QQQD vs. SH

Last updated Jun 4, 2026

QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - QQQD tracks the Indxx Magnificent 7 Index (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past year, QQQD returned -21.80% vs -17.23% for SH. Their correlation of 0.81 suggests significant overlap in exposure. QQQD charges 0.57%/yr vs 0.90%/yr for SH.

Performance

QQQD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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, QQQD achieves a -2.89% return, which is significantly higher than SH's -8.00% return.

QQQD

• 1D: 1.38%
• 1M: -1.88%
• YTD: -2.89%
• 6M: -2.43%
• 1Y: -21.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: 0.70%
• 1M: -4.35%
• YTD: -8.00%
• 6M: -7.59%
• 1Y: -17.23%
• 3Y*: -13.02%
• 5Y*: -9.07%
• 10Y*: -12.89%

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

QQQD vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	-2.89%	-20.32%	-27.69%
SH ProShares Short S&P500	-8.00%	-11.35%	-7.62%

Correlation

The correlation between QQQD and SH is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.81

The correlation between QQQD and SH has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.

Return for Risk

QQQD vs. SH — Risk / Return Rank

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

QQQD

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

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: 1
SH 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.

QQQD vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) 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.

	QQQD	SH	Difference
Sharpe ratio Return per unit of total volatility	-1.08	-1.47	+0.38
Sortino ratio Return per unit of downside risk	-1.55	-2.10	+0.56
Omega ratio Gain probability vs. loss probability	0.83	0.77	+0.06
Calmar ratio Return relative to maximum drawdown	-0.82	-0.95	+0.13
Martin ratio Return relative to average drawdown	-1.23	-1.75	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQD vs. SH - Sharpe Ratio Comparison

The current QQQD Sharpe Ratio is -1.08, which is comparable to the SH Sharpe Ratio of -1.47. The chart below compares the historical Sharpe Ratios of QQQD 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.

Sharpe Ratios by Period

	QQQD	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.08	-1.47	+0.38
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	-0.86	-0.59	-0.27

Drawdowns

QQQD vs. SH - Drawdown Comparison

The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for QQQD and SH.

Drawdown Indicators

	QQQD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-49.47%	-94.66%	+45.19%
Max Drawdown (1Y) Largest decline over 1 year	-26.65%	-18.28%	-8.37%
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 Drawdown Current decline from peak	-47.50%	-94.62%	+47.12%
Average Drawdown Average peak-to-trough decline	-30.34%	-67.73%	+37.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.72%	9.89%	+7.83%

Volatility

QQQD vs. SH - Volatility Comparison

Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) has a higher volatility of 4.76% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that QQQD'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

	QQQD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	2.84%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	14.43%	8.91%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	20.21%	11.80%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.77%	16.85%	+9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.77%	18.01%	+8.76%

QQQD vs. SH - Expense Ratio Comparison

QQQD has a 0.57% expense ratio, which is lower than SH's 0.90% expense ratio.

Dividends

QQQD vs. SH - Dividend Comparison

QQQD's dividend yield for the trailing twelve months is around 4.07%, less than SH's 4.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	4.07%	4.33%	5.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.51%	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 QQQD and SH in my portfolio?

QQQD and SH have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQD or SH?

QQQD has higher volatility (4.76%) compared to SH (2.84%). In terms of maximum drawdown, QQQD dropped -49.47% vs SH's -94.66%.

Which ETF is better, QQQD or SH?

On 1-year performance, SH leads with -17.23% vs -21.80% for QQQD. On fees, QQQD is cheaper at 0.57% per year. On volatility, SH has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQD or SH?

Over the 1-year period, SH has performed better with a -17.23% return vs -21.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQD or SH?

QQQD is cheaper with a 0.57% expense ratio, compared with 0.90% for SH.

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

SH has the higher dividend yield at 4.51%, compared with 4.07% for QQQD.

What is the main difference between QQQD and SH?

QQQD tracks Indxx Magnificent 7 Index (-100%), while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.57% for QQQD and 0.90% for SH.

Which has better risk-adjusted returns?

QQQD currently has the higher Sharpe Ratio (-1.08 vs -1.47), 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.