SH vs. PHO
Compare and contrast key facts about ProShares Short S&P500 (SH) and Invesco Water Resources ETF (PHO).
SH and PHO 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. PHO is a passively managed fund by Invesco that tracks the performance of the NASDAQ OMX US Water Index. It was launched on Dec 6, 2005. Both SH and PHO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SH vs. PHO - Performance Comparison
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SH vs. PHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.94% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
PHO Invesco Water Resources ETF | -3.85% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
Returns By Period
In the year-to-date period, SH achieves a 4.94% return, which is significantly higher than PHO's -3.85% return. Over the past 10 years, SH has underperformed PHO with an annualized return of -11.91%, while PHO has yielded a comparatively higher 12.33% annualized return.
SH
- 1D
- -0.79%
- 1M
- 4.70%
- YTD
- 4.94%
- 6M
- 4.06%
- 1Y
- -11.88%
- 3Y*
- -10.10%
- 5Y*
- -7.71%
- 10Y*
- -11.91%
PHO
- 1D
- 1.09%
- 1M
- -6.99%
- YTD
- -3.85%
- 6M
- -6.02%
- 1Y
- 4.93%
- 3Y*
- 8.81%
- 5Y*
- 6.80%
- 10Y*
- 12.33%
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SH vs. PHO - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than PHO's 0.60% expense ratio.
Return for Risk
SH vs. PHO — Risk / Return Rank
SH
PHO
SH vs. PHO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Invesco Water Resources ETF (PHO). 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 | PHO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.66 | 0.27 | -0.92 |
Sortino ratioReturn per unit of downside risk | -0.82 | 0.53 | -1.35 |
Omega ratioGain probability vs. loss probability | 0.88 | 1.06 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | -0.46 | 0.45 | -0.90 |
Martin ratioReturn relative to average drawdown | -0.56 | 1.37 | -1.93 |
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 | PHO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.27 | -0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | 0.37 | -0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | 0.64 | -1.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.35 | -0.91 |
Correlation
The correlation between SH and PHO is -0.82. 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. PHO - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 3.95%, more than PHO's 0.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 3.95% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% | 0.00% | 0.00% |
PHO Invesco Water Resources ETF | 0.57% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
Drawdowns
SH vs. PHO - Drawdown Comparison
The maximum SH drawdown since its inception was -94.26%, which is greater than PHO's maximum drawdown of -55.62%. Use the drawdown chart below to compare losses from any high point for SH and PHO.
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Drawdown Indicators
| SH | PHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.26% | -55.62% | -38.64% |
Max Drawdown (1Y)Largest decline over 1 year | -26.61% | -11.98% | -14.63% |
Max Drawdown (5Y)Largest decline over 5 years | -40.35% | -28.60% | -11.75% |
Max Drawdown (10Y)Largest decline over 10 years | -74.31% | -34.92% | -39.39% |
Current DrawdownCurrent decline from peak | -93.87% | -9.16% | -84.71% |
Average DrawdownAverage peak-to-trough decline | -67.50% | -10.19% | -57.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.86% | 3.91% | +17.95% |
Volatility
SH vs. PHO - Volatility Comparison
ProShares Short S&P500 (SH) and Invesco Water Resources ETF (PHO) have volatilities of 5.36% and 5.37%, 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.
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Volatility by Period
| SH | PHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.36% | 5.37% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 10.91% | -1.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.18% | 18.58% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 18.35% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 19.43% | -1.44% |