SH vs. TLT
SH (ProShares Short S&P500) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SH returned -12.83%/yr vs -1.75%/yr for TLT. At a 0.26 correlation, their price movements are largely independent. SH charges 0.90%/yr vs 0.15%/yr for TLT.
Performance
SH vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -6.39% return, which is significantly lower than TLT's 0.27% return. Over the past 10 years, SH has underperformed TLT with an annualized return of -12.83%, while TLT has yielded a comparatively higher -1.75% 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%
TLT
- 1D
- -0.24%
- 1M
- 1.40%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
SH vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between SH and TLT is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.26 |
The correlation between SH and TLT shifts across timeframes, from -0.23 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SH vs. TLT — Risk / Return Rank
SH
TLT
SH vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.06 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.38 | -1.20 |
| Martin ratioReturn relative to average drawdown | -1.47 | 0.92 | -2.40 |
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Drawdowns
SH vs. TLT - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SH and TLT.
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Drawdown Indicators
| SH | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -48.35% | -46.31% |
Max Drawdown (1Y)Largest decline over 1 year | -18.16% | -7.58% | -10.58% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -19.18% | -19.64% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -43.70% | -0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | -48.35% | -27.77% |
Current DrawdownCurrent decline from peak | -94.53% | -40.12% | -54.41% |
Average DrawdownAverage peak-to-trough decline | -67.75% | -13.84% | -53.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.13% | 3.14% | +6.99% |
Volatility
SH vs. TLT - Volatility Comparison
ProShares Short S&P500 (SH) has a higher volatility of 4.33% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.83%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 2.83% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 6.64% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 9.68% | +2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 15.85% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 14.91% | +3.13% |
SH vs. TLT - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
SH vs. TLT - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.43%, less than TLT's 4.56% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
SH and TLT have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (4.33%) compared to TLT (2.83%). In terms of maximum drawdown, SH dropped -94.66% vs TLT's -48.35%.
On 10-year performance, TLT leads with -1.75% vs -12.83% for SH. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -1.75% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.90% for SH.
TLT has the higher dividend yield at 4.56%, compared with 4.43% for SH.
SH is categorized as Inverse Equities, while TLT is Government Bonds. SH tracks S&P 500 (-100%), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.90% for SH and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.30 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.
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