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QQQ vs. SH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. SH

Last updated Jun 14, 2026

QQQ (Invesco QQQ ETF) and SH (ProShares Short S&P500) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SH is a Inverse Equities fund tracking the S&P 500 (-100%). Both are passively managed. Over the past 10 years, QQQ returned 21.79%/yr vs -12.83%/yr for SH. At a correlation of -0.89, they often move in opposite directions. QQQ charges 0.18%/yr vs 0.90%/yr for SH.

Performance

QQQ vs. SH - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, QQQ achieves a 17.57% return, which is significantly higher than SH's -6.39% return. Over the past 10 years, QQQ has outperformed SH with an annualized return of 21.79%, while SH has yielded a comparatively lower -12.83% annualized return.

QQQ

1D
0.59%
1M
0.22%
YTD
17.57%
6M
17.85%
1Y
37.55%
3Y*
26.43%
5Y*
16.85%
10Y*
21.79%

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)

QQQ vs. SH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		17.57%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
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 QQQ 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

-0.93

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 QQQ and SH has been stable across timeframes, ranging from -0.94 to -0.89 - a consistent structural relationship.

QQQ vs. SH - Sectors Allocation Comparison

Sectors
QQQ
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%

-

Technology

QQQ
58.7%
SH

-

Communication Services

QQQ
14.3%
SH

-

Consumer Cyclical

QQQ
11.4%
SH

-

Consumer Defensive

QQQ
6.4%
SH

-

Healthcare

QQQ
3.7%
SH

-

Industrials

QQQ
2.6%
SH

-

Utilities

QQQ
1.2%
SH

-

Basic Materials

QQQ
1.0%
SH

-

Energy

QQQ
0.5%
SH

-

Financial Services

QQQ
0.2%
SH
75.1%

Real Estate

QQQ
0.1%
SH

-

Compare stocks, funds, or ETFs

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Invesco QQQ ETF

ProShares Short S&P500

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Often compared with SH:
SH vs. SPYSH vs. SDSSH vs. SPDNSH vs. SCHDSH vs. SQQQSH vs. DOGSH vs. IVOL

Return for Risk

QQQ vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 7171
Overall Rank
QQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7373
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7070
Martin Ratio Rank
SH
SH Risk / Return Rank: 11
Overall Rank
SH Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SH Sortino Ratio Rank: 11
Sortino Ratio Rank
SH Omega Ratio Rank: 11
Omega Ratio Rank
SH Calmar Ratio Rank: 22
Calmar Ratio Rank
SH Martin Ratio Rank: 11
Martin Ratio Rank
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.

QQQ vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

QQQSHDifference
Sharpe ratioReturn per unit of total volatility
2.09
-1.22

+3.31

Sortino ratioReturn per unit of downside risk
2.73
-1.75

+4.48

Omega ratioGain probability vs. loss probability

1.37

0.81

+0.56

Calmar ratioReturn relative to maximum drawdown

3.01

-0.82

+3.83

Martin ratioReturn relative to average drawdown

11.22

-1.47

+12.70

QQQ vs. SH - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.09, which is higher than the SH Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of QQQ 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.

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Drawdowns

QQQ vs. SH - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for QQQ and SH.

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Drawdown Indicators

QQQSHDifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-94.66%

+11.69%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-18.16%

+6.20%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-38.82%

+16.05%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-44.53%

+9.41%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-76.12%

+41.00%

Current Drawdown

Current decline from peak

-3.33%

-94.53%

+91.20%

Average Drawdown

Average peak-to-trough decline

-32.75%

-67.75%

+35.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

10.13%

-6.93%

Volatility

QQQ vs. SH - Volatility Comparison

Invesco QQQ ETF (QQQ) has a higher volatility of 7.56% compared to ProShares Short S&P500 (SH) at 4.33%. This indicates that QQQ'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.

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Volatility by Period

QQQSHDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

4.33%

+3.23%

Volatility (6M)

Calculated over the trailing 6-month period

13.81%

9.59%

+4.22%

Volatility (1Y)

Calculated over the trailing 1-year period

17.19%

12.28%

+4.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.55%

16.91%

+5.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

18.04%

+4.34%

QQQ vs. SH - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than SH's 0.90% expense ratio.

Dividends

QQQ vs. SH - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, less than SH's 4.43% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
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

QQQ 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.

QQQ has higher volatility (7.56%) compared to SH (4.33%). In terms of maximum drawdown, QQQ dropped -82.97% vs SH's -94.66%.

On 10-year performance, QQQ leads with 21.79% vs -12.83% for SH. On fees, QQQ is cheaper at 0.18% 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.

Over the 10-year period, QQQ has performed better with a 21.79% return vs -12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.90% for SH.

SH has the higher dividend yield at 4.43%, compared with 0.39% for QQQ.

QQQ is categorized as Nasdaq-100, while SH is Inverse Equities. QQQ tracks NASDAQ-100 Index, while SH tracks S&P 500 (-100%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.18% for QQQ and 0.90% for SH.

QQQ currently has the higher Sharpe Ratio (2.09 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.

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