SH vs. PSQ

Last updated Aug 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 Index (-100% daily) while PSQ tracks the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, SH returned -12.49%/yr vs -18.22%/yr for PSQ. Their correlation of 0.89 means they have usually moved in the same direction. SH charges 0.89%/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.

Returns By Period

In the year-to-date period, SH achieves a -7.97% return, which is significantly higher than PSQ's -11.52% return. Over the past 10 years, SH has outperformed PSQ with an annualized return of -12.49%, while PSQ has yielded a comparatively lower -18.22% annualized return.

SH

• 1D: -1.42%
• 1M: -1.30%
• 6M: -6.60%
• YTD: -7.97%
• 1Y: -14.42%
• 3Y*: -12.05%
• 5Y*: -8.25%
• 10Y*: -12.49%
• ALL TIME*: -11.35%

PSQ

• 1D: -1.75%
• 1M: 1.82%
• 6M: -10.18%
• YTD: -11.52%
• 1Y: -18.81%
• 3Y*: -16.36%
• 5Y*: -11.93%
• 10Y*: -18.22%
• ALL TIME*: -16.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PSQ ProShares Short QQQ	$279.94M	$223.10M	$222.42M
SH ProShares Short S&P500	$269.15M	$242.02M	$299.42M

SH vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-7.97%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
PSQ ProShares Short QQQ	-11.52%	-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 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Jun 21, 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	81.2%	64.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SH vs. PSQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 0

PSQ

PSQ Risk / Return Rank: 2
PSQ Sharpe Ratio Rank: 2
PSQ Sortino Ratio Rank: 2
PSQ Omega Ratio Rank: 2
PSQ Calmar Ratio Rank: 3
PSQ Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.13	-0.98	-0.16
Sortino ratio: Return per unit of downside risk	-1.61	-1.37	-0.23
Omega ratio: Gain probability vs. loss probability	0.82	0.85	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.76	-0.14
Martin ratio: Return relative to average drawdown	-1.66	-1.51	-0.14

SH vs. PSQ - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.13, which is comparable to the PSQ Sharpe Ratio of -0.98. 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.

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.

Drawdown Indicators

	SH	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-98.26%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-24.83%	+8.77%
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	-74.80%	-87.66%	+12.86%
Current Drawdown Current decline from peak	-94.62%	-98.15%	+3.53%
Average Drawdown Average peak-to-trough decline	-67.93%	-74.16%	+6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	12.80%	-3.72%

Volatility

SH vs. PSQ - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 3.78%, while ProShares Short QQQ (PSQ) has a volatility of 7.03%. 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.

Volatility by Period

	SH	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	7.03%	-3.25%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	16.07%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	19.36%	-6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	22.95%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	22.47%	-4.44%

SH vs. PSQ - Expense Ratio Comparison

SH has a 0.89% 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 4.25%, less than PSQ's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	4.33%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SH ProShares Short S&P500	4.25%	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 PSQ in my portfolio?

With a correlation of 0.93, 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.

Which is riskier, SH or PSQ?

PSQ has higher volatility (7.03%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs PSQ's -98.26%.

Which ETF is better, SH or PSQ?

On 10-year performance, SH leads with -12.49% vs -18.22% for PSQ. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or PSQ?

Over the 10-year period, SH has performed better with a -12.49% return vs -18.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or PSQ?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for PSQ.

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

PSQ has the higher dividend yield at 4.33%, compared with 4.25% for SH.

What is the main difference between SH and PSQ?

SH tracks S&P 500 Index (-100% daily), while PSQ tracks NASDAQ-100 Index (-100%). Their fees differ too: 0.89% for SH and 0.95% for PSQ.

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-0.98 vs -1.13), 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.