SH vs. SPYM

Last updated Jun 4, 2026

SH (ProShares Short S&P500) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SH returned -12.89%/yr vs 15.62%/yr for SPYM. At a correlation of -0.87, they often move in opposite directions. SH charges 0.90%/yr vs 0.02%/yr for SPYM.

Performance

SH vs. SPYM - 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 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -8.00% return, which is significantly lower than SPYM's 10.98% return. Over the past 10 years, SH has underperformed SPYM with an annualized return of -12.89%, while SPYM has yielded a comparatively higher 15.62% annualized return.

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%

SPYM

• 1D: -0.66%
• 1M: 5.06%
• YTD: 10.98%
• 6M: 10.98%
• 1Y: 28.09%
• 3Y*: 22.46%
• 5Y*: 13.91%
• 10Y*: 15.62%

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

SH vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-8.00%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
SPYM State Street SPDR Portfolio S&P 500 ETF	10.98%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SH and SPYM is -1.00, 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	-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	-0.99
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	-0.87

The correlation between SH and SPYM shifts across timeframes, from -1.00 (1 year) to -0.87 (all time), reflecting how their relationship changes across market environments.

SH vs. SPYM - Sectors Allocation Comparison

Sectors	SH	SPYM
Financial Services	91.6%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.6%
Energy	-	3.2%
Healthcare	-	8.4%
Industrials	-	7.6%
Real Estate	-	1.8%
Technology	-	38.5%
Utilities	-	2.5%

Return for Risk

SH vs. SPYM — 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

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 71
SPYM Sortino Ratio Rank: 70
SPYM Omega Ratio Rank: 71
SPYM Calmar Ratio Rank: 62
SPYM Martin Ratio Rank: 76

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. SPYM - 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 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	-1.47	2.39	-3.86
Sortino ratio: Return per unit of downside risk	-2.10	3.27	-5.37
Omega ratio: Gain probability vs. loss probability	0.77	1.44	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.95	3.17	-4.12
Martin ratio: Return relative to average drawdown	-1.75	14.76	-16.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SH vs. SPYM - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.47, which is lower than the SPYM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SH and SPYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SH	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.47	2.39	-3.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.54	0.83	-1.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.72	0.87	-1.59
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	0.62	-1.21

Drawdowns

SH vs. SPYM - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SH and SPYM.

Drawdown Indicators

	SH	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-54.46%	-40.20%
Max Drawdown (1Y) Largest decline over 1 year	-18.28%	-8.90%	-9.38%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-18.72%	-20.10%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-24.48%	-20.05%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-33.87%	-42.25%
Current Drawdown Current decline from peak	-94.62%	-0.66%	-93.96%
Average Drawdown Average peak-to-trough decline	-67.73%	-7.15%	-60.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.89%	1.91%	+7.98%

Volatility

SH vs. SPYM - Volatility Comparison

ProShares Short S&P500 (SH) and State Street SPDR Portfolio S&P 500 ETF (SPYM) have volatilities of 2.84% and 2.83%, 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.

Volatility by Period

	SH	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.83%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	8.90%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	11.80%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	16.80%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	18.00%	+0.01%

SH vs. SPYM - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

SH vs. SPYM - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.51%, more than SPYM's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.00%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SH and SPYM in my portfolio?

SH and SPYM have a correlation of -1.00, 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 SPYM?

SH has higher volatility (2.84%) compared to SPYM (2.83%). In terms of maximum drawdown, SH dropped -94.66% vs SPYM's -54.46%.

Which ETF is better, SH or SPYM?

On 10-year performance, SPYM leads with 15.62% vs -12.89% for SH. On fees, SPYM is cheaper at 0.02% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or SPYM?

Over the 10-year period, SPYM has performed better with a 15.62% return vs -12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.90% for SH.

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

SH has the higher dividend yield at 4.51%, compared with 1.00% for SPYM.

What is the main difference between SH and SPYM?

SH is categorized as Inverse Equities, while SPYM is S&P 500. SH tracks S&P 500 (-100%), while SPYM tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.90% for SH and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.39 vs -1.47), 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.