SH vs. UVXY
SH (ProShares Short S&P500) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SH returned -12.90%/yr vs -73.85%/yr for UVXY. A 0.77 correlation means they provide meaningful diversification when combined. SH charges 0.89%/yr vs 0.95%/yr for UVXY.
Performance
SH vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -5.55% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, SH has outperformed UVXY with an annualized return of -12.90%, while UVXY has yielded a comparatively lower -73.85% 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
SH vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SH and UVXY is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.77 |
The correlation between SH and UVXY has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.
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Return for Risk
SH vs. UVXY — Risk / Return Rank
SH
UVXY
SH vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -1.01 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.45 | -0.22 |
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Drawdowns
SH vs. UVXY - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SH and UVXY.
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Drawdown Indicators
| SH | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -100.00% | +5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -16.42% | -73.51% | +57.09% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -94.93% | +56.11% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -99.71% | +55.18% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | -100.00% | +23.88% |
Current DrawdownCurrent decline from peak | -94.48% | -100.00% | +5.52% |
Average DrawdownAverage peak-to-trough decline | -67.78% | -98.75% | +30.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.62% | 55.34% | -45.72% |
Volatility
SH vs. UVXY - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 4.80%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 25.85% | -21.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.83% | 66.46% | -56.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.46% | 85.46% | -73.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 103.96% | -87.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 112.39% | -94.36% |
SH vs. UVXY - Expense Ratio Comparison
SH has a 0.89% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
SH vs. UVXY - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.39%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term 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 UVXY have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to SH (4.80%). In terms of maximum drawdown, SH dropped -94.66% vs UVXY's -100.00%.
On 10-year performance, SH leads with -12.90% vs -73.85% for UVXY. On fees, SH is cheaper at 0.89% per year. 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, SH has performed better with a -12.90% return vs -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.95% for UVXY.
SH has the higher dividend yield at 4.39%, compared with 0.00% for UVXY.
SH is categorized as Inverse Equities, while UVXY is Volatility. SH tracks S&P 500 Index (-100% daily), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.89% for SH and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.87 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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