SH vs. GSY
SH (ProShares Short S&P500) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while GSY is a Ultrashort Bond fund actively managed by Invesco. SH is passively managed, while GSY is actively managed. Over the past 10 years, SH returned -12.83%/yr vs 2.86%/yr for GSY. At a correlation of -0.02, they often move in opposite directions. SH charges 0.90%/yr vs 0.22%/yr for GSY.
Performance
SH vs. GSY - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -6.39% return, which is significantly lower than GSY's 1.72% return. Over the past 10 years, SH has underperformed GSY with an annualized return of -12.83%, while GSY has yielded a comparatively higher 2.86% annualized return.
SH
- 1D
- -0.50%
- 1M
- 0.03%
- YTD
- -6.39%
- 6M
- -6.43%
- 1Y
- -15.90%
- 3Y*
- -11.96%
- 5Y*
- -8.68%
- 10Y*
- -12.83%
GSY
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.72%
- 6M
- 1.96%
- 1Y
- 4.49%
- 3Y*
- 5.48%
- 5Y*
- 3.68%
- 10Y*
- 2.86%
SH vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -6.39% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
GSY Invesco Ultra Short Duration ETF | 1.72% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Correlation
The correlation between SH and GSY is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2008 | -0.02 |
The correlation between SH and GSY shifts across timeframes, from -0.20 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SH vs. GSY — Risk / Return Rank
SH
GSY
SH vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.42 | ||
| Sortino ratioReturn per unit of downside risk | -29.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 6.54 | -5.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 75.72 | -76.54 |
| Martin ratioReturn relative to average drawdown | -1.47 | 373.96 | -375.43 |
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Drawdowns
SH vs. GSY - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for SH and GSY.
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Drawdown Indicators
| SH | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -12.14% | -82.52% |
Max Drawdown (1Y)Largest decline over 1 year | -18.16% | -0.06% | -18.10% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -0.18% | -38.64% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -1.48% | -43.05% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | -5.25% | -70.87% |
Current DrawdownCurrent decline from peak | -94.53% | 0.00% | -94.53% |
Average DrawdownAverage peak-to-trough decline | -67.75% | -2.38% | -65.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.13% | 0.01% | +10.12% |
Volatility
SH vs. GSY - Volatility Comparison
ProShares Short S&P500 (SH) has a higher volatility of 4.33% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 0.15% | +4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 0.31% | +9.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 0.40% | +11.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 0.58% | +16.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 1.22% | +16.82% |
SH vs. GSY - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than GSY's 0.22% expense ratio.
Dividends
SH vs. GSY - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.43%, more than GSY's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
SH ProShares Short S&P500 | 4.43% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% | 0.00% | 0.00% |
Frequently Asked Questions
SH and GSY have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (4.33%) compared to GSY (0.15%). In terms of maximum drawdown, SH dropped -94.66% vs GSY's -12.14%.
On 10-year performance, GSY leads with 2.86% vs -12.83% for SH. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSY has performed better with a 2.86% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 0.90% for SH.
SH has the higher dividend yield at 4.43%, compared with 4.34% for GSY.
SH is categorized as Inverse Equities, while GSY is Ultrashort Bond. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.90% for SH and 0.22% for GSY.
GSY currently has the higher Sharpe Ratio (11.20 vs -1.22), 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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