QQDN vs. SHRT

Last updated Jul 12, 2026

QQDN (ProShares UltraShort QQQ Mega) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. QQDN is passively managed, while SHRT is actively managed. Over the past year, QQDN returned -34.59% vs -16.82% for SHRT. At a 0.33 correlation, their price movements are largely independent. QQDN charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

QQDN vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQDN achieves a -11.94% return, which is significantly higher than SHRT's -15.63% return.

QQDN

• 1D: -1.18%
• 1M: -4.79%
• 6M: -11.62%
• YTD: -11.94%
• 1Y: -34.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHRT

• 1D: 0.08%
• 1M: 0.99%
• 6M: -13.64%
• YTD: -15.63%
• 1Y: -16.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQDN vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-11.94%	-34.51%
SHRT Gotham Short Strategies ETF	-15.63%	-5.34%

Correlation

The correlation between QQDN and SHRT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.33

Return for Risk

QQDN vs. SHRT — Risk / Return Rank

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

QQDN

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

SHRT

SHRT Risk / Return Rank: 1
SHRT Sharpe Ratio Rank: 0
SHRT Sortino Ratio Rank: 1
SHRT Omega Ratio Rank: 1
SHRT Calmar Ratio Rank: 3
SHRT Martin Ratio Rank: 0

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.

QQDN vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) and Gotham Short Strategies ETF (SHRT). 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.

	QQDN	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-1.20	+0.33
Sortino ratio: Return per unit of downside risk	-1.22	-1.74	+0.52
Omega ratio: Gain probability vs. loss probability	0.87	0.81	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.79	-0.02
Martin ratio: Return relative to average drawdown	-1.40	-1.81	+0.41

QQDN vs. SHRT - Sharpe Ratio Comparison

The current QQDN Sharpe Ratio is -0.87, which is comparable to the SHRT Sharpe Ratio of -1.20. The chart below compares the historical Sharpe Ratios of QQDN and SHRT, 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

QQDN vs. SHRT - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for QQDN and SHRT.

Drawdown Indicators

	QQDN	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-27.84%	-22.35%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	-21.39%	-22.29%
Current Drawdown Current decline from peak	-43.46%	-24.33%	-19.13%
Average Drawdown Average peak-to-trough decline	-31.01%	-8.74%	-22.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.15%	9.28%	+15.87%

Volatility

QQDN vs. SHRT - Volatility Comparison

ProShares UltraShort QQQ Mega (QQDN) has a higher volatility of 14.19% compared to Gotham Short Strategies ETF (SHRT) at 5.38%. This indicates that QQDN's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQDN	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	5.38%	+8.81%
Volatility (6M) Calculated over the trailing 6-month period	31.46%	12.03%	+19.43%
Volatility (1Y) Calculated over the trailing 1-year period	40.32%	14.03%	+26.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	13.00%	+26.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	13.00%	+26.82%

QQDN vs. SHRT - Expense Ratio Comparison

QQDN has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

QQDN vs. SHRT - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.59%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023
QQDN ProShares UltraShort QQQ Mega	5.59%	3.42%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%

Frequently Asked Questions

Can I hold both QQDN and SHRT in my portfolio?

QQDN and SHRT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQDN or SHRT?

QQDN has higher volatility (14.19%) compared to SHRT (5.38%). In terms of maximum drawdown, QQDN dropped -50.19% vs SHRT's -27.84%.

Which ETF is better, QQDN or SHRT?

On 1-year performance, SHRT leads with -16.82% vs -34.59% for QQDN. On fees, QQDN is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQDN or SHRT?

Over the 1-year period, SHRT has performed better with a -16.82% return vs -34.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQDN or SHRT?

QQDN is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

Which ETF pays a higher dividend yield, QQDN or SHRT?

QQDN has the higher dividend yield at 5.59%, compared with 0.08% for SHRT.

What is the main difference between QQDN and SHRT?

They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.95% for QQDN and 1.35% for SHRT.

Which has better risk-adjusted returns?

QQDN currently has the higher Sharpe Ratio (-0.87 vs -1.20), 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.