PSQ vs. SH

Last updated Jul 17, 2026

PSQ (ProShares Short QQQ) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - PSQ tracks the NASDAQ-100 Index (-100%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, PSQ returned -18.59%/yr vs -12.50%/yr for SH. Their correlation of 0.89 suggests significant overlap in exposure. PSQ charges 0.95%/yr vs 0.89%/yr for SH.

Performance

PSQ vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -12.26% return, which is significantly lower than SH's -7.32% return. Over the past 10 years, PSQ has underperformed SH with an annualized return of -18.59%, while SH has yielded a comparatively higher -12.50% annualized return.

PSQ

• 1D: 1.67%
• 1M: 3.38%
• 6M: -11.38%
• YTD: -12.26%
• 1Y: -18.69%
• 3Y*: -15.73%
• 5Y*: -12.57%
• 10Y*: -18.59%

SH

• 1D: 0.55%
• 1M: 0.16%
• 6M: -6.15%
• YTD: -7.32%
• 1Y: -13.16%
• 3Y*: -11.46%
• 5Y*: -8.47%
• 10Y*: -12.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PSQ vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	-12.26%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
SH ProShares Short S&P500	-7.32%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between PSQ and SH is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.89

The correlation between PSQ and SH has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

PSQ vs. SH - Sectors Allocation Comparison

Sectors	PSQ	SH
Financial Services	83.3%	98.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PSQ vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PSQ

PSQ Risk / Return Rank: 2
PSQ Sharpe Ratio Rank: 2
PSQ Sortino Ratio Rank: 2
PSQ Omega Ratio Rank: 2
PSQ Calmar Ratio Rank: 3
PSQ Martin Ratio Rank: 1

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PSQ vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares Short S&P500 (SH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PSQ	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-1.06	+0.05
Sortino ratio: Return per unit of downside risk	-1.44	-1.49	+0.06
Omega ratio: Gain probability vs. loss probability	0.84	0.84	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.82	+0.07
Martin ratio: Return relative to average drawdown	-1.55	-1.54	-0.01

PSQ vs. SH - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.00, which is comparable to the SH Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of PSQ and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSQ vs. SH - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for PSQ and SH.

Drawdown Indicators

	PSQ	SH	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-94.66%	-3.60%
Max Drawdown (1Y) Largest decline over 1 year	-24.83%	-16.06%	-8.77%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-38.82%	-10.83%
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	-44.53%	-16.38%
Max Drawdown (10Y) Largest decline over 10 years	-87.91%	-74.80%	-13.11%
Current Drawdown Current decline from peak	-98.16%	-94.58%	-3.58%
Average Drawdown Average peak-to-trough decline	-74.10%	-67.87%	-6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.11%	8.57%	+3.54%

Volatility

PSQ vs. SH - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 7.47% compared to ProShares Short S&P500 (SH) at 3.37%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	3.37%	+4.10%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	9.96%	+5.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	12.50%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	16.96%	+5.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	17.99%	+4.41%

PSQ vs. SH - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

PSQ vs. SH - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.37%, more than SH's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	4.37%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SH ProShares Short S&P500	4.22%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both PSQ and SH in my portfolio?

With a correlation of 0.93, PSQ and SH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PSQ or SH?

PSQ has higher volatility (7.47%) compared to SH (3.37%). In terms of maximum drawdown, PSQ dropped -98.26% vs SH's -94.66%.

Which ETF is better, PSQ or SH?

On 10-year performance, SH leads with -12.50% vs -18.59% for PSQ. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or SH?

Over the 10-year period, SH has performed better with a -12.50% return vs -18.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for PSQ.

Which ETF pays a higher dividend yield, PSQ or SH?

PSQ has the higher dividend yield at 4.37%, compared with 4.22% for SH.

What is the main difference between PSQ and SH?

PSQ tracks NASDAQ-100 Index (-100%), while SH tracks S&P 500 Index (-100% daily). Their fees differ too: 0.95% for PSQ and 0.89% for SH.

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-1.00 vs -1.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.