QQDN vs. SH
QQDN (ProShares UltraShort QQQ Mega) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - QQDN tracks the Nasdaq-100 Mega Index while SH tracks the S&P 500 (-100%). Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. QQDN charges 0.95%/yr vs 0.90%/yr for SH.
Performance
QQDN vs. SH - Performance Comparison
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Returns By Period
In the year-to-date period, QQDN achieves a -17.46% return, which is significantly lower than SH's -8.37% return.
QQDN
- 1D
- -0.14%
- 1M
- -6.55%
- YTD
- -17.46%
- 6M
- -13.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- -0.39%
- 1M
- -3.97%
- YTD
- -8.37%
- 6M
- -7.88%
- 1Y
- -17.62%
- 3Y*
- -13.17%
- 5Y*
- -9.14%
- 10Y*
- -12.88%
QQDN vs. SH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQDN ProShares UltraShort QQQ Mega | -17.46% | -34.14% |
SH ProShares Short S&P500 | -8.37% | -9.09% |
Correlation
The correlation between QQDN and SH is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025 | 0.83 |
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Return for Risk
QQDN vs. SH — Risk / Return Rank
QQDN
SH
QQDN vs. SH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| QQDN | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -1.50 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.54 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.21 | -0.59 | -0.62 |
Drawdowns
QQDN vs. SH - Drawdown Comparison
The maximum QQDN drawdown since its inception was -50.19%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for QQDN and SH.
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Drawdown Indicators
| QQDN | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.19% | -94.66% | +44.47% |
Max Drawdown (1Y)Largest decline over 1 year | — | -18.28% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.82% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -47.00% | -94.64% | +47.64% |
Average DrawdownAverage peak-to-trough decline | -30.23% | -67.73% | +37.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 9.95% | — |
Volatility
QQDN vs. SH - Volatility Comparison
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Volatility by Period
| QQDN | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.79% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.92% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 38.51% | 11.79% | +26.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.51% | 16.85% | +21.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.51% | 18.01% | +20.50% |
QQDN vs. SH - Expense Ratio Comparison
QQDN has a 0.95% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
QQDN vs. SH - Dividend Comparison
QQDN's dividend yield for the trailing twelve months is around 4.93%, more than SH's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QQDN ProShares UltraShort QQQ Mega | 4.93% | 3.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SH ProShares Short S&P500 | 4.52% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
QQDN and SH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SH is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SH is cheaper with a 0.90% expense ratio, compared with 0.95% for QQDN.
QQDN has the higher dividend yield at 4.93%, compared with 4.52% for SH.
QQDN tracks Nasdaq-100 Mega Index, while SH tracks S&P 500 (-100%). Their fees differ too: 0.95% for QQDN and 0.90% for SH.
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