SH’s worst drop since 2006 was 95%
ProShares Short S&P 500 (-1x) (SH) fell 95% from Mar 2009 to Aug 2026. It has not closed above that Mar 2009 peak since, 17.6 years later. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 2nd deepest among the 12 leveraged ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2006 to now
How SH held up in each crash
| Crash | Years | SH | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −31.3% | −55.2% |
| COVID crash | 2020 | −33.7% | −33.7% |
| 2022 rate shock | 2022 | −15.2% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
See how SH behaves inside your whole mix, with the worst 12 months, loss odds and crash replays. Free, no signup, and the math runs in your browser.
Open SH in PortfolioAutopsyCheck my whole portfolioQuestions
What was SH’s maximum drawdown?
SH’s deepest fall since 2006 was 94.7%, from its high on March 9, 2009 to its low on August 13, 2026. The figure uses daily prices with dividends reinvested.
How long did SH take to recover?
It has not recovered yet. As of October 13, 2026 it sits 94.7% below that Mar 2009 high.
Was SH riskier than the S&P 500?
Over the same years, SH’s worst drop was 94.7% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −47.5% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, June 22, 2006 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.