QLD vs. SH

Last updated Jun 14, 2026

QLD (ProShares Ultra QQQ) and SH (ProShares Short S&P500) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while SH is a Inverse Equities fund tracking the S&P 500 (-100%). Both are passively managed. Over the past 10 years, QLD returned 35.67%/yr vs -12.83%/yr for SH. At a correlation of -0.89, they often move in opposite directions. QLD charges 0.95%/yr vs 0.90%/yr for SH.

Performance

QLD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) 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, QLD achieves a 32.65% return, which is significantly higher than SH's -6.39% return. Over the past 10 years, QLD has outperformed SH with an annualized return of 35.67%, while SH has yielded a comparatively lower -12.83% annualized return.

QLD

• 1D: 1.30%
• 1M: -0.55%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 73.89%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

SH

• 1D: -0.50%
• 1M: 1.30%
• YTD: -6.39%
• 6M: -6.43%
• 1Y: -15.90%
• 3Y*: -11.96%
• 5Y*: -8.68%
• 10Y*: -12.83%

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

QLD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QLD ProShares Ultra QQQ	32.65%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%
SH ProShares Short S&P500	-6.39%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between QLD and SH is -0.94, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.94
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	-0.91
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.89

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

QLD vs. SH - Sectors Allocation Comparison

Sectors	QLD	SH
Technology	58.7%	-
Communication Services	14.3%	-
Consumer Cyclical	11.4%	-
Consumer Defensive	6.4%	-
Healthcare	3.7%	-
Industrials	2.6%	-
Utilities	1.2%	-
Basic Materials	1.0%	-
Energy	0.5%	-
Financial Services	0.2%	75.1%
Real Estate	0.1%	-

Return for Risk

QLD vs. SH — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 64
QLD Sharpe Ratio Rank: 73
QLD Sortino Ratio Rank: 61
QLD Omega Ratio Rank: 64
QLD Calmar Ratio Rank: 64
QLD Martin Ratio Rank: 61

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 0
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
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.

QLD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.

	QLD	SH	Difference
Sharpe ratio: Return per unit of total volatility	2.04	-1.22	+3.25
Sortino ratio: Return per unit of downside risk	2.48	-1.75	+4.24
Omega ratio: Gain probability vs. loss probability	1.33	0.81	+0.52
Calmar ratio: Return relative to maximum drawdown	2.78	-0.82	+3.60
Martin ratio: Return relative to average drawdown	9.46	-1.47	+10.93

QLD vs. SH - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.04, which is higher than the SH Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of QLD 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

QLD vs. SH - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for QLD and SH.

Drawdown Indicators

	QLD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-94.66%	+11.53%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-18.16%	-6.97%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-38.82%	-3.47%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	-44.53%	-19.15%
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	-76.12%	+12.44%
Current Drawdown Current decline from peak	-7.11%	-94.53%	+87.42%
Average Drawdown Average peak-to-trough decline	-18.16%	-67.75%	+49.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.36%	10.13%	-2.77%

Volatility

QLD vs. SH - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 15.14% compared to ProShares Short S&P500 (SH) at 4.33%. This indicates that QLD'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

	QLD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	4.33%	+10.81%
Volatility (6M) Calculated over the trailing 6-month period	27.51%	9.59%	+17.92%
Volatility (1Y) Calculated over the trailing 1-year period	34.29%	12.28%	+22.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.07%	16.91%	+28.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.73%	18.04%	+26.69%

QLD vs. SH - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.

Dividends

QLD vs. SH - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than SH's 4.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%
SH ProShares Short S&P500	4.43%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLD and SH in my portfolio?

QLD and SH have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QLD or SH?

QLD has higher volatility (15.14%) compared to SH (4.33%). In terms of maximum drawdown, QLD dropped -83.13% vs SH's -94.66%.

Which ETF is better, QLD or SH?

On 10-year performance, QLD leads with 35.67% vs -12.83% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or SH?

Over the 10-year period, QLD has performed better with a 35.67% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or SH?

SH is cheaper with a 0.90% expense ratio, compared with 0.95% for QLD.

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

SH has the higher dividend yield at 4.43%, compared with 0.13% for QLD.

What is the main difference between QLD and SH?

QLD is categorized as Leveraged Equities, while SH is Inverse Equities. QLD tracks NASDAQ-100 Index (200%), while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for QLD and 0.90% for SH.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.04 vs -1.22), 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.