TBF vs. SH
TBF (ProShares Short 20+ Year Treasury) and SH (ProShares Short S&P500) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, TBF returned 2.89%/yr vs -12.90%/yr for SH. At a correlation of -0.25, they often move in opposite directions. TBF charges 0.94%/yr vs 0.89%/yr for SH.
Performance
TBF vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 1.51% return, which is significantly higher than SH's -5.55% return. Over the past 10 years, TBF has outperformed SH with an annualized return of 2.89%, while SH has yielded a comparatively lower -12.90% annualized return.
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
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%
TBF vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 1.51% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
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% |
Correlation
The correlation between TBF and SH is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2009 | -0.25 |
The correlation between TBF and SH shifts across timeframes, from -0.25 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBF vs. SH — Risk / Return Rank
TBF
SH
TBF vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) 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.
| TBF | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.00 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.82 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | -0.89 | +1.12 |
| Martin ratioReturn relative to average drawdown | 0.50 | -1.67 | +2.17 |
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Drawdowns
TBF vs. SH - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for TBF and SH.
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Drawdown Indicators
| TBF | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -94.66% | +24.26% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -16.42% | +9.19% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -38.82% | +21.03% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -44.53% | +26.74% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -76.12% | +37.73% |
Current DrawdownCurrent decline from peak | -43.88% | -94.48% | +50.60% |
Average DrawdownAverage peak-to-trough decline | -47.41% | -67.78% | +20.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 9.62% | -6.31% |
Volatility
TBF vs. SH - Volatility Comparison
The current volatility for ProShares Short 20+ Year Treasury (TBF) is 2.20%, while ProShares Short S&P500 (SH) has a volatility of 4.80%. This indicates that TBF experiences smaller price fluctuations and is considered to be less risky than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 4.80% | -2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 9.83% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.29% | 12.46% | -3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 16.95% | -1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 18.03% | -3.53% |
TBF vs. SH - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than SH's 0.89% expense ratio.
Dividends
TBF vs. SH - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.86%, less than SH's 4.39% yield.
| 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% |
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% | 0.00% |
Frequently Asked Questions
TBF and SH have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SH has higher volatility (4.80%) compared to TBF (2.20%). In terms of maximum drawdown, TBF dropped -70.40% vs SH's -94.66%.
On 10-year performance, TBF leads with 2.89% vs -12.90% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, TBF has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 2.89% return vs -12.90%. 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 0.94% for TBF.
SH has the higher dividend yield at 4.39%, compared with 2.86% for TBF.
TBF is categorized as Inverse Bonds, while SH is Inverse Equities. TBF tracks U.S. Treasury 20+ Year Index (-100%), while SH tracks S&P 500 Index (-100% daily). Their fees differ too: 0.94% for TBF and 0.89% for SH.
TBF currently has the higher Sharpe Ratio (0.18 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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