SH vs. IVOL
Compare and contrast key facts about ProShares Short S&P500 (SH) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL).
SH and IVOL 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. IVOL is an actively managed fund by CICC. It was launched on May 13, 2019.
Performance
SH vs. IVOL - Performance Comparison
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SH vs. IVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 5.77% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -12.17% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | -1.46% | 11.97% | -11.07% | -5.18% | -12.69% | -0.31% | 14.56% | 3.23% |
Returns By Period
In the year-to-date period, SH achieves a 5.77% return, which is significantly higher than IVOL's -1.46% return.
SH
- 1D
- -2.82%
- 1M
- 5.57%
- YTD
- 5.77%
- 6M
- 4.49%
- 1Y
- -11.46%
- 3Y*
- -9.86%
- 5Y*
- -7.57%
- 10Y*
- -11.84%
IVOL
- 1D
- -0.05%
- 1M
- -1.70%
- YTD
- -1.46%
- 6M
- -1.19%
- 1Y
- 3.84%
- 3Y*
- -2.83%
- 5Y*
- -4.62%
- 10Y*
- —
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SH vs. IVOL - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is lower than IVOL's 0.99% expense ratio.
Return for Risk
SH vs. IVOL — Risk / Return Rank
SH
IVOL
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.
| SH | IVOL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.63 | 0.37 | -1.00 |
Sortino ratioReturn per unit of downside risk | -0.79 | 0.64 | -1.43 |
Omega ratioGain probability vs. loss probability | 0.89 | 1.08 | -0.20 |
Calmar ratioReturn relative to maximum drawdown | -0.45 | 0.55 | -1.00 |
Martin ratioReturn relative to average drawdown | -0.55 | 1.06 | -1.61 |
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 | IVOL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | 0.37 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.36 | -0.09 |
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 | -0.05 | -0.51 |
Correlation
The correlation between SH and IVOL is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
SH vs. IVOL - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 3.92%, more than IVOL's 3.73% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 3.92% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
IVOL Quadratic Interest Rate Volatility & Inflation Hedge ETF | 3.73% | 3.61% | 3.83% | 3.73% | 3.92% | 3.93% | 3.44% | 2.02% | 0.00% | 0.00% |
Drawdowns
SH vs. IVOL - Drawdown Comparison
The maximum SH drawdown since its inception was -94.26%, 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.
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Drawdown Indicators
| SH | IVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.26% | -31.16% | -63.10% |
Max Drawdown (1Y)Largest decline over 1 year | -26.61% | -6.72% | -19.89% |
Max Drawdown (5Y)Largest decline over 5 years | -40.35% | -31.16% | -9.19% |
Max Drawdown (10Y)Largest decline over 10 years | -74.31% | — | — |
Current DrawdownCurrent decline from peak | -93.82% | -22.51% | -71.31% |
Average DrawdownAverage peak-to-trough decline | -67.49% | -13.02% | -54.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.81% | 3.50% | +18.31% |
Volatility
SH vs. IVOL - Volatility Comparison
ProShares Short S&P500 (SH) has a higher volatility of 5.30% compared to Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL) at 2.34%. 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.
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Volatility by Period
| SH | IVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.30% | 2.34% | +2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 4.41% | +5.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.17% | 10.40% | +7.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.87% | 12.82% | +4.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 12.11% | +5.88% |