SH vs. IVV

Last updated Jun 4, 2026

SH (ProShares Short S&P500) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SH returned -12.89%/yr vs 15.54%/yr for IVV. At a correlation of -0.99, they often move in opposite directions. SH charges 0.90%/yr vs 0.03%/yr for IVV.

Performance

SH vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -8.00% return, which is significantly lower than IVV's 10.85% return. Over the past 10 years, SH has underperformed IVV with an annualized return of -12.89%, while IVV has yielded a comparatively higher 15.54% annualized return.

SH

• 1D: 0.70%
• 1M: -4.35%
• YTD: -8.00%
• 6M: -7.59%
• 1Y: -17.23%
• 3Y*: -13.02%
• 5Y*: -9.07%
• 10Y*: -12.89%

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

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

SH vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-8.00%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
IVV iShares Core S&P 500 ETF	10.85%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between SH and IVV is -1.00, 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	-0.99

The correlation between SH and IVV has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

SH vs. IVV - Sectors Allocation Comparison

Sectors	SH	IVV
Financial Services	91.6%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

SH vs. IVV — 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

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and iShares Core S&P 500 ETF (IVV). 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	IVV	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	2.39	-3.85
Sortino ratio: Return per unit of downside risk	-2.10	3.25	-5.36
Omega ratio: Gain probability vs. loss probability	0.77	1.43	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.95	3.17	-4.11
Martin ratio: Return relative to average drawdown	-1.75	14.71	-16.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SH vs. IVV - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.47, which is lower than the IVV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SH and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SH	IVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	2.39	-3.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.54	0.83	-1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.72	0.86	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.45	-1.04

Drawdowns

SH vs. IVV - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for SH and IVV.

Drawdown Indicators

	SH	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-55.25%	-39.41%
Max Drawdown (1Y) Largest decline over 1 year	-18.28%	-8.89%	-9.39%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-18.75%	-20.07%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-24.53%	-20.00%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-33.90%	-42.22%
Current Drawdown Current decline from peak	-94.62%	-0.76%	-93.86%
Average Drawdown Average peak-to-trough decline	-67.73%	-10.78%	-56.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	1.91%	+7.98%

Volatility

SH vs. IVV - Volatility Comparison

ProShares Short S&P500 (SH) and iShares Core S&P 500 ETF (IVV) have volatilities of 2.84% and 2.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.87%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	8.90%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	11.80%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	16.88%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	18.05%	-0.04%

SH vs. IVV - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is higher than IVV's 0.03% expense ratio.

Dividends

SH vs. IVV - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.51%, more than IVV's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
SH ProShares Short S&P500	4.51%	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

Can I hold both SH and IVV in my portfolio?

SH and IVV have a correlation of -1.00, 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 IVV?

IVV has higher volatility (2.87%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs IVV's -55.25%.

Which ETF is better, SH or IVV?

On 10-year performance, IVV leads with 15.54% vs -12.89% for SH. On fees, IVV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or IVV?

Over the 10-year period, IVV has performed better with a 15.54% return vs -12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.90% for SH.

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

SH has the higher dividend yield at 4.51%, compared with 1.06% for IVV.

What is the main difference between SH and IVV?

SH is categorized as Inverse Equities, while IVV is S&P 500. SH tracks S&P 500 (-100%), while IVV tracks S&P 500 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.90% for SH and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.39 vs -1.47), 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.