SH vs UPRO: which held to its multiple?
Over three months against its own daily promise, SH finished 1.7 points over and UPRO 2.6 points short. ProShares Short S&P500 and ProShares UltraPro S&P500.
SH returned −1.1% while −1 times SPY's move would have been −2.5%
UPRO returned +4.1% while 3 times SPY's move would have been +7.6%
SH among the 125 inverse ETFs over three months
UPRO among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. UPRO 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 | UPRO | SH | UPRO | SH | UPRO |
| 1 month | +0.8% | −2.0% | +0.3% | −1.0% | +0.4 pts | −1.0 pts |
| 3 months | −1.1% | +4.1% | −2.5% | +7.6% | +1.5 pts | −3.4 pts |
| 6 months | −12.3% | +48.8% | −17.0% | +50.9% | +4.7 pts | −2.1 pts |
| 1 year | −9.1% | +33.0% | −15.7% | +47.1% | +6.7 pts | −14.1 pts |
| 3 years | −35.5% | +267.2% | −85.0% | +254.9% | +49.5 pts | +12.3 pts |
| Since launch SH Jan 2010 · UPRO Jan 2010 | −90.3% | +7040.0% | not meaningful | not meaningful | not meaningful | not meaningful |
SH and UPRO 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 UPRO 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.
UPRO in plain words
Three months to Sep 30, 2026: UPRO returned +4.1% where its own daily promise gave +6.8%, 2.6 points short. Read the multiple against the whole window instead and 3 times SPY's 2.5% implies +7.6%, which makes UPRO look 3.4 points short. 0.8 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. UPRO aims to return +3 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not +3 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 UPRO?
- Over the window to Sep 30, 2026, SH finished 1.5 points from what its multiple implies and UPRO finished 3.4 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 UPRO levered on the same thing?
- Yes. Both are levered on the S&P 500, SH at -1 times and UPRO at +3 times the daily move.
- Which one decays faster, SH or UPRO?
- Decay follows how much the underlying moves about. Over this window SH’s moved at 11% annualized and UPRO’s at 11%, so SH has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SH or UPRO 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 UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-upro
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 UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-upro Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, SH against UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/sh-vs-upro
- APA
- ETFIQ. (Sep 30, 2026). SH against UPRO. Retrieved from https://etfiq.com/compare/leverage/sh-vs-upro
- Markdown
- [SH against UPRO (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/sh-vs-upro)