ZIVB vs. SH

Last updated Jun 5, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds. ZIVB is actively managed, while SH is passively managed. ZIVB charges 1.35%/yr vs 0.90%/yr for SH.

Performance

ZIVB vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -0.39%
• 1M: -3.97%
• YTD: -8.37%
• 6M: -7.88%
• 1Y: -17.62%
• 3Y*: -13.17%
• 5Y*: -9.14%
• 10Y*: -12.88%

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

ZIVB vs. SH - Yearly Performance Comparison

	2026 (YTD)
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%
SH ProShares Short S&P500	-0.21%

Return for Risk

ZIVB 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: 0
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.

ZIVB vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) 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

	ZIVB	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.50	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.59	—

Drawdowns

ZIVB vs. SH - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for ZIVB and SH.

Drawdown Indicators

	ZIVB	SH	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-94.66%	+94.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-38.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.53%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.12%	—
Current Drawdown Current decline from peak	0.00%	-94.64%	+94.64%
Average Drawdown Average peak-to-trough decline	0.00%	-67.73%	+67.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.95%	—

Volatility

Volatility by Period

	ZIVB	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	11.79%	-11.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	16.85%	-16.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	18.01%	-18.01%

ZIVB vs. SH - Expense Ratio Comparison

ZIVB has a 1.35% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

ZIVB vs. SH - Dividend Comparison

ZIVB has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	4.52%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, ZIVB or SH?

On fees, SH is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZIVB or SH?

SH is cheaper with a 0.90% expense ratio, compared with 1.35% for ZIVB.

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

SH has the higher dividend yield at 4.52%, compared with 0.00% for ZIVB.

What is the main difference between ZIVB and SH?

They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.35% for ZIVB and 0.90% for SH.