ProShares Short S&P500 (SH) Performance
SH total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.2% since Dec 31, 2025
- 1 year
- −7.9% total return
- 5 years
- −7.4% a year
- 10 years
- −12.5% a year
- Since first price
- −11.1% a year since 2006
SH trailing returns vs SPY, QQQ, AGG
| Period | SH total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.7% | −2.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −4.6% | −6.4% | +7.8% | +8.4% | −1.5% |
| YTD | −7.2% | −9.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −7.9% | −11.2% | +14.4% | +15.9% | −1.1% |
| 3 years | −36.3%−14.0%/yr | −44.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −31.8%−7.4%/yr | −43.3% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −73.7%−12.5%/yr | −78.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −87.9%−13.1%/yr | −90.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | −90.3%−11.0%/yr | −93.7% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJun 21, 2006 | −90.9%−11.1%/yr | −94.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SH vs SPY
From Jun 21, 2006: SH grew to $905, SPY to $88,014.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SH returns by calendar year
4 of 19 full years positive. Best 2008 (+38.8%), worst 2009 (−27.0%). 2026 is year to date.
SH annual returns table
| Year | SH | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.2% | −17.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −11.4% | −26.4% | +17.7% | +20.8% | +7.2% |
| 2024 | −13.5% | −18.2% | +24.9% | +25.6% | +1.3% |
| 2023 | −14.8% | −15.9% | +26.2% | +54.9% | +5.7% |
| 2022 | +19.0% | −15.2% | −18.2% | −32.6% | −13.0% |
| 2021 | −24.2% | −25.6% | +28.7% | +27.4% | −1.8% |
| 2020 | −25.1% | −44.7% | +18.3% | +48.6% | +7.5% |
| 2019 | −22.1% | −24.3% | +31.2% | +39.0% | +8.5% |
| 2018 | +4.9% | −12.2% | −4.6% | −0.1% | +0.1% |
| 2017 | −17.4% | −17.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −12.5% | −22.0% | +12.0% | +7.1% | +2.4% |
| 2015 | −4.2% | −12.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −13.7% | −19.6% | +13.5% | +19.2% | +6.0% |
| 2013 | −25.9% | −24.1% | +32.3% | +36.6% | −2.0% |
| 2012 | −15.8% | −15.7% | +16.0% | +18.1% | +3.8% |
| 2011 | −7.8% | −15.8% | +1.9% | +3.4% | +7.7% |
| 2010 | −16.6% | −21.0% | +15.1% | +19.9% | +6.4% |
| 2009 | −27.0% | −44.2% | +26.4% | +54.7% | +3.0% |
| 2008 | +38.8% | −19.9% | −36.8% | −41.7% | +7.9% |
| 2007 | +1.3% | −9.7% | +5.1% | +19.0% | +6.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SH largest drawdowns
Now 94.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2009 | −94.8% | Aug 13, 2026 | not yet | 17.4 years | 17.6 years so far |
| Nov 20, 2008 | −22.1% | Jan 6, 2009 | Mar 2, 2009 | 47 days | 3 months |
| Oct 27, 2008 | −17.2% | Nov 4, 2008 | Nov 19, 2008 | 8 days | 23 days |
| Jul 17, 2006 | −15.2% | Oct 9, 2007 | Jan 18, 2008 | 1.2 years | 1.5 years |
| Mar 10, 2008 | −11.5% | May 19, 2008 | Jul 3, 2008 | 2 months | 4 months |
| Oct 10, 2008 | −10.8% | Oct 13, 2008 | Oct 24, 2008 | 3 days | 14 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SH risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2006 |
|---|---|---|---|---|
| Annualized return | −13.6% | −8.5% | −12.5% | −11.2% |
| Volatility (annualized) | 11.8% | 15.4% | 14.7% | 14.6% |
| Sharpe ratio | -1.54 | -0.73 | -0.99 | -0.83 |
| Sortino ratio | -1.59 | -0.93 | -1.19 | -1.04 |
| Best month | +6.3% | +10.8% | +10.8% | +13.7% |
| Worst month | −9.2% | −9.2% | −12.5% | −12.5% |
| Best 12 months | −0.9% | +19.0% | +19.0% | +51.2% |
| Worst 12 months | −21.4% | −21.4% | −39.4% | −39.4% |
| Positive months | 36% | 42% | 32% | 33% |
| Beta vs S&P 500 | -0.95 | -0.98 | -0.94 | — |
| Correlation with S&P 500 | -0.99 | -0.99 | -0.99 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SH rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 233 | −39.4% | −12.8% | +51.2% | 15% |
| 3-year (a year) | 209 | −24.5% | −12.3% | +6.0% | 6% |
| 5-year (a year) | 185 | −21.9% | −13.1% | −2.9% | 0% |
| 10-year (a year) | 125 | −16.4% | −12.7% | −9.4% | 0% |
Every holding period starting at a month-end since 2006. Returns for 3 years and longer are annualized.
SH performance overview
ProShares Short S&P500 (SH) returned −7.9% over the past year and −12.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2006 it has returned −11.1% a year, turning $10,000 into about $905. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −94.8%, from Mar 9, 2009 to Aug 13, 2026; the fund has not yet regained that high. SH finished 4 of its 19 full calendar years with a gain; the best year was 2008 (+38.8%) and the worst 2009 (−27.0%). Volatility has been 14.6% a year.
Related: SH chart, SH dividends. See the SH overview for the latest quote and fund facts.
SH performance FAQ
What is the SH return over the past year?
SH returned −7.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 11.2%.
What is the average annual return of SH?
SH has returned −7.4% a year over 5 years, −12.5% a year over 10 years, −11.1% a year since June 21, 2006 (total return, distributions reinvested).
How much would $10,000 invested in SH be worth?
$10,000 invested in SH at its first recorded close on June 21, 2006 would be worth about $905 on October 23, 2026 with distributions reinvested.
What was the worst year for SH?
The worst calendar year was 2009, with a total return of −27.0%. The best was 2008 at +38.8%.
What is the biggest drawdown of SH?
The largest peak-to-trough decline was −94.8% between March 9, 2009 and August 13, 2026. It has not yet recovered to that high; it is 94.6% below its peak.
How volatile is SH?
Over the past 3 years SH had an annualized volatility of 11.8% and a Sharpe ratio of -1.54 (excess return over 1–3 month T-bills per unit of risk).