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 (-100%), 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 -17.23% vs -14.25% for YQQQ. Their correlation of 0.89 suggests significant overlap in exposure. SH charges 0.90%/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 -8.00% return, which is significantly higher than YQQQ's -8.94% 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%
YQQQ
- 1D
- 0.06%
- 1M
- -7.64%
- YTD
- -8.94%
- 6M
- -6.62%
- 1Y
- -14.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SH vs. YQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SH ProShares Short S&P500 | -8.00% | -11.35% | -3.60% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | -8.94% | -9.97% | -4.06% |
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 16, 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.
| SH | YQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.83 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.69 | -0.26 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.68 | -0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SH | YQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | -1.14 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.77 | +0.18 |
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 -28.21%. 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% | -28.21% | -66.45% |
Max Drawdown (1Y)Largest decline over 1 year | -18.28% | -20.82% | +2.54% |
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 | -76.12% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -28.17% | -66.45% |
Average DrawdownAverage peak-to-trough decline | -67.73% | -14.22% | -53.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 8.52% | +1.37% |
Volatility
SH vs. YQQQ - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 2.84%, while YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a volatility of 3.90%. 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 | 2.84% | 3.90% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 9.87% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 12.51% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 16.26% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 16.26% | +1.75% |
SH vs. YQQQ - Expense Ratio Comparison
SH has a 0.90% 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 4.51%, less than YQQQ's 31.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | 31.75% | 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 (3.90%) compared to SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs YQQQ's -28.21%.
On 1-year performance, YQQQ leads with -14.25% vs -17.23% for SH. 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 1-year period, YQQQ has performed better with a -14.25% return vs -17.23%. 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 0.99% for YQQQ.
YQQQ has the higher dividend yield at 31.75%, compared with 4.51% 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: 0.90% for SH and 0.99% for YQQQ.
YQQQ currently has the higher Sharpe Ratio (-1.14 vs -1.47), 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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