SH vs. FIAT

Last updated Jul 14, 2026

SH (ProShares Short S&P500) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while FIAT is a Derivative Income fund actively managed by YieldMax. SH is passively managed, while FIAT is actively managed. Over the past year, SH returned -13.05% vs 56.58% for FIAT. A 0.57 correlation means they provide meaningful diversification when combined. SH charges 0.89%/yr vs 0.99%/yr for FIAT.

Performance

SH vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -7.18% return, which is significantly lower than FIAT's 14.54% return.

SH

• 1D: 0.73%
• 1M: -0.85%
• 6M: -5.53%
• YTD: -7.18%
• 1Y: -13.05%
• 3Y*: -11.50%
• 5Y*: -8.24%
• 10Y*: -12.51%

FIAT

• 1D: 1.15%
• 1M: -1.13%
• 6M: 20.55%
• YTD: 14.54%
• 1Y: 56.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SH vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SH ProShares Short S&P500	-7.18%	-11.35%	-2.57%
FIAT YieldMax Short COIN Option Income Strategy ETF	14.54%	-24.17%	-28.04%

Correlation

The correlation between SH and FIAT is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.57

The correlation between SH and FIAT has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

Return for Risk

SH vs. FIAT — Risk / Return Rank

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

SH

SH Risk / Return Rank: 2
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

FIAT

FIAT Risk / Return Rank: 37
FIAT Sharpe Ratio Rank: 38
FIAT Sortino Ratio Rank: 36
FIAT Omega Ratio Rank: 39
FIAT Calmar Ratio Rank: 41
FIAT Martin Ratio Rank: 31

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. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.08	-2.13
Sortino ratio: Return per unit of downside risk	-1.48	1.56	-3.04
Omega ratio: Gain probability vs. loss probability	0.84	1.21	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.82	1.66	-2.48
Martin ratio: Return relative to average drawdown	-1.55	3.58	-5.13

SH vs. FIAT - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.05, which is lower than the FIAT Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of SH and FIAT, 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. FIAT - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SH and FIAT.

Drawdown Indicators

	SH	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-70.50%	-24.16%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-34.22%	+18.16%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	—	—
Current Drawdown Current decline from peak	-94.57%	-50.63%	-43.94%
Average Drawdown Average peak-to-trough decline	-67.85%	-45.52%	-22.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.41%	15.86%	-7.45%

Volatility

SH vs. FIAT - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 4.09%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 14.26%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	14.26%	-10.17%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	43.65%	-33.70%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	52.65%	-40.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	60.04%	-43.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	60.04%	-42.04%

SH vs. FIAT - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

SH vs. FIAT - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.21%, less than FIAT's 104.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIAT YieldMax Short COIN Option Income Strategy ETF	104.63%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.21%	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 FIAT in my portfolio?

SH and FIAT have a correlation of 0.55, 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 FIAT?

FIAT has higher volatility (14.26%) compared to SH (4.09%). In terms of maximum drawdown, SH dropped -94.66% vs FIAT's -70.50%.

Which ETF is better, SH or FIAT?

On 1-year performance, FIAT leads with 56.58% vs -13.05% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or FIAT?

Over the 1-year period, FIAT has performed better with a 56.58% return vs -13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or FIAT?

SH is cheaper with a 0.89% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 104.63%, compared with 4.21% for SH.

What is the main difference between SH and FIAT?

SH is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.89% for SH and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.08 vs -1.05), 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.