SH vs. EFZ
Compare and contrast key facts about ProShares Short S&P500 (SH) and ProShares Short MSCI EAFE (EFZ).
SH and EFZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. EFZ is a passively managed fund by ProShares that tracks the performance of the MSCI EAFE Index (-100%). It was launched on Oct 23, 2007. Both SH and EFZ 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
SH vs. EFZ - Performance Comparison
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SH vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EFZ ProShares Short MSCI EAFE | -1.90% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
Returns By Period
In the year-to-date period, SH achieves a 4.94% return, which is significantly higher than EFZ's -1.90% return. Over the past 10 years, SH has underperformed EFZ with an annualized return of -11.91%, while EFZ has yielded a comparatively higher -8.18% annualized return.
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%
EFZ
- 1D
- -1.35%
- 1M
- 4.93%
- YTD
- -1.90%
- 6M
- -4.62%
- 1Y
- -17.15%
- 3Y*
- -8.28%
- 5Y*
- -5.63%
- 10Y*
- -8.18%
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SH vs. EFZ - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is lower than EFZ's 0.95% expense ratio.
Return for Risk
SH vs. EFZ — Risk / Return Rank
SH
EFZ
SH vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and ProShares Short MSCI EAFE (EFZ). 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 | EFZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.66 | -0.93 | +0.27 |
Sortino ratioReturn per unit of downside risk | -0.82 | -1.28 | +0.46 |
Omega ratioGain probability vs. loss probability | 0.88 | 0.84 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | -0.46 | -0.56 | +0.10 |
Martin ratioReturn relative to average drawdown | -0.56 | -0.80 | +0.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SH | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -0.93 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.34 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | -0.47 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.33 | -0.23 |
Correlation
The correlation between SH and EFZ is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SH vs. EFZ - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 3.95%, more than EFZ's 3.83% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
EFZ ProShares Short MSCI EAFE | 3.83% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% |
Drawdowns
SH vs. EFZ - Drawdown Comparison
The maximum SH drawdown since its inception was -94.26%, which is greater than EFZ's maximum drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for SH and EFZ.
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Drawdown Indicators
| SH | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.26% | -88.08% | -6.18% |
Max Drawdown (1Y)Largest decline over 1 year | -26.61% | -30.95% | +4.34% |
Max Drawdown (5Y)Largest decline over 5 years | -40.35% | -43.77% | +3.42% |
Max Drawdown (10Y)Largest decline over 10 years | -74.31% | -61.88% | -12.43% |
Current DrawdownCurrent decline from peak | -93.87% | -87.16% | -6.71% |
Average DrawdownAverage peak-to-trough decline | -67.50% | -66.89% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.86% | 21.50% | +0.36% |
Volatility
SH vs. EFZ - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 5.36%, while ProShares Short MSCI EAFE (EFZ) has a volatility of 7.78%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.36% | 7.78% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 12.37% | -2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.18% | 18.52% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 16.54% | +0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 17.31% | +0.68% |