{"url":"https://etfiq.com/compare/leverage/sh-vs-spyu","section":"compare","title":"SH vs SPYU: which held to its multiple? | ETFIQ","description":"SH sets out to return -1 times SPY each day and SPYU +4 times. Over the three months to Sep 30, 2026 they finished +1.5 pts and \u22128.5 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SH or SPYU?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are SH and SPYU levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SH at -1 times and SPYU at +4 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SH or SPYU?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SH\u2019s moved at 11% annualized and SPYU\u2019s at 11%, so SH has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SH or SPYU for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"SH vs SPYU","item":"https://etfiq.com/compare/leverage/sh-vs-spyu"}]},{"@type":"WebPage","name":"SH vs SPYU: which held to its multiple?","description":"SH sets out to return -1 times SPY each day and SPYU +4 times. Over the three months to Sep 30, 2026 they finished +1.5 pts and \u22128.5 pts away.","url":"https://etfiq.com/compare/leverage/sh-vs-spyu","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SH finished 1.7 points over and SPYU 6.9 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SH and SPYU","description":"SH sets out to return -1 times SPY each day and SPYU +4 times. Over the three months to Sep 30, 2026 they finished +1.5 pts and \u22128.5 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/sh-vs-spyu","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6904,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SH vs SPYU \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SH vs SPYU: which held to its multiple?\n\n Over three months against its own daily promise, SH finished 1.7 points over and SPYU 6.9 points short.\n Copy this for sharing \n \n ProShares Short S&P500 and MAX S&P 500 4X Leveraged ETNs due October 30, 2043.\n\n Download as PDF \n\n \u22121.1% SH returned, 3 months \n +1.6% SPYU returned, 3 months \n +1.5 pts SH from its stated multiple \n \u22128.5 pts SPYU from its stated multiple \n\n ETFIQ Decay Resistance Score: SH scores higher\n Did it keep u","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-spyu","a":{"ticker":"SH","name":"ProShares Short S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SH returned \u22121.1% where its own daily promise gave \u22122.8%, 1.7 points over.","url":"https://etfiq.com/funds/sh","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"\u22122.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22121.1%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$1.0bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.88%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"SPYU","name":"MAX S&P 500 4X Leveraged ETNs due October 30, 2043","issuer":"MAX","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPYU returned +1.6% where its own daily promise gave +8.5%, 6.9 points short.","url":"https://etfiq.com/funds/spyu","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What 4 times a day gives","value":"+8.5%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+1.6%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22126.9 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt","as_of":"2026-09-30","source":null},{"label":"Expense ratio","value":"not read by ETFIQ","as_of":"2026-09-30","source":null}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/sh-vs-spyu"}