SH vs. YQQQ
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 -14.42% vs -6.75% for YQQQ. Their correlation of 0.89 means they have usually moved in the same direction. SH charges 0.89%/yr vs 0.99%/yr for YQQQ.
Performance
SH vs. YQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -7.97% return, which is significantly lower than YQQQ's -3.37% 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%
YQQQ
- 1D
- -1.12%
- 1M
- 2.69%
- 6M
- -3.98%
- YTD
- -3.37%
- 1Y
- -6.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -9.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $269.15M | $242.02M | $299.42M | |
| $671.99K | $468.60K | $586.43K |
SH vs. YQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SH ProShares Short S&P500 | -7.97% | -11.35% | -5.11% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | -3.37% | -9.97% | -5.17% |
Correlation
The correlation between SH and YQQQ is 0.90, 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. | 0.90 |
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.
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Return for Risk
SH vs. YQQQ — Risk / Return Rank
SH
YQQQ
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 ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.93 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.31 | -0.59 |
| Martin ratioReturn relative to average drawdown | -1.66 | -0.67 | -0.98 |
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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.
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Drawdown Indicators
| SH | YQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -94.62% | -23.77% | -70.85% |
Average DrawdownAverage peak-to-trough decline | -67.93% | -15.17% | -52.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.08% | 10.10% | -1.02% |
Volatility
SH vs. YQQQ - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 3.78%, while YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a volatility of 4.45%. 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.
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Volatility by Period
| SH | YQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 4.45% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 11.97% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 14.30% | -1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.98% | 16.54% | +0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 16.54% | +1.49% |
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 4.25%, less than YQQQ's 29.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | 29.24% | 31.71% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SH and YQQQ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YQQQ has higher volatility (4.45%) compared to SH (3.78%). In terms of maximum drawdown, SH dropped -94.66% vs YQQQ's -29.10%.
On 1-year performance, YQQQ leads with -6.75% vs -14.42% for SH. 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.
Over the 1-year period, YQQQ has performed better with a -6.75% return vs -14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.89% expense ratio, compared with 0.99% for YQQQ.
YQQQ has the higher dividend yield at 29.24%, compared with 4.25% for SH.
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.
YQQQ currently has the higher Sharpe Ratio (-0.47 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.
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