SH vs SPYU: which held to its multiple?
Over three months against its own daily promise, SH finished 1.7 points over and SPYU 6.9 points short. ProShares Short S&P500 and MAX S&P 500 4X Leveraged ETNs due October 30, 2043.
SH returned −1.1% while −1 times SPY's move would have been −2.5%
SPYU returned +1.6% while 4 times SPY's move would have been +10.1%
SH among the 125 inverse ETFs over three months
SPYU among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. SPYU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | SH | SPYU | SH | SPYU | SH | SPYU |
| 1 month | +0.8% | −3.7% | +0.3% | −1.3% | +0.4 pts | −2.4 pts |
| 3 months | −1.1% | +1.6% | −2.5% | +10.1% | +1.5 pts | −8.5 pts |
| 6 months | −12.3% | +57.1% | −17.0% | +67.9% | +4.7 pts | −10.8 pts |
| 1 year | −9.1% | +24.1% | −15.7% | +62.8% | +6.7 pts | −38.8 pts |
| 3 years | −35.5% | not published | −85.0% | not published | +49.5 pts | not published |
| Since launch SH Jan 2010 · SPYU Dec 2023 | −90.3% | +170.4% | not meaningful | +292.7% | not meaningful | −122.3 pts |
SH and SPYU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
SH and SPYU on the same fields, as of Sep 30, 2026. Source: ETFIQ.
SH in plain words
Three months to Sep 30, 2026: SH returned −1.1% where its own daily promise gave −2.8%, 1.7 points over. Read the multiple against the whole window instead and −1 times SPY's 2.5% implies −2.5%, which makes SH look 1.5 points over. 0.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. SH aims to return -1 times SPY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPY moved at 11% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SPYU in plain words
Three months to Sep 30, 2026: SPYU returned +1.6% where its own daily promise gave +8.5%, 6.9 points short. Read the multiple against the whole window instead and 4 times SPY's 2.5% implies +10.1%, which makes SPYU look 8.5 points short. 1.6 of that is daily compounding, which happens to any 4 times fund over the same path, and the rest is the fund. SPYU aims to return +4 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not +4 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SH or SPYU?
- Over the window to Sep 30, 2026, SH finished 1.5 points from what its multiple implies and SPYU finished 8.5 points from its own, so SH came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SH and SPYU levered on the same thing?
- Yes. Both are levered on the S&P 500, SH at -1 times and SPYU at +4 times the daily move.
- Which one decays faster, SH or SPYU?
- Decay follows how much the underlying moves about. Over this window SH’s moved at 11% annualized and SPYU’s at 11%, so SH has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SH or SPYU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, SH against SPYU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spyu
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, SH against SPYU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spyu Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SH against SPYU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spyu
- APA
- ETFIQ. (Sep 30, 2026). SH against SPYU. Retrieved from https://etfiq.com/compare/leverage/sh-vs-spyu
- Markdown
- [SH against SPYU (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/sh-vs-spyu)