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SH vs. PSQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SH vs. PSQ

Last updated Jun 4, 2026

SH (ProShares Short S&P500) and PSQ (ProShares Short QQQ) are both Inverse Equities funds from ProShares - SH tracks the S&P 500 (-100%) while PSQ tracks the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, SH returned -12.89%/yr vs -19.23%/yr for PSQ. Their correlation of 0.89 suggests significant overlap in exposure. SH charges 0.90%/yr vs 0.95%/yr for PSQ.

Performance

SH vs. PSQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, SH achieves a -8.00% return, which is significantly higher than PSQ's -16.45% return. Over the past 10 years, SH has outperformed PSQ with an annualized return of -12.89%, while PSQ has yielded a comparatively lower -19.23% annualized return.

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%

PSQ

1D
0.28%
1M
-9.35%
YTD
-16.45%
6M
-14.96%
1Y
-26.29%
3Y*
-18.98%
5Y*
-14.55%
10Y*
-19.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SH vs. PSQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SH
ProShares Short S&P500		-8.00%-11.35%-13.52%-14.80%18.98%-24.21%-25.09%-22.12%4.93%-17.36%
PSQ
ProShares Short QQQ		-16.45%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%

Correlation

The correlation between SH and PSQ is 0.94, 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

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2006

0.89

The correlation between SH and PSQ has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

SH vs. PSQ - Sectors Allocation Comparison

Sectors
SH
PSQ

Financial Services

91.6%
74.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

SH
91.6%
PSQ
74.7%

Basic Materials

SH

-

PSQ

-

Communication Services

SH

-

PSQ

-

Consumer Cyclical

SH

-

PSQ

-

Consumer Defensive

SH

-

PSQ

-

Energy

SH

-

PSQ

-

Healthcare

SH

-

PSQ

-

Industrials

SH

-

PSQ

-

Real Estate

SH

-

PSQ

-

Technology

SH

-

PSQ

-

Utilities

SH

-

PSQ

-

Compare stocks, funds, or ETFs

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ProShares Short S&P500

ProShares Short QQQ

Often compared with SH:
SH vs. SPYSH vs. SDSSH vs. SPDNSH vs. SCHDSH vs. SQQQSH vs. DOGSH vs. IVOL
Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. QLD

Return for Risk

SH vs. PSQ — Risk / Return Rank

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

SH vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and ProShares Short QQQ (PSQ). 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.

SHPSQDifference
Sharpe ratioReturn per unit of total volatility
-1.47
-1.65

+0.18

Sortino ratioReturn per unit of downside risk
-2.10
-2.46

+0.36

Omega ratioGain probability vs. loss probability

0.77

0.74

+0.03

Calmar ratioReturn relative to maximum drawdown

-0.95

-0.98

+0.03

Martin ratioReturn relative to average drawdown

-1.75

-2.12

+0.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SH vs. PSQ - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.47, which is comparable to the PSQ Sharpe Ratio of -1.65. The chart below compares the historical Sharpe Ratios of SH and PSQ, 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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Sharpe Ratios by Period

SHPSQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.47

-1.65

+0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.54

-0.65

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.72

-0.87

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.59

-0.76

+0.18

Drawdowns

SH vs. PSQ - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, roughly equal to the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for SH and PSQ.

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Drawdown Indicators

SHPSQDifference

Max Drawdown

Largest peak-to-trough decline

-94.66%

-98.26%

+3.60%

Max Drawdown (1Y)

Largest decline over 1 year

-18.28%

-26.93%

+8.65%

Max Drawdown (3Y)

Largest decline over 3 years

-38.82%

-49.65%

+10.83%

Max Drawdown (5Y)

Largest decline over 5 years

-44.53%

-60.91%

+16.38%

Max Drawdown (10Y)

Largest decline over 10 years

-76.12%

-88.98%

+12.86%

Current Drawdown

Current decline from peak

-94.62%

-98.25%

+3.63%

Average Drawdown

Average peak-to-trough decline

-67.73%

-73.97%

+6.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.89%

12.41%

-2.52%

Volatility

SH vs. PSQ - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 2.84%, while ProShares Short QQQ (PSQ) has a volatility of 4.50%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SHPSQDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.84%

4.50%

-1.66%

Volatility (6M)

Calculated over the trailing 6-month period

8.91%

12.14%

-3.23%

Volatility (1Y)

Calculated over the trailing 1-year period

11.80%

16.01%

-4.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.85%

22.43%

-5.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

22.25%

-4.24%

SH vs. PSQ - Expense Ratio Comparison

SH has a 0.90% expense ratio, which is lower than PSQ's 0.95% expense ratio.

Dividends

SH vs. PSQ - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.51%, less than PSQ's 5.24% yield.

PositionTTM202520242023202220212020201920182017
PSQ
ProShares Short QQQ		5.24%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%
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

With a correlation of 0.94, SH and PSQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

PSQ has higher volatility (4.50%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs PSQ's -98.26%.

On 10-year performance, SH leads with -12.89% vs -19.23% for PSQ. On fees, SH is cheaper at 0.90% 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.

Over the 10-year period, SH has performed better with a -12.89% return vs -19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SH is cheaper with a 0.90% expense ratio, compared with 0.95% for PSQ.

PSQ has the higher dividend yield at 5.24%, compared with 4.51% for SH.

SH tracks S&P 500 (-100%), while PSQ tracks NASDAQ-100 Index (-100%). Their fees differ too: 0.90% for SH and 0.95% for PSQ.

SH currently has the higher Sharpe Ratio (-1.47 vs -1.65), 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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