SH vs. SPQ

Last updated Jun 4, 2026

SH (ProShares Short S&P500) and SPQ (Simplify US Equity Plus QIS ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while SPQ is a Large Cap Blend Equities fund actively managed by Simplify. SH is passively managed, while SPQ is actively managed. At a correlation of -0.64, they often move in opposite directions. SH charges 0.90%/yr vs 1.00%/yr for SPQ.

Performance

SH vs. SPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and Simplify US Equity Plus QIS ETF (SPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

SPQ

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SH vs. SPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SH ProShares Short S&P500	-8.00%	-11.35%	-13.52%	-4.85%
SPQ Simplify US Equity Plus QIS ETF	0.00%	-4.67%	20.38%	5.51%

Correlation

The correlation between SH and SPQ is -0.64, 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 (All Time) Calculated using the full available price history since Nov 15, 2023	-0.64

SH vs. SPQ - Sectors Allocation Comparison

Sectors	SH	SPQ
Financial Services	91.6%	14.0%
Basic Materials	-	1.8%
Communication Services	-	9.5%
Consumer Cyclical	-	10.4%
Consumer Defensive	-	6.2%
Energy	-	3.2%
Healthcare	-	10.9%
Industrials	-	7.7%
Real Estate	-	2.3%
Technology	-	31.7%
Utilities	-	2.6%

Return for Risk

SH vs. SPQ — 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

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. SPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Simplify US Equity Plus QIS ETF (SPQ). 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	SPQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	—	—
Sortino ratio: Return per unit of downside risk	-2.10	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.95	—	—
Martin ratio: Return relative to average drawdown	-1.75	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SH	SPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	—	—

Drawdowns

Drawdown Indicators

	SH	SPQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	—	—
Current Drawdown Current decline from peak	-94.62%	—	—
Average Drawdown Average peak-to-trough decline	-67.73%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	—	—

Volatility

Volatility by Period

	SH	SPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	—	—

SH vs. SPQ - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is lower than SPQ's 1.00% expense ratio.

Dividends

SH vs. SPQ - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.51%, while SPQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPQ Simplify US Equity Plus QIS ETF	0.00%	0.31%	17.17%	1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SH and SPQ in my portfolio?

SH and SPQ have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SH or SPQ?

On fees, SH is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SH or SPQ?

SH is cheaper with a 0.90% expense ratio, compared with 1.00% for SPQ.

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

SH has the higher dividend yield at 4.51%, compared with 0.00% for SPQ.

What is the main difference between SH and SPQ?

SH is categorized as Inverse Equities, while SPQ is Large Cap Blend Equities. They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.90% for SH and 1.00% for SPQ.