YQQQ vs. SH

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax Short N100 Option Income Strategy ETF (YQQQ) and ProShares Short S&P500 (SH).

YQQQ and SH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. YQQQ is an actively managed fund by YieldMax. It was launched on Aug 14, 2024. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006.

Performance

YQQQ vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short N100 Option Income Strategy ETF (YQQQ) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

YQQQ vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YQQQ YieldMax Short N100 Option Income Strategy ETF	11.80%	-9.97%	-4.06%
SH ProShares Short S&P500	5.77%	-11.35%	-3.60%

Returns By Period

In the year-to-date period, YQQQ achieves a 11.80% return, which is significantly higher than SH's 5.77% return.

YQQQ

• 1D: -2.73%
• 1M: 6.61%
• YTD: 11.80%
• 6M: 13.19%
• 1Y: -6.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SH

• 1D: -2.82%
• 1M: 5.57%
• YTD: 5.77%
• 6M: 4.49%
• 1Y: -11.46%
• 3Y*: -9.86%
• 5Y*: -7.57%
• 10Y*: -11.84%

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

YQQQ vs. SH - Expense Ratio Comparison

YQQQ has a 0.99% expense ratio, which is higher than SH's 0.90% expense ratio.

YQQQ

YieldMax Short N100 Option Income Strategy ETF

SH

ProShares Short S&P500

Return for Risk

YQQQ vs. SH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YQQQ

YQQQ Risk / Return Rank: 6
YQQQ Sharpe Ratio Rank: 5
YQQQ Sortino Ratio Rank: 5
YQQQ Omega Ratio Rank: 4
YQQQ Calmar Ratio Rank: 8
YQQQ Martin Ratio Rank: 9

SH

SH Risk / Return Rank: 4
SH Sharpe Ratio Rank: 3
SH Sortino Ratio Rank: 3
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 5
SH Martin Ratio Rank: 8

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.

YQQQ vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short N100 Option Income Strategy ETF (YQQQ) and ProShares Short S&P500 (SH). 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.

	YQQQ	SH	Difference
Sharpe ratio Return per unit of total volatility	-0.38	-0.63	+0.25
Sortino ratio Return per unit of downside risk	-0.39	-0.79	+0.40
Omega ratio Gain probability vs. loss probability	0.94	0.89	+0.06
Calmar ratio Return relative to maximum drawdown	-0.25	-0.45	+0.20
Martin ratio Return relative to average drawdown	-0.33	-0.55	+0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YQQQ vs. SH - Sharpe Ratio Comparison

The current YQQQ Sharpe Ratio is -0.38, which is higher than the SH Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of YQQQ and SH, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	YQQQ	SH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	-0.63	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.45	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	-0.56	+0.43

Correlation

The correlation between YQQQ and SH is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

YQQQ vs. SH - Dividend Comparison

YQQQ's dividend yield for the trailing twelve months is around 27.35%, more than SH's 3.92% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
YQQQ YieldMax Short N100 Option Income Strategy ETF	27.35%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SH ProShares Short S&P500	3.92%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Drawdowns

YQQQ vs. SH - Drawdown Comparison

The maximum YQQQ drawdown since its inception was -24.85%, smaller than the maximum SH drawdown of -94.26%. Use the drawdown chart below to compare losses from any high point for YQQQ and SH.

Drawdown Indicators

	YQQQ	SH	Difference
Max Drawdown Largest peak-to-trough decline	-24.85%	-94.26%	+69.41%
Max Drawdown (1Y) Largest decline over 1 year	-24.85%	-26.61%	+1.76%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-74.31%	—
Current Drawdown Current decline from peak	-11.80%	-93.82%	+82.02%
Average Drawdown Average peak-to-trough decline	-13.36%	-67.49%	+54.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.66%	21.81%	-3.15%

Volatility

YQQQ vs. SH - Volatility Comparison

YieldMax Short N100 Option Income Strategy ETF (YQQQ) and ProShares Short S&P500 (SH) have volatilities of 5.23% and 5.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YQQQ	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.23%	5.30%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	9.43%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.29%	18.17%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	16.87%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	17.99%	-1.61%