SH vs. GLD
SH (ProShares Short S&P500) and GLD (SPDR Gold Shares) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SH returned -12.49%/yr vs 11.29%/yr for GLD. Their -0.06 correlation means they have often moved in opposite directions in the past. SH charges 0.89%/yr vs 0.40%/yr for GLD.
Performance
SH vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -7.97% return, which is significantly lower than GLD's -6.21% return. Over the past 10 years, SH has underperformed GLD with an annualized return of -12.49%, while GLD has yielded a comparatively higher 11.29% annualized return.
SH
- 1D
- -1.42%
- 1M
- -1.30%
- 6M
- -6.60%
- YTD
- -7.97%
- 1Y
- -14.42%
- 3Y*
- -12.05%
- 5Y*
- -8.25%
- 10Y*
- -12.49%
- ALL TIME*
- -11.35%
GLD
- 1D
- 0.05%
- 1M
- -1.70%
- 6M
- -12.97%
- YTD
- -6.21%
- 1Y
- 20.25%
- 3Y*
- 27.30%
- 5Y*
- 17.00%
- 10Y*
- 11.29%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.42B | $2.35B | $2.72B | |
| $269.15M | $242.02M | $299.42M |
SH vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -7.97% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
GLD SPDR Gold Shares | -6.21% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SH and GLD is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.06 |
Over the past year, the inverse relationship between SH and GLD has strengthened: their correlation has moved from -0.06 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SH vs. GLD — Risk / Return Rank
SH
GLD
SH vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.15 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 0.77 | -1.67 |
| Martin ratioReturn relative to average drawdown | -1.66 | 1.65 | -3.31 |
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Drawdowns
SH vs. GLD - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SH and GLD.
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Drawdown Indicators
| SH | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -45.56% | -49.10% |
Max Drawdown (1Y)Largest decline over 1 year | -16.06% | -26.40% | +10.34% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -26.40% | -12.42% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -26.40% | -18.13% |
Max Drawdown (10Y)Largest decline over 10 years | -74.80% | -26.40% | -48.40% |
Current DrawdownCurrent decline from peak | -94.62% | -25.04% | -69.58% |
Average DrawdownAverage peak-to-trough decline | -67.93% | -16.21% | -51.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.08% | 12.29% | -3.21% |
Volatility
SH vs. GLD - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 3.78%, while SPDR Gold Shares (GLD) has a volatility of 6.05%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 6.05% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 20.95% | -10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 28.11% | -15.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 18.49% | -1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 16.14% | +1.89% |
SH vs. GLD - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SH vs. GLD - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.25%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 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 | 4.25% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
SH and GLD have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (6.05%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.29% vs -12.49% for SH. On fees, GLD is cheaper at 0.40% per year. On volatility, SH has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.29% return vs -12.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.89% for SH.
SH has the higher dividend yield at 4.25%, compared with 0.00% for GLD.
SH is categorized as Inverse Equities, while GLD is Gold. SH tracks S&P 500 Index (-100% daily), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.89% for SH and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.72 vs -1.13), 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.
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