SH vs SPY
ProShares Short S&P500 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SH | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.89% | 0.09% | |
| AUM | $928M | $789.1B | |
| Dividend Yield | 4.21% | 1.01% | |
| Holdings | 16 | 505 | |
| YTD Return | -9.62% | +13.75% | |
| 1Y Return | -14.27% | +22.91% | |
| 3Y Return (annualized) | -13.23% | +21.67% | |
| 5Y Return (annualized) | -8.90% | +13.32% | |
| Volatility (annualized) | 14.9% | 15.3% | |
| Max Drawdown | -95.5% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 19, 2006 | Jan 22, 1993 |
SH vs SPY Performance
ProShares Short S&P500 (SH) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SH returned -14.27% while SPY returned +22.91%. Year to date, SH is down 9.62% versus a gain of 13.75% for SPY.
Over three years, SH compounded at -13.23% per year against +21.67% for SPY; over five years the annualized figures are -8.90% and +13.32% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs -12.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.9% for SH. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -95.5% for SH and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.95. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SH charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, SH currently yields 4.21% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, SH or SPY?
SH has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $80 per year of difference.
Which performed better, SH or SPY?
Over the past year SH returned -14.27% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SH annualized -12.54% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SH or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.9% for SH. Worst drawdown: SH -95.5% vs SPY -56.5%.
Should I hold both SH and SPY?
SH and SPY have a monthly-return correlation of -0.95, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SH or SPY?
SH yields 4.21% while SPY yields 1.01%, so SH currently pays the higher dividend yield.
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