SPQ vs. SH

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify US Equity Plus QIS ETF (SPQ) and ProShares Short S&P500 (SH).

SPQ and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPQ is an actively managed fund by Simplify. It was launched on Nov 13, 2023. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006.

Performance

SPQ vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity Plus QIS ETF (SPQ) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

SPQ vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPQ Simplify US Equity Plus QIS ETF	0.00%	-4.67%	20.38%	5.51%
SH ProShares Short S&P500	5.77%	-11.35%	-13.52%	-4.85%

Returns By Period

SPQ

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -2.82%
• 1M: 5.57%
• YTD: 5.77%
• 6M: 4.49%
• 1Y: -11.46%
• 3Y*: -9.86%
• 5Y*: -7.57%
• 10Y*: -11.84%

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

SPQ vs. SH - Expense Ratio Comparison

SPQ has a 1.00% expense ratio, which is higher than SH's 0.90% expense ratio.

SPQ

Simplify US Equity Plus QIS ETF

SH

ProShares Short S&P500

Return for Risk

SPQ vs. SH — Risk / Return Rank

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

SH

SH Risk / Return Rank: 4
SH Sharpe Ratio Rank: 3
SH Sortino Ratio Rank: 3
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 5
SH Martin Ratio Rank: 8

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.

SPQ vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity Plus QIS ETF (SPQ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPQ	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.63	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.56	—

Correlation

The correlation between SPQ and SH is -0.67. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SPQ vs. SH - Dividend Comparison

SPQ has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 3.92%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPQ Simplify US Equity Plus QIS ETF	0.00%	0.31%	17.17%	1.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	3.92%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Drawdowns

Drawdown Indicators

	SPQ	SH	Difference
Max Drawdown Largest peak-to-trough decline	—	-94.26%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-26.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.31%	—
Current Drawdown Current decline from peak	—	-93.82%	—
Average Drawdown Average peak-to-trough decline	—	-67.49%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.81%	—

Volatility

Volatility by Period

	SPQ	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.17%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.87%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.99%	—