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SH vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SH vs. UPRO

Last updated Jun 24, 2026

SH (ProShares Short S&P500) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SH returned -12.90%/yr vs 30.18%/yr for UPRO. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.89% expense ratio.

Performance

SH vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SH achieves a -5.55% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, SH has underperformed UPRO with an annualized return of -12.90%, while UPRO has yielded a comparatively higher 30.18% annualized return.

SH

1D
1.41%
1M
1.68%
YTD
-5.55%
6M
-4.58%
1Y
-14.55%
3Y*
-11.90%
5Y*
-8.40%
10Y*
-12.90%

UPRO

1D
-4.27%
1M
-5.38%
YTD
17.21%
6M
13.86%
1Y
62.29%
3Y*
46.23%
5Y*
20.37%
10Y*
30.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SH vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SH
ProShares Short S&P500		-5.55%-11.35%-13.52%-14.80%18.98%-24.21%-25.09%-22.12%4.93%-17.36%
UPRO
ProShares UltraPro S&P 500		17.21%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between SH and UPRO 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

-1.00

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2009

-1.00

The correlation between SH and UPRO has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

SH vs. UPRO - Sectors Allocation Comparison

Sectors
SH
UPRO

Financial Services

83.0%
11.1%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Technology

-

39.1%

Utilities

-

2.1%

Financial Services

SH
83.0%
UPRO
11.1%

Basic Materials

SH

-

UPRO
1.7%

Communication Services

SH

-

UPRO
10.6%

Consumer Cyclical

SH

-

UPRO
9.9%

Consumer Defensive

SH

-

UPRO
4.5%

Energy

SH

-

UPRO
3.1%

Healthcare

SH

-

UPRO
8.3%

Industrials

SH

-

UPRO
7.8%

Real Estate

SH

-

UPRO
1.8%

Technology

SH

-

UPRO
39.1%

Utilities

SH

-

UPRO
2.1%

Compare stocks, funds, or ETFs

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ProShares Short S&P500

ProShares UltraPro S&P 500

Often compared with SH:
SH vs. SPYSH vs. SDSSH vs. SPDNSH vs. SCHDSH vs. SQQQSH vs. DOGSH vs. IVOL
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

SH vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SH
SH Risk / Return Rank: 11
Overall Rank
SH Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SH Sortino Ratio Rank: 11
Sortino Ratio Rank
SH Omega Ratio Rank: 11
Omega Ratio Rank
SH Calmar Ratio Rank: 11
Calmar Ratio Rank
SH Martin Ratio Rank: 11
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 4949
Overall Rank
UPRO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 4444
Sortino Ratio Rank
UPRO Omega Ratio Rank: 4545
Omega Ratio Rank
UPRO Calmar Ratio Rank: 4949
Calmar Ratio Rank
UPRO Martin Ratio Rank: 5656
Martin Ratio Rank
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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and ProShares UltraPro S&P 500 (UPRO). 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.

SHUPRODifference
Sharpe ratioReturn per unit of total volatility
-1.17
1.68

-2.86

Sortino ratioReturn per unit of downside risk
-1.68
2.15

-3.84

Omega ratioGain probability vs. loss probability

0.82

1.28

-0.47

Calmar ratioReturn relative to maximum drawdown

-0.89

2.34

-3.23

Martin ratioReturn relative to average drawdown

-1.67

9.52

-11.19

SH vs. UPRO - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.17, which is lower than the UPRO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SH and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SH vs. UPRO - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SH and UPRO.

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Drawdown Indicators

SHUPRODifference

Max Drawdown

Largest peak-to-trough decline

-94.66%

-76.82%

-17.84%

Max Drawdown (1Y)

Largest decline over 1 year

-16.42%

-26.78%

+10.36%

Max Drawdown (3Y)

Largest decline over 3 years

-38.82%

-48.87%

+10.05%

Max Drawdown (5Y)

Largest decline over 5 years

-44.53%

-63.94%

+19.41%

Max Drawdown (10Y)

Largest decline over 10 years

-76.12%

-76.82%

+0.70%

Current Drawdown

Current decline from peak

-94.48%

-10.27%

-84.21%

Average Drawdown

Average peak-to-trough decline

-67.78%

-14.39%

-53.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.62%

6.57%

+3.05%

Volatility

SH vs. UPRO - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 4.80%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.80%

14.68%

-9.88%

Volatility (6M)

Calculated over the trailing 6-month period

9.83%

29.49%

-19.66%

Volatility (1Y)

Calculated over the trailing 1-year period

12.46%

37.35%

-24.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.95%

50.62%

-33.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.03%

53.79%

-35.76%

SH vs. UPRO - Expense Ratio Comparison

Both SH and UPRO have an expense ratio of 0.89%.

Dividends

SH vs. UPRO - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.39%, more than UPRO's 0.74% yield.

PositionTTM20252024202320222021202020192018201720162015
SH
ProShares Short S&P500		4.39%4.49%6.20%5.37%1.08%0.00%0.16%1.76%1.01%0.06%0.00%0.00%
UPRO
ProShares UltraPro S&P 500		0.74%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

SH and UPRO 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.

UPRO has higher volatility (14.68%) compared to SH (4.80%). In terms of maximum drawdown, SH dropped -94.66% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.18% vs -12.90% for SH. Both ETFs have the same 0.89% expense ratio. On volatility, SH has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPRO has performed better with a 30.18% return vs -12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SH and UPRO have the same expense ratio: 0.89% per year.

SH has the higher dividend yield at 4.39%, compared with 0.74% for UPRO.

SH is categorized as Inverse Equities, while UPRO is Leveraged Equities. SH tracks S&P 500 Index (-100% daily), while UPRO tracks S&P 500.

UPRO currently has the higher Sharpe Ratio (1.68 vs -1.17), 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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