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.22, which is lower than the BRK-B Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of SH and BRK-B, 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

SH vs. BRK-B - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for SH and BRK-B.

Drawdown Indicators

	SH	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-53.86%	-40.80%
Max Drawdown (1Y) Largest decline over 1 year	-18.16%	-9.42%	-8.74%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-14.95%	-23.87%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-26.58%	-17.95%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-29.57%	-46.55%
Current Drawdown Current decline from peak	-94.53%	-9.36%	-85.17%
Average Drawdown Average peak-to-trough decline	-67.75%	-11.07%	-56.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	4.53%	+5.60%

Volatility

SH vs. BRK-B - Volatility Comparison

ProShares Short S&P500 (SH) has a higher volatility of 4.33% compared to Berkshire Hathaway Inc. (BRK-B) at 3.95%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	3.95%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	10.78%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	14.38%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	17.12%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	19.44%	-1.40%

Dividends

SH vs. BRK-B - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.43%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRK-B Berkshire Hathaway Inc.	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	4.43%	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 BRK-B in my portfolio?

SH and BRK-B have a correlation of -0.12, 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 BRK-B?

SH has higher volatility (4.33%) compared to BRK-B (3.95%). In terms of maximum drawdown, SH dropped -94.66% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

BRK-B currently has the higher Sharpe Ratio (-0.02 vs -1.22), 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.