SH vs. SVOL
SH (ProShares Short S&P500) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while SVOL is a Volatility fund actively managed by Simplify. SH is passively managed, while SVOL is actively managed. Over the past 5 years, SH returned -8.25%/yr vs 6.86%/yr for SVOL. Their -0.72 correlation means they have often moved in opposite directions in the past. SH charges 0.89%/yr vs 0.50%/yr for SVOL.
Performance
SH vs. SVOL - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -7.97% return, which is significantly lower than SVOL's 1.56% return.
SH
- 1D
- -1.42%
- 1M
- -1.30%
- 6M
- -6.60%
- YTD
- -7.97%
- 1Y
- -14.42%
- 3Y*
- -12.05%
- 5Y*
- -8.25%
- 10Y*
- -12.49%
- ALL TIME*
- -11.35%
SVOL
- 1D
- -0.25%
- 1M
- 0.32%
- 6M
- -0.36%
- YTD
- 1.56%
- 1Y
- 17.84%
- 3Y*
- 5.96%
- 5Y*
- 6.86%
- 10Y*
- —
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $269.15M | $242.02M | $299.42M | |
| $4.51M | $3.79M | $4.39M |
SH vs. SVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -7.97% | -11.35% | -13.52% | -14.80% | 18.98% | -16.75% |
SVOL Simplify Volatility Premium ETF | 1.56% | 2.41% | 6.77% | 22.88% | -3.30% | 12.70% |
Correlation
The correlation between SH and SVOL is -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.79 |
Correlation (3Y) Balances recent behavior with more history. | -0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.72 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | -0.72 |
The correlation between SH and SVOL has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
SH vs. SVOL — Risk / Return Rank
SH
SVOL
SH vs. SVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Simplify Volatility Premium ETF (SVOL). 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 | SVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 1.57 | -2.47 |
| Martin ratioReturn relative to average drawdown | -1.66 | 4.56 | -6.22 |
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Drawdowns
SH vs. SVOL - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than SVOL's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for SH and SVOL.
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Drawdown Indicators
| SH | SVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -33.50% | -61.16% |
Max Drawdown (1Y)Largest decline over 1 year | -16.06% | -11.42% | -4.64% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -33.50% | -5.32% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -33.50% | -11.03% |
Max Drawdown (10Y)Largest decline over 10 years | -74.80% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -1.58% | -93.04% |
Average DrawdownAverage peak-to-trough decline | -67.93% | -4.68% | -63.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.08% | 3.92% | +5.16% |
Volatility
SH vs. SVOL - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 3.78%, while Simplify Volatility Premium ETF (SVOL) has a volatility of 4.17%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | SVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 4.17% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 9.63% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 17.09% | -4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 21.96% | -4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 21.73% | -3.70% |
SH vs. SVOL - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is higher than SVOL's 0.50% expense ratio.
Dividends
SH vs. SVOL - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.25%, less than SVOL's 22.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.25% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
SVOL Simplify Volatility Premium ETF | 22.19% | 19.82% | 16.79% | 16.36% | 18.32% | 4.65% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SH and SVOL have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVOL has higher volatility (4.17%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs SVOL's -33.50%.
On 5-year performance, SVOL leads with 6.86% vs -8.25% for SH. On fees, SVOL is cheaper at 0.50% per year. On volatility, SH has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVOL has performed better with a 6.86% return vs -8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVOL is cheaper with a 0.50% expense ratio, compared with 0.89% for SH.
SVOL has the higher dividend yield at 22.19%, compared with 4.25% for SH.
SH is categorized as Inverse Equities, while SVOL is Volatility. They also come from different issuers: ProShares and Simplify. Their fees differ too: 0.89% for SH and 0.50% for SVOL.
SVOL currently has the higher Sharpe Ratio (1.05 vs -1.13), 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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