TBF vs. SH

Last updated Jun 4, 2026

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 (-100%). Both are passively managed. Over the past 10 years, TBF returned 2.77%/yr vs -12.89%/yr for SH. At a correlation of -0.25, they often move in opposite directions. TBF charges 0.94%/yr vs 0.90%/yr for SH.

Performance

TBF vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) 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, TBF achieves a 2.38% return, which is significantly higher than SH's -8.00% return. Over the past 10 years, TBF has outperformed SH with an annualized return of 2.77%, while SH has yielded a comparatively lower -12.89% annualized return.

TBF

• 1D: 0.49%
• 1M: -0.32%
• YTD: 2.38%
• 6M: 4.57%
• 1Y: 0.68%
• 3Y*: 7.99%
• 5Y*: 10.00%
• 10Y*: 2.77%

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%

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

TBF vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBF ProShares Short 20+ Year Treasury	2.38%	1.27%	16.33%	2.43%	42.37%	1.33%	-19.35%	-10.96%	3.26%	-8.46%
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%

Correlation

The correlation between TBF and SH is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
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	-0.09
Correlation (All Time) Calculated using the full available price history since Aug 21, 2009	-0.25

The correlation between TBF and SH shifts across timeframes, from -0.25 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

TBF vs. SH - Sectors Allocation Comparison

Sectors	TBF	SH
Financial Services	48.6%	91.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TBF vs. SH — Risk / Return Rank

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

TBF

TBF Risk / Return Rank: 9
TBF Sharpe Ratio Rank: 9
TBF Sortino Ratio Rank: 9
TBF Omega Ratio Rank: 8
TBF Calmar Ratio Rank: 10
TBF Martin Ratio Rank: 10

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 0

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.

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.

	TBF	SH	Difference
Sharpe ratio: Return per unit of total volatility	0.07	-1.47	+1.54
Sortino ratio: Return per unit of downside risk	0.17	-2.10	+2.27
Omega ratio: Gain probability vs. loss probability	1.02	0.77	+0.25
Calmar ratio: Return relative to maximum drawdown	0.10	-0.95	+1.04
Martin ratio: Return relative to average drawdown	0.21	-1.75	+1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBF vs. SH - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.07, which is higher than the SH Sharpe Ratio of -1.47. The chart below compares the historical Sharpe Ratios of TBF 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.

Sharpe Ratios by Period

	TBF	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	-1.47	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	-0.54	+1.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	-0.72	+0.91
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	-0.59	+0.38

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.

Drawdown Indicators

	TBF	SH	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-94.66%	+24.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-18.28%	+11.05%
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 Drawdown Current decline from peak	-43.40%	-94.62%	+51.22%
Average Drawdown Average peak-to-trough decline	-47.43%	-67.73%	+20.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	9.89%	-6.62%

Volatility

TBF vs. SH - Volatility Comparison

ProShares Short 20+ Year Treasury (TBF) and ProShares Short S&P500 (SH) have volatilities of 2.80% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBF	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.84%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	6.42%	8.91%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	11.80%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.72%	16.85%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.52%	18.01%	-3.49%

TBF vs. SH - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

TBF vs. SH - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.84%, less than SH's 4.51% yield.

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%
TBF ProShares Short 20+ Year Treasury	2.84%	3.39%	4.06%	4.99%	0.36%	0.00%	0.22%	1.68%	0.88%	0.00%

Frequently Asked Questions

Can I hold both TBF and SH in my portfolio?

TBF and SH have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBF or SH?

SH has higher volatility (2.84%) compared to TBF (2.80%). In terms of maximum drawdown, TBF dropped -70.40% vs SH's -94.66%.

Which ETF is better, TBF or SH?

On 10-year performance, TBF leads with 2.77% vs -12.89% for SH. On fees, SH is cheaper at 0.90% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBF or SH?

Over the 10-year period, TBF has performed better with a 2.77% return vs -12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBF or SH?

SH is cheaper with a 0.90% expense ratio, compared with 0.94% for TBF.

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

SH has the higher dividend yield at 4.51%, compared with 2.84% for TBF.

What is the main difference between TBF and SH?

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 (-100%). Their fees differ too: 0.94% for TBF and 0.90% for SH.

Which has better risk-adjusted returns?

TBF currently has the higher Sharpe Ratio (0.07 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.