SH vs VOO
ProShares Short S&P500 vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SH | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.89% | 0.03% | |
| AUM | $928M | $979.0B | |
| Dividend Yield | 4.21% | 1.09% | |
| Holdings | 16 | 509 | |
| YTD Return | -9.62% | +13.79% | |
| 1Y Return | -14.27% | +23.01% | |
| 3Y Return (annualized) | -13.23% | +21.78% | |
| 5Y Return (annualized) | -8.90% | +13.39% | |
| Volatility (annualized) | 14.9% | 14.1% | |
| Max Drawdown | -95.5% | -34.3% | |
| Fund Family | ProShares | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Jun 19, 2006 | Sep 7, 2010 |
SH vs VOO Performance
ProShares Short S&P500 (SH) is a ETF from ProShares and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year SH returned -14.27% while VOO returned +23.01%. Year to date, SH is down 9.62% versus a gain of 13.79% for VOO.
Over three years, SH compounded at -13.23% per year against +21.78% for VOO; over five years the annualized figures are -8.90% and +13.39% respectively. Across the full 16-year window we track, VOO has the edge at +13.57% annualized vs -12.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SH has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 14.1% for VOO. 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 -34.3% for VOO. 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 -0.98. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SH charges 0.89% per year while VOO charges 0.03%. On a $10,000 position that is $89 vs $3 annually, a gap of $86 per year that compounds over a long holding period. On income, SH currently yields 4.21% against 1.09% for VOO.
Frequently Asked Questions
Which is cheaper, SH or VOO?
SH has an expense ratio of 0.89% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SH or VOO?
Over the past year SH returned -14.27% vs +23.01% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), SH annualized -12.54% vs +13.57% for VOO. Past performance does not guarantee future results.
Which is riskier, SH or VOO?
SH has been the more volatile fund at 14.9% annualized versus 14.1% for VOO. Worst drawdown: SH -95.5% vs VOO -34.3%.
Should I hold both SH and VOO?
SH and VOO have a monthly-return correlation of -0.98, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SH or VOO?
SH yields 4.21% while VOO yields 1.09%, so SH currently pays the higher dividend yield.
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