SH vs. SDS

Last updated Jul 8, 2026

SH (ProShares Short S&P500) and SDS (ProShares UltraShort S&P500) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while SDS is a Leveraged Equities fund tracking the S&P 500 Index (-200%). Both are passively managed. Over the past 10 years, SH returned -12.63%/yr vs -27.30%/yr for SDS. With a 0.99 correlation, they move nearly in lockstep. SH charges 0.89%/yr vs 0.91%/yr for SDS.

Performance

SH vs. SDS - Performance Comparison

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

Returns By Period

In the year-to-date period, SH achieves a -7.07% return, which is significantly higher than SDS's -15.75% return. Over the past 10 years, SH has outperformed SDS with an annualized return of -12.63%, while SDS has yielded a comparatively lower -27.30% annualized return.

SH

• 1D: 0.49%
• 1M: -1.20%
• 6M: -5.79%
• YTD: -7.07%
• 1Y: -13.23%
• 3Y*: -12.12%
• 5Y*: -8.43%
• 10Y*: -12.63%

SDS

• 1D: 1.00%
• 1M: -2.85%
• 6M: -13.38%
• YTD: -15.75%
• 1Y: -28.16%
• 3Y*: -27.34%
• 5Y*: -20.98%
• 10Y*: -27.30%

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

SH vs. SDS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-7.07%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
SDS ProShares UltraShort S&P500	-15.75%	-26.79%	-29.45%	-31.53%	30.69%	-43.02%	-49.91%	-41.17%	6.04%	-32.02%

Correlation

The correlation between SH and SDS is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 Jul 13, 2006	0.99

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

SH vs. SDS - Sectors Allocation Comparison

Sectors	SH	SDS
Financial Services	98.8%	94.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SH vs. SDS — 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: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

SDS

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

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. SDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and ProShares UltraShort S&P500 (SDS). 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	SDS	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	-1.14	+0.07
Sortino ratio: Return per unit of downside risk	-1.51	-1.68	+0.17
Omega ratio: Gain probability vs. loss probability	0.83	0.82	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.92	+0.10
Martin ratio: Return relative to average drawdown	-1.62	-1.70	+0.09

SH vs. SDS - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.07, which is comparable to the SDS Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of SH and SDS, 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. SDS - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, smaller than the maximum SDS drawdown of -99.85%. Use the drawdown chart below to compare losses from any high point for SH and SDS.

Drawdown Indicators

	SH	SDS	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-99.85%	+5.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-30.56%	+14.50%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-68.14%	+29.32%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-75.54%	+31.01%
Max Drawdown (10Y) Largest decline over 10 years	-74.80%	-96.08%	+21.28%
Current Drawdown Current decline from peak	-94.57%	-99.85%	+5.28%
Average Drawdown Average peak-to-trough decline	-67.83%	-82.79%	+14.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.20%	16.55%	-8.35%

Volatility

SH vs. SDS - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 5.06%, while ProShares UltraShort S&P500 (SDS) has a volatility of 10.07%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than SDS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	SDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	10.07%	-5.01%
Volatility (6M) Calculated over the trailing 6-month period	9.92%	19.79%	-9.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	24.93%	-12.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	33.86%	-16.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	35.79%	-17.79%

SH vs. SDS - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than SDS's 0.91% expense ratio.

Dividends

SH vs. SDS - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.21%, less than SDS's 5.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	5.33%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%
SH ProShares Short S&P500	4.21%	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 SDS in my portfolio?

With a correlation of 1.00, SH and SDS 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.

Which is riskier, SH or SDS?

SDS has higher volatility (10.07%) compared to SH (5.06%). In terms of maximum drawdown, SH dropped -94.66% vs SDS's -99.85%.

Which ETF is better, SH or SDS?

On 10-year performance, SH leads with -12.63% vs -27.30% for SDS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 5.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or SDS?

Over the 10-year period, SH has performed better with a -12.63% return vs -27.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or SDS?

SH is cheaper with a 0.89% expense ratio, compared with 0.91% for SDS.

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

SDS has the higher dividend yield at 5.33%, compared with 4.21% for SH.

What is the main difference between SH and SDS?

SH is categorized as Inverse Equities, while SDS is Leveraged Equities. SH tracks S&P 500 Index (-100% daily), while SDS tracks S&P 500 Index (-200%). Their fees differ too: 0.89% for SH and 0.91% for SDS.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.07 vs -1.14), 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.