SH vs. FIAT
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 (-100%), 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 -17.23% vs -0.18% for FIAT. A 0.58 correlation means they provide meaningful diversification when combined. SH charges 0.90%/yr vs 0.99%/yr for FIAT.
Performance
SH vs. FIAT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SH achieves a -8.00% return, which is significantly lower than FIAT's 13.84% 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%
FIAT
- 1D
- 4.32%
- 1M
- 16.99%
- YTD
- 13.84%
- 6M
- 33.71%
- 1Y
- -0.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SH ProShares Short S&P500 | -8.00% | -11.35% | -1.60% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 13.84% | -24.17% | -28.61% |
Correlation
The correlation between SH and FIAT is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | 0.58 |
The correlation between SH and FIAT has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SH vs. FIAT — Risk / Return Rank
SH
FIAT
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.
| SH | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.05 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.00 | -0.94 |
| Martin ratioReturn relative to average drawdown | -1.75 | -0.01 | -1.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SH | FIAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | -0.00 | -1.46 |
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 | -0.37 | -0.22 |
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.
Loading charts...
Drawdown Indicators
| SH | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -70.50% | -24.16% |
Max Drawdown (1Y)Largest decline over 1 year | -18.28% | -42.26% | +23.98% |
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 | -76.12% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -50.94% | -43.68% |
Average DrawdownAverage peak-to-trough decline | -67.73% | -45.35% | -22.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 27.32% | -17.43% |
Volatility
SH vs. FIAT - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 2.84%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.34%. 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.
Loading charts...
Volatility by Period
| SH | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 15.34% | -12.50% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 42.03% | -33.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 55.49% | -43.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 60.56% | -43.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 60.56% | -42.55% |
SH vs. FIAT - Expense Ratio Comparison
SH has a 0.90% 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 4.51%, less than FIAT's 93.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 93.28% | 178.11% | 70.99% | 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
SH and FIAT have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (15.34%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with -0.18% vs -17.23% for SH. 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.
Over the 1-year period, FIAT has performed better with a -0.18% return vs -17.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 93.28%, compared with 4.51% for SH.
SH is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.90% for SH and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (-0.00 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.
Find the right allocation for SH and FIAT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer