Shawn Ray won one pro show: The Arnold Classic
Here's Labrada's list of wins:
1986
Night of Champions - IFBB, Winner
1987
Grand Prix France - IFBB, 3rd
Grand Prix Germany (2) - IFBB, 3rd
Olympia - IFBB, 3rd
World Pro Championships - IFBB, 2nd
1988
Grand Prix England - IFBB, Winner
Grand Prix France - IFBB, 2nd
Grand Prix Germany - IFBB, 3rd
Grand Prix Greece - IFBB, Winner
Grand Prix Italy - IFBB, 2nd
Grand Prix Spain (2) - IFBB, Winner
Grand Prix Spain - IFBB, 2nd
Olympia - IFBB, 4th
1989
Grand Prix England - IFBB, Winner
Grand Prix Finland - IFBB, Winner
Grand Prix Holland - IFBB, Winner
Olympia - IFBB, 2nd
1990
Olympia - IFBB, 2nd
1991
Olympia - IFBB, 4th
1992
Olympia - IFBB, 3rd
1993
Arnold Classic - IFBB, 2nd
Ironman Pro Invitational - IFBB, 2nd
Olympia - IFBB, 4th
1995
Arnold Classic - IFBB, 5th
If we go by who's actually has WON more pro shows then it's clear that Labrada owns Shawn all day. If you argue that Shawn placed in the top five at the olympia for however many times realize that Labrada was in the top five of the Olympia for quite some time as well. No contest, Labrada's the man.