SH vs. IQQQ

Last updated Jul 14, 2026

SH (ProShares Short S&P500) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SH returned -13.05% vs 25.95% for IQQQ. At a correlation of -0.93, they often move in opposite directions. SH charges 0.89%/yr vs 0.55%/yr for IQQQ.

Performance

SH vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SH achieves a -7.18% return, which is significantly lower than IQQQ's 13.67% return.

SH

• 1D: 0.73%
• 1M: -0.85%
• 6M: -5.53%
• YTD: -7.18%
• 1Y: -13.05%
• 3Y*: -11.50%
• 5Y*: -8.24%
• 10Y*: -12.51%

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SH vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SH ProShares Short S&P500	-7.18%	-11.35%	-7.39%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between SH and IQQQ is -0.92, 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	-0.92
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.93

The correlation between SH and IQQQ has been stable across timeframes, ranging from -0.93 to -0.92 - a consistent structural relationship.

Return for Risk

SH vs. IQQQ — Risk / Return Rank

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

SH

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

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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.

SH vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	SH	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.48	-2.53
Sortino ratio: Return per unit of downside risk	-1.48	1.99	-3.47
Omega ratio: Gain probability vs. loss probability	0.84	1.26	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.82	2.34	-3.16
Martin ratio: Return relative to average drawdown	-1.55	7.74	-9.29

SH vs. IQQQ - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.05, which is lower than the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SH and IQQQ, 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

SH vs. IQQQ - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SH and IQQQ.

Drawdown Indicators

	SH	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-20.41%	-74.25%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-11.13%	-4.93%
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	-74.80%	—	—
Current Drawdown Current decline from peak	-94.57%	-4.54%	-90.03%
Average Drawdown Average peak-to-trough decline	-67.85%	-3.63%	-64.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.41%	3.36%	+5.05%

Volatility

SH vs. IQQQ - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 4.09%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 7.78%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	7.78%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	14.34%	-4.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	17.62%	-5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	19.16%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	19.16%	-1.16%

SH vs. IQQQ - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

SH vs. IQQQ - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.21%, less than IQQQ's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	4.21%	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 SH and IQQQ in my portfolio?

SH and IQQQ have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or IQQQ?

IQQQ has higher volatility (7.78%) compared to SH (4.09%). In terms of maximum drawdown, SH dropped -94.66% vs IQQQ's -20.41%.

Which ETF is better, SH or IQQQ?

On 1-year performance, IQQQ leads with 25.95% vs -13.05% for SH. On fees, IQQQ is cheaper at 0.55% per year. On volatility, SH has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or IQQQ?

Over the 1-year period, IQQQ has performed better with a 25.95% return vs -13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.89% for SH.

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

IQQQ has the higher dividend yield at 5.25%, compared with 4.21% for SH.

What is the main difference between SH and IQQQ?

SH is categorized as Inverse Equities, while IQQQ is Nasdaq-100. SH tracks S&P 500 Index (-100% daily), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.89% for SH and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs -1.05), 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.