YXI vs. SH
YXI (ProShares Short FTSE China 50) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 10 years, YXI returned -8.25%/yr vs -12.89%/yr for SH. A 0.53 correlation means they provide meaningful diversification when combined. YXI charges 0.95%/yr vs 0.90%/yr for SH.
Performance
YXI vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, YXI achieves a 8.21% return, which is significantly higher than SH's -8.00% return. Over the past 10 years, YXI has outperformed SH with an annualized return of -8.25%, while SH has yielded a comparatively lower -12.89% annualized return.
YXI
- 1D
- 1.95%
- 1M
- 2.80%
- YTD
- 8.21%
- 6M
- 9.88%
- 1Y
- 0.05%
- 3Y*
- -11.68%
- 5Y*
- -2.65%
- 10Y*
- -8.25%
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%
YXI vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 8.21% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
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 YXI and SH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2010 | 0.53 |
The correlation between YXI and SH shifts across timeframes, from 0.38 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
YXI vs. SH — Risk / Return Rank
YXI
SH
YXI vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) 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.
| YXI | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.77 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | -0.95 | +0.95 |
| Martin ratioReturn relative to average drawdown | 0.01 | -1.75 | +1.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| YXI | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.00 | -1.47 | +1.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.54 | +0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.30 | -0.72 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.30 | -0.59 | +0.29 |
Drawdowns
YXI vs. SH - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for YXI and SH.
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Drawdown Indicators
| YXI | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -94.66% | +13.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.21% | -18.28% | +4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -38.82% | -14.30% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -44.53% | -13.12% |
Max Drawdown (10Y)Largest decline over 10 years | -64.92% | -76.12% | +11.20% |
Current DrawdownCurrent decline from peak | -77.90% | -94.62% | +16.72% |
Average DrawdownAverage peak-to-trough decline | -54.31% | -67.73% | +13.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.18% | 9.89% | -1.71% |
Volatility
YXI vs. SH - Volatility Comparison
ProShares Short FTSE China 50 (YXI) has a higher volatility of 7.21% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that YXI'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.
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Volatility by Period
| YXI | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 2.84% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 14.86% | 8.91% | +5.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.97% | 11.80% | +8.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.40% | 16.85% | +14.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.42% | 18.01% | +9.41% |
YXI vs. SH - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
YXI vs. SH - Dividend Comparison
YXI'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% |
YXI ProShares Short FTSE China 50 | 2.84% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% | 0.00% |
Frequently Asked Questions
YXI and SH have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (7.21%) compared to SH (2.84%). In terms of maximum drawdown, YXI dropped -81.15% vs SH's -94.66%.
On 10-year performance, YXI leads with -8.25% vs -12.89% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, YXI has performed better with a -8.25% return vs -12.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 0.95% for YXI.
SH has the higher dividend yield at 4.51%, compared with 2.84% for YXI.
YXI tracks FTSE China 50 Net Tax USD (TR) (-100%), while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for YXI and 0.90% for SH.
YXI currently has the higher Sharpe Ratio (0.00 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.
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