SH vs. FLYD
Compare and contrast key facts about ProShares Short S&P500 (SH) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD).
SH and FLYD 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. FLYD is a passively managed fund by REX that tracks the performance of the MerQube MicroSectors U.S. Travel Index. It was launched on Jun 22, 2022. Both SH and FLYD 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. FLYD - Performance Comparison
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SH vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.94% | -11.35% | -13.52% | -14.80% | -2.62% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 26.36% | -60.42% | -54.13% | -75.14% | -46.23% |
Returns By Period
In the year-to-date period, SH achieves a 4.94% return, which is significantly lower than FLYD's 26.36% 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%
FLYD
- 1D
- -3.97%
- 1M
- 7.80%
- YTD
- 26.36%
- 6M
- 5.01%
- 1Y
- -62.53%
- 3Y*
- -52.14%
- 5Y*
- —
- 10Y*
- —
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SH vs. FLYD - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is lower than FLYD's 0.95% expense ratio.
Return for Risk
SH vs. FLYD — Risk / Return Rank
SH
FLYD
SH vs. FLYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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 | FLYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.66 | -0.67 | +0.02 |
Sortino ratioReturn per unit of downside risk | -0.82 | -0.73 | -0.09 |
Omega ratioGain probability vs. loss probability | 0.88 | 0.90 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.46 | -0.76 | +0.30 |
Martin ratioReturn relative to average drawdown | -0.56 | -0.86 | +0.30 |
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 | FLYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -0.67 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.72 | +0.16 |
Correlation
The correlation between SH and FLYD is 0.71, 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. FLYD - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 3.95%, while FLYD has not paid dividends to shareholders.
| 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% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SH vs. FLYD - Drawdown Comparison
The maximum SH drawdown since its inception was -94.26%, roughly equal to the maximum FLYD drawdown of -97.96%. Use the drawdown chart below to compare losses from any high point for SH and FLYD.
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Drawdown Indicators
| SH | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.26% | -97.96% | +3.70% |
Max Drawdown (1Y)Largest decline over 1 year | -26.61% | -82.41% | +55.80% |
Max Drawdown (5Y)Largest decline over 5 years | -40.35% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -74.31% | — | — |
Current DrawdownCurrent decline from peak | -93.87% | -97.09% | +3.22% |
Average DrawdownAverage peak-to-trough decline | -67.50% | -82.46% | +14.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.86% | 72.53% | -50.67% |
Volatility
SH vs. FLYD - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 5.36%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 28.29%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.36% | 28.29% | -22.93% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 54.96% | -45.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.18% | 92.87% | -74.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 83.48% | -66.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 83.48% | -65.49% |