SKRE vs. SH

Last updated Jul 14, 2026

SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds - SKRE tracks the S&P Regional Banks Select Industry while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past year, SKRE returned -40.68% vs -13.05% for SH. At a 0.49 correlation, their price movements are largely independent. SKRE charges 0.75%/yr vs 0.89%/yr for SH.

Performance

SKRE vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKRE achieves a -31.48% return, which is significantly lower than SH's -7.18% return.

SKRE

• 1D: 0.15%
• 1M: -6.10%
• 6M: -27.31%
• YTD: -31.48%
• 1Y: -40.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: 0.73%
• 1M: -0.85%
• 6M: -5.53%
• YTD: -7.18%
• 1Y: -13.05%
• 3Y*: -11.50%
• 5Y*: -8.24%
• 10Y*: -12.51%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SKRE vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-31.48%	-31.29%	-44.47%
SH ProShares Short S&P500	-7.18%	-11.35%	-14.70%

Correlation

The correlation between SKRE and SH is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024	0.49

Return for Risk

SKRE vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SKRE

SKRE Risk / Return Rank: 2
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 3
SKRE Omega Ratio Rank: 3
SKRE Calmar Ratio Rank: 2
SKRE Martin Ratio Rank: 1

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

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.

SKRE vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) and ProShares Short S&P500 (SH). 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.

	SKRE	SH	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-1.05	+0.17
Sortino ratio: Return per unit of downside risk	-1.25	-1.48	+0.23
Omega ratio: Gain probability vs. loss probability	0.86	0.84	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.82	-0.02
Martin ratio: Return relative to average drawdown	-1.44	-1.55	+0.12

SKRE vs. SH - Sharpe Ratio Comparison

The current SKRE Sharpe Ratio is -0.88, which is comparable to the SH Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of SKRE and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SKRE vs. SH - Drawdown Comparison

The maximum SKRE drawdown since its inception was -78.32%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for SKRE and SH.

Drawdown Indicators

	SKRE	SH	Difference
Max Drawdown Largest peak-to-trough decline	-78.32%	-94.66%	+16.34%
Max Drawdown (1Y) Largest decline over 1 year	-49.07%	-16.06%	-33.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.80%	—
Current Drawdown Current decline from peak	-77.77%	-94.57%	+16.80%
Average Drawdown Average peak-to-trough decline	-48.39%	-67.85%	+19.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.32%	8.41%	+19.91%

Volatility

SKRE vs. SH - Volatility Comparison

Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a higher volatility of 11.56% compared to ProShares Short S&P500 (SH) at 4.09%. This indicates that SKRE's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKRE	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.56%	4.09%	+7.47%
Volatility (6M) Calculated over the trailing 6-month period	32.34%	9.95%	+22.39%
Volatility (1Y) Calculated over the trailing 1-year period	46.52%	12.51%	+34.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.15%	16.96%	+38.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.15%	18.00%	+37.15%

SKRE vs. SH - Expense Ratio Comparison

SKRE has a 0.75% expense ratio, which is lower than SH's 0.89% expense ratio.

Dividends

SKRE vs. SH - Dividend Comparison

SKRE's dividend yield for the trailing twelve months is around 0.37%, less than SH's 4.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	4.21%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.37%	0.26%	3.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SKRE and SH in my portfolio?

SKRE and SH have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKRE or SH?

SKRE has higher volatility (11.56%) compared to SH (4.09%). In terms of maximum drawdown, SKRE dropped -78.32% vs SH's -94.66%.

Which ETF is better, SKRE or SH?

On 1-year performance, SH leads with -13.05% vs -40.68% for SKRE. On fees, SKRE is cheaper at 0.75% per year. On volatility, SH has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKRE or SH?

Over the 1-year period, SH has performed better with a -13.05% return vs -40.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKRE or SH?

SKRE is cheaper with a 0.75% expense ratio, compared with 0.89% for SH.

Which ETF pays a higher dividend yield, SKRE or SH?

SH has the higher dividend yield at 4.21%, compared with 0.37% for SKRE.

What is the main difference between SKRE and SH?

SKRE tracks S&P Regional Banks Select Industry, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Tuttle and ProShares. Their fees differ too: 0.75% for SKRE and 0.89% for SH.

Which has better risk-adjusted returns?

SKRE currently has the higher Sharpe Ratio (-0.88 vs -1.05), 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.