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 (-100%), 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 -12.89%/yr vs -72.67%/yr for UVXY. A 0.77 correlation means they provide meaningful diversification when combined. SH charges 0.90%/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 -8.00% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SH has outperformed UVXY with an annualized return of -12.89%, while UVXY has yielded a comparatively lower -72.67% annualized return.
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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SH vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -8.00% | -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 | -19.06% | -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 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
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 5, 2011 | 0.77 |
The correlation between SH and UVXY has been stable across timeframes, ranging from 0.73 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.
| SH | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.82 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.97 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.31 | -0.43 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | -0.87 | -0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | -0.66 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.72 | -0.64 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.68 | +0.09 |
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 | -18.28% | -75.22% | +56.94% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -95.45% | +56.63% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -99.68% | +55.15% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | -100.00% | +23.88% |
Current DrawdownCurrent decline from peak | -94.62% | -100.00% | +5.38% |
Average DrawdownAverage peak-to-trough decline | -67.73% | -98.55% | +30.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 55.63% | -45.74% |
Volatility
SH vs. UVXY - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 2.84%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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 | 2.84% | 11.77% | -8.93% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 62.64% | -53.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 84.42% | -72.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 103.85% | -87.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 113.82% | -95.81% |
SH vs. UVXY - Expense Ratio Comparison
SH has a 0.90% 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 4.51%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.51% | 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 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs UVXY's -100.00%.
On 10-year performance, SH leads with -12.89% vs -72.67% for UVXY. 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 10-year period, SH has performed better with a -12.89% return vs -72.67%. 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 0.95% for UVXY.
SH has the higher dividend yield at 4.51%, compared with 0.00% for UVXY.
SH is categorized as Inverse Equities, while UVXY is Volatility. SH tracks S&P 500 (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.90% for SH and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.87 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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