SH returns: 10-year, yearly and since 2006
ProShares Short S&P500. Funds that aim for twice the daily move of an index, or the opposite of it. Over longer periods the result differs from twice the index return.
Data updated November 2026
SH · US exchange · USDCategory: Leveraged and inverse ETFsData from November 2006
SH 10-year return
−8.8% a year
November 2016 to November 2026, dividends reinvested
- 1 year
- −3.9%
- 3 years
- −6.5%
- a year
- 5 years
- +0.1%
- a year
- Since 2006
- −7.5%
- a year
$10,000 in SH from November 2006
$2,103
−79% in total, −7.5% a year on average, with dividends reinvested, in US dollars.
- Calendar years with a gain
4 of 19
Best 2007, +34.2%. Worst 2009, −27.0%.
- Deepest fall
−92.9%
Nov 2008 to Aug 2026. Not yet back to the previous high.
- Annual volatility
20.4%
How much returns swing around their average. Worst single month: −16.5%.
- At the last close
92.4% below its high
November 5, 2026.
Returns to November 2026
1 year
3 years
a year
5 years
a year
10 years
a year
Since 2006
a year
Total return to the last close, dividends reinvested. Periods longer than a year are annualised. SPY is SPDR S&P 500 ETF Trust, shown for reference.
What holding SH was like
Every stretch of 1, 3, 5 and 10 years since November 2006, starting at each month-end. The bar runs from the worst stretch to the best; the mark is the middle one. Held for 10 years, SH lost money in 100% of the stretches.
Held 1 year
229 periods
23% of periods ended with a gain
Held 3 years
205 periods, a year
12% of periods ended with a gain
Held 5 years
181 periods, a year
1% of periods ended with a gain
Held 10 years
121 periods, a year
0% of periods ended with a gain
Falls and recoveries
How far SH was below its previous high, week by week.
| Fall | From the high of | To the low of | Falling for | Back to the high |
|---|---|---|---|---|
| −92.9% | Nov 2008 | Aug 2026 | 17.8 years | Not yet |
| −10.8% | Oct 2008 | Oct 2008 | 1 months | Oct 2008, 1 months later |
Year by year
SH ended 4 of 19 full calendar years higher. The average gain in an up year was +23.3%, the average loss in a down year −14.8%.
YTD: from 1 January to the last close. 2006 starts at the first price, November 2006.
Example: $500 a month for 10 years
Put in from Dec 2016
$60,000
Worth at the last close
$45,096 −25%
Lowest point: Dec 2021, when the $30,500 put in so far was worth $18,015 (−41%).
Try your own amount and datesInvested at each month-start, dividends reinvested, before trading costs and taxes.
SH against SPY
Correlation of monthly returns
-0.90
Over 239 months: they tended to move in opposite directions.
In months when SPY rose
-0.86×
SH rose -86% as much, on average.
In months when SPY fell
-1.07×
SH fell -107% as much, on average.
Growth of $10,000 from December 2006, the first month both funds have data.
SH compared
Questions
What is the average annual return of SH?
From November 2006 to November 2026 SH returned 7.5% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +0.1% a year. Over the last 12 months: −3.9%.
What was the worst drawdown of SH?
92.9%, from November 2008 to August 2026; it has not yet returned to the previous high.
Has SH ever lost money over 10 years?
Of the 121 10 years periods from month-end to month-end since November 2006, 100% ended with a loss. The worst returned −16.2% a year (to Feb 2019), the best −6.6% a year.
How volatile is SH?
Annual volatility was 20.4% over the period. Its worst month was −16.5% and 38% of months were positive. Worst calendar year: 2009 (−27.0%).
How closely does SH follow SPY?
Over 239 months the correlation of monthly returns was -0.90, so they tended to move in opposite directions, with a beta of -0.95.
Use SH in a free tool
Other Leveraged and inverse ETFs
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. Holding periods, the monthly-investing example and the comparison with other funds use month-end values; drawdowns and volatility use daily closes.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.