SH vs. RYURX
SH (ProShares Short S&P500) and RYURX (Rydex Inverse S&P 500 Strategy Fund) are both Inverse Equities funds. Over the past 10 years, SH returned -12.49%/yr vs -12.59%/yr for RYURX. Their 0.99 correlation means they have historically moved very closely together. SH charges 0.89%/yr vs 1.49%/yr for RYURX.
Performance
SH vs. RYURX - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -7.97% return, which is significantly lower than RYURX's -6.68% return. Both investments have delivered pretty close results over the past 10 years, with SH having a -12.49% annualized return and RYURX not far behind at -12.59%.
SH
- 1D
- -1.42%
- 1M
- -1.30%
- 6M
- -6.60%
- YTD
- -7.97%
- 1Y
- -14.42%
- 3Y*
- -12.05%
- 5Y*
- -8.25%
- 10Y*
- -12.49%
- ALL TIME*
- -11.35%
RYURX
- 1D
- -0.66%
- 1M
- 0.26%
- 6M
- -5.33%
- YTD
- -6.68%
- 1Y
- -13.16%
- 3Y*
- -10.77%
- 5Y*
- -8.11%
- 10Y*
- -12.59%
- ALL TIME*
- -10.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $269.15M | $242.02M | $299.42M |
SH vs. RYURX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -7.97% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
RYURX Rydex Inverse S&P 500 Strategy Fund | -6.68% | -11.41% | -13.04% | -14.56% | 17.56% | -24.19% | -24.90% | -22.65% | 4.33% | -17.38% |
Correlation
The correlation between SH and RYURX is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.99 |
The correlation between SH and RYURX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SH vs. RYURX — Risk / Return Rank
SH
RYURX
SH vs. RYURX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Rydex Inverse S&P 500 Strategy Fund (RYURX). 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 | RYURX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.86 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.73 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.66 | -1.30 | -0.35 |
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Drawdowns
SH vs. RYURX - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, roughly equal to the maximum RYURX drawdown of -96.72%. Use the drawdown chart below to compare losses from any high point for SH and RYURX.
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Drawdown Indicators
| SH | RYURX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -96.72% | +2.06% |
Max Drawdown (1Y)Largest decline over 1 year | -16.06% | -16.08% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -38.48% | -0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -44.10% | -0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -74.80% | -75.17% | +0.37% |
Current DrawdownCurrent decline from peak | -94.62% | -96.65% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -67.93% | -69.06% | +1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.08% | 9.02% | +0.06% |
Volatility
SH vs. RYURX - Volatility Comparison
ProShares Short S&P500 (SH) has a higher volatility of 3.78% compared to Rydex Inverse S&P 500 Strategy Fund (RYURX) at 3.46%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than RYURX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | RYURX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 3.46% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 10.06% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 12.80% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 17.10% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 18.11% | -0.08% |
SH vs. RYURX - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is lower than RYURX's 1.49% expense ratio.
Dividends
SH vs. RYURX - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.25%, more than RYURX's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RYURX Rydex Inverse S&P 500 Strategy Fund | 4.09% | 3.82% | 6.78% | 2.79% | 0.00% | 0.00% | 0.42% | 0.86% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.25% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
With a correlation of 0.99, SH and RYURX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SH has higher volatility (3.78%) compared to RYURX (3.46%). In terms of maximum drawdown, SH dropped -94.66% vs RYURX's -96.72%.
RYURX currently has the higher Sharpe Ratio (-0.92 vs -1.13), 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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