SH vs. SVIX
SH (ProShares Short S&P500) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both Inverse Equities funds. Over the past 3 years, SH returned -13.02%/yr vs -0.59%/yr for SVIX. At a correlation of -0.73, they often move in opposite directions. SH charges 0.90%/yr vs 1.47%/yr for SVIX.
Performance
SH vs. SVIX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SH having a -8.00% return and SVIX slightly lower at -8.17%.
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%
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
SH vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 16.83% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between SH and SVIX is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.73 |
The correlation between SH and SVIX has been stable across timeframes, ranging from -0.74 to -0.73 - a consistent structural relationship.
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Return for Risk
SH vs. SVIX — Risk / Return Rank
SH
SVIX
SH vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.20 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 1.21 | -2.16 |
| Martin ratioReturn relative to average drawdown | -1.75 | 3.50 | -5.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SH | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | 0.95 | -2.41 |
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 | 0.16 | -0.75 |
Drawdowns
SH vs. SVIX - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for SH and SVIX.
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Drawdown Indicators
| SH | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -79.30% | -15.36% |
Max Drawdown (1Y)Largest decline over 1 year | -18.28% | -42.69% | +24.41% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -79.30% | +40.48% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -56.14% | -38.48% |
Average DrawdownAverage peak-to-trough decline | -67.73% | -31.60% | -36.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 14.75% | -4.86% |
Volatility
SH vs. SVIX - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 2.84%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 7.38%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 7.38% | -4.54% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 41.05% | -32.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 54.75% | -42.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 66.27% | -49.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 66.27% | -48.26% |
SH vs. SVIX - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
SH vs. SVIX - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.51%, while SVIX 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% |
SVIX Volatility Shares -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SH and SVIX have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (7.38%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.59% vs -13.02% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -0.59% return vs -13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.47% for SVIX.
SH has the higher dividend yield at 4.51%, compared with 0.00% for SVIX.
They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.90% for SH and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.95 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.
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