SH vs. XLC
SH (ProShares Short S&P500) and XLC (Communication Services Select Sector SPDR Fund) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 (-100%), while XLC is a Communications Equities fund tracking the S&P Communication Services Select Sector Index. Both are passively managed. Over the past 5 years, SH returned -8.68%/yr vs 8.03%/yr for XLC. At a correlation of -0.81, they often move in opposite directions. SH charges 0.90%/yr vs 0.13%/yr for XLC.
Performance
SH vs. XLC - 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 XLC's -4.85% 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%
XLC
- 1D
- -0.42%
- 1M
- -4.66%
- YTD
- -4.85%
- 6M
- -3.59%
- 1Y
- 10.19%
- 3Y*
- 21.60%
- 5Y*
- 8.03%
- 10Y*
- —
SH vs. XLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -6.39% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 9.74% |
XLC Communication Services Select Sector SPDR Fund | -4.85% | 23.08% | 34.71% | 52.82% | -37.63% | 15.96% | 26.90% | 31.05% | -16.45% |
Correlation
The correlation between SH and XLC is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2018 | -0.81 |
The correlation between SH and XLC shifts across timeframes, from -0.81 (all time) to -0.63 (1 year), reflecting how their relationship changes across market environments.
SH vs. XLC - Sectors Allocation Comparison
Sectors
SH
XLC
Financial Services
-
Basic Materials
-
-
Communication Services
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Financial Services
SH
XLC
-
Basic Materials
SH
-
XLC
-
Communication Services
SH
-
XLC
Consumer Cyclical
SH
-
XLC
-
Consumer Defensive
SH
-
XLC
-
Energy
SH
-
XLC
-
Healthcare
SH
-
XLC
-
Industrials
SH
-
XLC
-
Real Estate
SH
-
XLC
-
Technology
SH
-
XLC
Utilities
SH
-
XLC
-
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Return for Risk
SH vs. XLC — Risk / Return Rank
SH
XLC
SH vs. XLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and Communication Services Select Sector SPDR Fund (XLC). 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 | XLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.12 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.86 | -1.68 |
| Martin ratioReturn relative to average drawdown | -1.47 | 2.73 | -4.21 |
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Drawdowns
SH vs. XLC - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than XLC's maximum drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for SH and XLC.
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Drawdown Indicators
| SH | XLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -46.65% | -48.01% |
Max Drawdown (1Y)Largest decline over 1 year | -18.16% | -10.57% | -7.59% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -17.97% | -20.85% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -46.65% | +2.12% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | — | — |
Current DrawdownCurrent decline from peak | -94.53% | -6.72% | -87.81% |
Average DrawdownAverage peak-to-trough decline | -67.75% | -10.58% | -57.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.13% | 3.33% | +6.80% |
Volatility
SH vs. XLC - Volatility Comparison
ProShares Short S&P500 (SH) has a higher volatility of 4.33% compared to Communication Services Select Sector SPDR Fund (XLC) at 3.57%. This indicates that SH's price experiences larger fluctuations and is considered to be riskier than XLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SH | XLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.33% | 3.57% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 9.59% | 9.65% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 13.28% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 20.68% | -3.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 22.17% | -4.13% |
SH vs. XLC - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than XLC's 0.13% expense ratio.
Dividends
SH vs. XLC - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.43%, more than XLC's 1.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XLC Communication Services Select Sector SPDR Fund | 1.25% | 1.13% | 0.99% | 0.82% | 1.10% | 0.74% | 0.68% | 0.82% | 0.64% | 0.00% |
Frequently Asked Questions
SH and XLC have a correlation of -0.63, 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 XLC (3.57%). In terms of maximum drawdown, SH dropped -94.66% vs XLC's -46.65%.
On 5-year performance, XLC leads with 8.03% vs -8.68% for SH. On fees, XLC is cheaper at 0.13% per year. On volatility, XLC has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XLC has performed better with a 8.03% return vs -8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLC is cheaper with a 0.13% expense ratio, compared with 0.90% for SH.
SH has the higher dividend yield at 4.43%, compared with 1.25% for XLC.
SH is categorized as Inverse Equities, while XLC is Communications Equities. SH tracks S&P 500 (-100%), while XLC tracks S&P Communication Services Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.90% for SH and 0.13% for XLC.
XLC currently has the higher Sharpe Ratio (0.69 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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