TLT vs. SH
TLT (iShares 20+ Year Treasury Bond ETF) and SH (ProShares Short S&P500) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while SH is a Inverse Equities fund tracking the S&P 500 (-100%). Both are passively managed. Over the past 10 years, TLT returned -1.75%/yr vs -12.83%/yr for SH. At a 0.26 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 0.90%/yr for SH.
Performance
TLT vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly higher than SH's -6.39% return. Over the past 10 years, TLT has outperformed SH with an annualized return of -1.75%, while SH has yielded a comparatively lower -12.83% annualized return.
TLT
- 1D
- -0.24%
- 1M
- 1.40%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
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%
TLT vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
SH ProShares Short S&P500 | -6.39% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
Correlation
The correlation between TLT and SH is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.26 |
The correlation between TLT and SH shifts across timeframes, from -0.23 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. SH — Risk / Return Rank
TLT
SH
TLT vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 0.81 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | -0.82 | +1.20 |
| Martin ratioReturn relative to average drawdown | 0.92 | -1.47 | +2.40 |
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Drawdowns
TLT vs. SH - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for TLT and SH.
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Drawdown Indicators
| TLT | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -94.66% | +46.31% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -18.16% | +10.58% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -38.82% | +19.64% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -44.53% | +0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | -76.12% | +27.77% |
Current DrawdownCurrent decline from peak | -40.12% | -94.53% | +54.41% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -67.75% | +53.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 10.13% | -6.99% |
Volatility
TLT vs. SH - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 2.83%, while ProShares Short S&P500 (SH) has a volatility of 4.33%. This indicates that TLT 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
| TLT | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 4.33% | -1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 9.59% | -2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 12.28% | -2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 16.91% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 18.04% | -3.13% |
TLT vs. SH - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than SH's 0.90% expense ratio.
Dividends
TLT vs. SH - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, more than SH's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and SH have a correlation of -0.23, 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 TLT (2.83%). In terms of maximum drawdown, TLT dropped -48.35% vs SH's -94.66%.
On 10-year performance, TLT leads with -1.75% vs -12.83% for SH. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -1.75% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.90% for SH.
TLT has the higher dividend yield at 4.56%, compared with 4.43% for SH.
TLT is categorized as Government Bonds, while SH is Inverse Equities. TLT tracks ICE U.S. Treasury 20+ Year Bond Index, while SH tracks S&P 500 (-100%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for TLT and 0.90% for SH.
TLT currently has the higher Sharpe Ratio (0.30 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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