SH vs. SPYD

Last updated Jun 14, 2026

SH (ProShares Short S&P500) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, SH returned -12.83%/yr vs 9.09%/yr for SPYD. At a correlation of -0.67, they often move in opposite directions. SH charges 0.90%/yr vs 0.07%/yr for SPYD.

Performance

SH vs. SPYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -6.39% return, which is significantly lower than SPYD's 14.73% return. Over the past 10 years, SH has underperformed SPYD with an annualized return of -12.83%, while SPYD has yielded a comparatively higher 9.09% annualized return.

SH

• 1D: -0.50%
• 1M: 1.30%
• YTD: -6.39%
• 6M: -6.43%
• 1Y: -15.90%
• 3Y*: -11.96%
• 5Y*: -8.68%
• 10Y*: -12.83%

SPYD

• 1D: 1.05%
• 1M: 5.32%
• YTD: 14.73%
• 6M: 14.21%
• 1Y: 20.93%
• 3Y*: 14.69%
• 5Y*: 7.64%
• 10Y*: 9.09%

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

SH vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-6.39%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	14.73%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between SH and SPYD is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.48
Correlation (5Y) Calculated over the trailing 5-year period	-0.62
Correlation (10Y) Calculated over the trailing 10-year period	-0.67
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	-0.67

Over the past year, the inverse relationship between SH and SPYD has weakened: their correlation has moved from -0.67 to -0.35, meaning they move in opposite directions less often than they have historically.

SH vs. SPYD - Sectors Allocation Comparison

Sectors	SH	SPYD
Financial Services	75.1%	11.9%
Basic Materials	-	3.0%
Communication Services	-	4.8%
Consumer Cyclical	-	7.3%
Consumer Defensive	-	16.0%
Energy	-	8.5%
Healthcare	-	5.3%
Industrials	-	2.3%
Real Estate	-	26.5%
Technology	-	3.2%
Utilities	-	11.2%

Return for Risk

SH vs. SPYD — 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: 2
SH Martin Ratio Rank: 1

SPYD

SPYD Risk / Return Rank: 58
SPYD Sharpe Ratio Rank: 57
SPYD Sortino Ratio Rank: 63
SPYD Omega Ratio Rank: 52
SPYD Calmar Ratio Rank: 64
SPYD Martin Ratio Rank: 54

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. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	1.69	-2.90
Sortino ratio: Return per unit of downside risk	-1.75	2.53	-4.28
Omega ratio: Gain probability vs. loss probability	0.81	1.29	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.82	2.80	-3.62
Martin ratio: Return relative to average drawdown	-1.47	8.14	-9.62

SH vs. SPYD - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.22, which is lower than the SPYD Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of SH and SPYD, 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. SPYD - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than SPYD's maximum drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for SH and SPYD.

Drawdown Indicators

	SH	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-46.42%	-48.24%
Max Drawdown (1Y) Largest decline over 1 year	-18.16%	-7.05%	-11.11%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-16.13%	-22.69%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-22.25%	-22.28%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-46.42%	-29.70%
Current Drawdown Current decline from peak	-94.53%	0.00%	-94.53%
Average Drawdown Average peak-to-trough decline	-67.75%	-6.15%	-61.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	2.42%	+7.71%

Volatility

SH vs. SPYD - Volatility Comparison

ProShares Short S&P500 (SH) has a higher volatility of 4.33% compared to State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) at 2.92%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	2.92%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	7.74%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.28%	11.70%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	16.15%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	19.78%	-1.74%

SH vs. SPYD - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

SH vs. SPYD - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.43%, more than SPYD's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SH ProShares Short S&P500	4.43%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.05%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SH and SPYD in my portfolio?

SH and SPYD have a correlation of -0.35, 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 SPYD?

SH has higher volatility (4.33%) compared to SPYD (2.92%). In terms of maximum drawdown, SH dropped -94.66% vs SPYD's -46.42%.

Which ETF is better, SH or SPYD?

On 10-year performance, SPYD leads with 9.09% vs -12.83% for SH. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or SPYD?

Over the 10-year period, SPYD has performed better with a 9.09% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.90% for SH.

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

SH has the higher dividend yield at 4.43%, compared with 4.05% for SPYD.

What is the main difference between SH and SPYD?

SH is categorized as Inverse Equities, while SPYD is S&P 500. SH tracks S&P 500 (-100%), while SPYD tracks S&P 500 High Dividend Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.90% for SH and 0.07% for SPYD.

Which has better risk-adjusted returns?

SPYD currently has the higher Sharpe Ratio (1.69 vs -1.22), 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.