SH vs. IVOL

Last updated Jun 23, 2026

SH (ProShares Short S&P500) and IVOL (Quadratic Interest Rate Volatility & Inflation Hedge ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while IVOL is a Inflation-Protected Bonds fund actively managed by CICC. SH is passively managed, while IVOL is actively managed. Over the past 5 years, SH returned -8.76%/yr vs -5.80%/yr for IVOL. At a correlation of -0.02, they often move in opposite directions. SH charges 0.89%/yr vs 0.99%/yr for IVOL.

Performance

SH vs. IVOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -6.86% return, which is significantly higher than IVOL's -8.68% return.

SH

• 1D: 0.36%
• 1M: 0.27%
• YTD: -6.86%
• 6M: -6.32%
• 1Y: -16.57%
• 3Y*: -12.31%
• 5Y*: -8.76%
• 10Y*: -13.02%

IVOL

• 1D: -0.42%
• 1M: -3.37%
• YTD: -8.68%
• 6M: -8.41%
• 1Y: -7.18%
• 3Y*: -2.75%
• 5Y*: -5.80%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SH vs. IVOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SH ProShares Short S&P500	-6.86%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-12.96%
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	-8.68%	11.97%	-11.07%	-5.18%	-12.69%	-0.31%	14.56%	3.35%

Correlation

The correlation between SH and IVOL is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 14, 2019	-0.02

Return for Risk

SH vs. IVOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 0

IVOL

IVOL Risk / Return Rank: 2
IVOL Sharpe Ratio Rank: 1
IVOL Sortino Ratio Rank: 2
IVOL Omega Ratio Rank: 2
IVOL Calmar Ratio Rank: 4
IVOL Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SH vs. IVOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL). 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	IVOL	Difference
Sharpe ratio: Return per unit of total volatility	-1.34	-1.02	-0.32
Sortino ratio: Return per unit of downside risk	-1.94	-1.41	-0.53
Omega ratio: Gain probability vs. loss probability	0.79	0.84	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.60	-0.36
Martin ratio: Return relative to average drawdown	-1.73	-1.46	-0.28

SH vs. IVOL - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.34, which is lower than the IVOL Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of SH and IVOL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SH vs. IVOL - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than IVOL's maximum drawdown of -31.16%. Use the drawdown chart below to compare losses from any high point for SH and IVOL.

Drawdown Indicators

	SH	IVOL	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-31.16%	-63.50%
Max Drawdown (1Y) Largest decline over 1 year	-17.35%	-12.08%	-5.27%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-14.48%	-24.34%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-30.28%	-14.25%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	—	—
Current Drawdown Current decline from peak	-94.56%	-28.19%	-66.37%
Average Drawdown Average peak-to-trough decline	-67.78%	-13.38%	-54.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.40%	4.94%	+5.46%

Volatility

SH vs. IVOL - Volatility Comparison

ProShares Short S&P500 (SH) has a higher volatility of 4.59% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 2.51%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than IVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	IVOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	2.51%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	4.96%	+4.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	7.06%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	12.85%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	11.98%	+6.08%

SH vs. IVOL - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than IVOL's 0.99% expense ratio.

Dividends

SH vs. IVOL - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.45%, more than IVOL's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF	4.00%	3.61%	3.83%	3.73%	3.92%	3.93%	3.44%	2.02%	0.00%	0.00%
SH ProShares Short S&P500	4.45%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both SH and IVOL in my portfolio?

SH and IVOL have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or IVOL?

SH has higher volatility (4.59%) compared to IVOL (2.51%). In terms of maximum drawdown, SH dropped -94.66% vs IVOL's -31.16%.

Which ETF is better, SH or IVOL?

On 5-year performance, IVOL leads with -5.80% vs -8.76% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, IVOL has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or IVOL?

Over the 5-year period, IVOL has performed better with a -5.80% return vs -8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or IVOL?

SH is cheaper with a 0.89% expense ratio, compared with 0.99% for IVOL.

Which ETF pays a higher dividend yield, SH or IVOL?

SH has the higher dividend yield at 4.45%, compared with 4.00% for IVOL.

What is the main difference between SH and IVOL?

SH is categorized as Inverse Equities, while IVOL is Inflation-Protected Bonds. They also come from different issuers: ProShares and CICC. Their fees differ too: 0.89% for SH and 0.99% for IVOL.

Which has better risk-adjusted returns?

IVOL currently has the higher Sharpe Ratio (-1.02 vs -1.34), 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.