SH vs. YQQQ

Last updated Jul 14, 2026

SH (ProShares Short S&P500) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - SH is a Inverse Equities fund tracking the S&P 500 Index (-100% daily), while YQQQ is a Derivative Income fund actively managed by YieldMax. SH is passively managed, while YQQQ is actively managed. Over the past year, SH returned -13.05% vs -7.93% for YQQQ. Their correlation of 0.89 suggests significant overlap in exposure. SH charges 0.89%/yr vs 0.99%/yr for YQQQ.

Performance

SH vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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 YQQQ's -5.25% 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%

YQQQ

• 1D: 1.42%
• 1M: 2.63%
• 6M: -4.11%
• YTD: -5.25%
• 1Y: -7.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SH vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SH ProShares Short S&P500	-7.18%	-11.35%	-5.11%
YQQQ YieldMax Short N100 Option Income Strategy ETF	-5.25%	-9.97%	-5.17%

Correlation

The correlation between SH and YQQQ is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.89

The correlation between SH and YQQQ has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

SH vs. YQQQ — 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

YQQQ

YQQQ Risk / Return Rank: 5
YQQQ Sharpe Ratio Rank: 5
YQQQ Sortino Ratio Rank: 5
YQQQ Omega Ratio Rank: 4
YQQQ Calmar Ratio Rank: 6
YQQQ Martin Ratio Rank: 5

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. YQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-0.57	-0.48
Sortino ratio: Return per unit of downside risk	-1.48	-0.72	-0.76
Omega ratio: Gain probability vs. loss probability	0.84	0.92	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.37	-0.45
Martin ratio: Return relative to average drawdown	-1.55	-0.85	-0.70

SH vs. YQQQ - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.05, which is lower than the YQQQ Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of SH and YQQQ, 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. YQQQ - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, which is greater than YQQQ's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for SH and YQQQ.

Drawdown Indicators

	SH	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-29.10%	-65.56%
Max Drawdown (1Y) Largest decline over 1 year	-16.06%	-21.80%	+5.74%
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%	-25.26%	-69.31%
Average Drawdown Average peak-to-trough decline	-67.85%	-14.89%	-52.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.41%	9.31%	-0.90%

Volatility

SH vs. YQQQ - Volatility Comparison

The current volatility for ProShares Short S&P500 (SH) is 4.09%, while YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a volatility of 6.42%. This indicates that SH experiences smaller price fluctuations and is considered to be less risky than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SH	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	6.42%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	11.66%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	13.92%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	16.58%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	16.58%	+1.42%

SH vs. YQQQ - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than YQQQ's 0.99% expense ratio.

Dividends

SH vs. YQQQ - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.21%, less than YQQQ's 29.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.17%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SH and YQQQ in my portfolio?

With a correlation of 0.90, SH and YQQQ 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 YQQQ?

YQQQ has higher volatility (6.42%) compared to SH (4.09%). In terms of maximum drawdown, SH dropped -94.66% vs YQQQ's -29.10%.

Which ETF is better, SH or YQQQ?

On 1-year performance, YQQQ leads with -7.93% vs -13.05% for SH. On fees, SH is cheaper at 0.89% 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 YQQQ?

Over the 1-year period, YQQQ has performed better with a -7.93% 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 YQQQ?

SH is cheaper with a 0.89% expense ratio, compared with 0.99% for YQQQ.

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

YQQQ has the higher dividend yield at 29.17%, compared with 4.21% for SH.

What is the main difference between SH and YQQQ?

SH is categorized as Inverse Equities, while YQQQ is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.89% for SH and 0.99% for YQQQ.

Which has better risk-adjusted returns?

YQQQ currently has the higher Sharpe Ratio (-0.57 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.