SH vs SPXU: Grades, Fees and Holdings Compared

ProShares Short S&P500

SHANYSE Arca

ProShares UltraPro Short S&P500

SPXUBNYSE Arca

Overlap

100%by weight

Expense ratio

SH −0.02pt a year

SH0.88%SPXU0.90%

Avg volume · 30D

SH 1.01×the volume

SH8.13MSPXU8.02M

10Y return · a year

SH +29.6pt

SH−12.5%SPXU−42.1%

SH vs SPXU Performance

Oct 29, 2021 – Oct 30, 2026

−30.5%SH−85.3%SPXU

Expense ratio: SH 0.88%, better; SPXU 0.90%
Fund size: SH $950M; SPXU $428M
1Y total return: SH −6.0%, better; SPXU −25.3%
Yield (12M): SH 3.87%; SPXU 6.05%, better
Holdings: SH 5; SPXU 7
Avg volume (30D): SH 8.13M sh, better; SPXU 8.02M sh
NAV per share: SH $32.87; SPXU $36.03
52W range

ETF.net Grade

Pillar letters and Scores for SH, SPXU, with each pillar’s weight
Pillar	SH	SPXU
Cost30% weight	A71Higher	B57
Mission25% weight	A85Higher	A82
Risk15% weight	B64Higher	D33
Tradability15% weight	B67Higher	C54
Holdings10% weight	B55	B55
Durability5% weight	B67Higher	B59

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SH and SPXU are both graded against the same 5 Inverse S&P 500 funds, so their Grades compare head to head.

Inverse S&P 500⁠

Category · 5 funds

See all 5 ›

SH ranks 2nd and SPXU 3rd of 5 funds in the Inverse S&P 500 Category.

Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
Rank 2ASHProShares Short S&P500Score 71
Rank 3BSPXUProShares UltraPro Short S&P500Score 59
Rank 4BSDSProShares UltraShort S&P500Score 56

Our read on each fund

ETF.net Research

SHAProShares Short S&P500

SPXUBProShares UltraPro Short S&P500

In short

SH The plain-vanilla bear. SH aims for -1x the S&P 500's daily move with no leverage stacked on top, and it has been doing that since 2006. One of the most heavily traded ways to lean against the index through a single ticker.

SPXU The maximum-strength short on the S&P 500. SPXU aims to deliver three times the index's inverse move each trading day, resetting every night, and it does it for less than the only other -3x bear fund on the index.

Stated mandate

SH The fund seeks daily returns before fees and expenses that are the inverse of the S&P 500 Index’s daily performance. It is intended to benefit when that index declines.

SPXU The fund seeks daily results equal to three times the inverse performance of the S&P 500, before fees and expenses. It is designed for inverse exposure to declines in that index and is not intended to achieve its target over periods longer than one day.

Why people hold it

SH No leverage multiplier: SH targets -1x the index's daily move, while category-mates SDS, SPXU and SPXS chase 2x and 3x versions of the same trade.proshares.com
Trading since 2006, one of the longest-running inverse equity ETFs, and consistently among the most actively traded funds in its category.
Swap contracts with major banks do the shorting, so the inverse exposure arrives through one ticker in a brokerage account rather than a short sale. Pays quarterly.sec.gov proshares.com

SPXU At 0.90%, it undercuts SPXS (1.04%), the only other fund chasing -3x daily on the S&P 500.
Tracks its stated daily target closely, which is the whole job for a leveraged fund and not a given in this corner of the market.
Trading since 2009 and one of the busier inverse funds around, so getting in and out is rarely the hard part.
One ticker replaces a margin account, borrowed shares or a futures position for short S&P 500 exposure.

Worth knowing

SH The daily reset is the whole story: the -1x target applies to a single day. Hold longer and compounding can pull results away from the inverse of the index's move over that stretch.proshares.com
The 0.88% fee sits near the category median. Direxion's SPDN targets the same -1x exposure at 0.48% net of a waiver through September 1, 2027 (0.54% gross).
The exposure rests on swap counterparties and money market collateral rather than a basket of shorted stocks, so counterparty and derivatives risk come with it.sec.gov proshares.com

SPXU The target resets daily. Hold longer and compounding takes over, so multi-day results can drift well away from -3x the index move over that stretch.
Leverage cuts both ways: a market that climbs moves this fund down about three times as fast on the day.
0.90% sits at the median for S&P bear funds. Gentler versions of the same trade exist, like SH at -1x and SDS at -2x.

Full SH profile⁠

Full SPXU profile⁠

SH vs SPXU Holdings

How SH and SPXU differ

Overlap by weight

100%

Shared holdings make up 100% of SH and 100% of SPXU.

Level by level

Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%
Holdings4 in both100%

Sector

Sector weights in SH and SPXU, widest gap first
Sector	More in SHMore in SPXU	SH	SPXU
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in SH and SPXU, widest gap first
Country	More in SHMore in SPXU	SH	SPXU
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SH117.1%
SPXU134.7%

Securities held

SH5
SPXU7

Asset class

SH: Equity
SPXU: Equity

Holdings

Only in SH1
In both4
Only in SPXU3

Only in SH

1 security, 2.6% of SH by weight

TREASURY BILL, 0%, due 2026-11-032.57%

Only in SPXU

3 securities, 21.0% of SPXU by weight

TREASURY BILL, 0%, due 2026-11-1011.29%
TREASURY BILL, 0%, due 2026-12-017.88%
TREASURY BILL, 0%, due 2026-12-241.80%

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in SH and SPXU, widest gap first
Holding	More in SHMore in SPXU	SH	SPXU
TREASURY BILL, 0%, due 2026-12-29	SPXU +9.47 points	5.12%	14.59%
TREASURY BILL, 0%, due 2027-01-19	SH +6.09 points	7.66%	1.57%
Proshares Genius Mny Mkt EtfIQMM	SH +5.16 points	91.45%	86.29%
TREASURY BILL, 0%, due 2026-11-17	SPXU +1.00 points	10.28%	11.28%

All 18 SH holdings⁠All 19 SPXU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SH vs SPXU Cost

Overpaying SPXU vs SH

$335

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SH 0.88%
$16,705
SPXU 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

SH 0.88%
SPXU 0.90%
Overpaying

Year by year

Year	SH	SPXU	Overpaying
10	$1,559	$1,593	$34
20	$5,891	$6,015	$124
30	$16,705	$17,040	$335

Expense ratio

0.88%SH, cheaper
0.90%SPXU

SH0.88%SPXU0.90%

0.48%1.04%

Middle half of Inverse S&P 500 funds
Median 0.90%

SH 2nd cheapest of 5 funds

SPXU 3rd cheapest of 5 funds

SH vs SPXU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SH 3.87%; SPXU 6.05%, better
Payout (12M): SH $1.27; SPXU $2.18
Last payment: SH $0.30; SPXU $0.38
Ex-dividend: SH Sep 23, 2026; SPXU Sep 23, 2026
Paid on: SH Sep 29, 2026; SPXU Sep 29, 2026
Frequency: SH Quarterly; SPXU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SHQuarterly · 27 paymentsAll SH payments⁠

SPXUQuarterly · 10 paymentsAll SPXU payments⁠

SH vs SPXU Risk

Fall from peak · 5 years

SH
SPXU

Risk facts

VolatilityStd dev, 3 years: SH 11.7%, betterSPXU 34.1%
Return per unit of riskSharpe ratio, 3 years: SH −1.60, betterSPXU −1.69
Worst fallMax drawdown, 5 years: SH −45.5%, betterSPXU −91.6%
Market sensitivityBeta, 5 years: SH −0.97SPXU −2.86; Market = 1

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