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 -12.51%/yr vs 11.21%/yr for GLD. At a correlation of -0.06, they often move in opposite directions. SH charges 0.89%/yr vs 0.40%/yr for GLD.
Performance
SH vs. GLD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SH having a -7.18% return and GLD slightly lower at -7.36%. Over the past 10 years, SH has underperformed GLD with an annualized return of -12.51%, while GLD has yielded a comparatively higher 11.21% annualized 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%
GLD
- 1D
- -2.62%
- 1M
- -5.02%
- 6M
- -13.05%
- YTD
- -7.36%
- 1Y
- 18.76%
- 3Y*
- 26.48%
- 5Y*
- 16.50%
- 10Y*
- 11.21%
SH vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -7.18% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
GLD SPDR Gold Shares | -7.36% | 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 -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
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 -0.30, 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 | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.49 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.15 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.72 | -1.53 |
| Martin ratioReturn relative to average drawdown | -1.55 | 1.76 | -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% | -26.21% | +10.15% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -26.21% | -12.61% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -26.21% | -18.32% |
Max Drawdown (10Y)Largest decline over 10 years | -74.80% | -26.21% | -48.59% |
Current DrawdownCurrent decline from peak | -94.57% | -25.97% | -68.60% |
Average DrawdownAverage peak-to-trough decline | -67.85% | -16.19% | -51.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.41% | 10.69% | -2.28% |
Volatility
SH vs. GLD - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 4.09%, while SPDR Gold Shares (GLD) has a volatility of 7.58%. 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 | 4.09% | 7.58% | -3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 9.95% | 24.18% | -14.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.51% | 27.96% | -15.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 18.39% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.00% | 16.10% | +1.90% |
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 4.21%, 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 | 4.21% | 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 -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.58%) compared to SH (4.09%). In terms of maximum drawdown, SH dropped -94.66% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.21% vs -12.51% for SH. On fees, GLD is cheaper at 0.40% 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.
Over the 10-year period, GLD has performed better with a 11.21% return vs -12.51%. 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 4.21%, 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 (0.68 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.
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