$ProShares Shrt QQQ(PSQ.US)

This short leveraged ETF using swap contracts (inverse fund) seems like hedging doesn't work well, unless it's a one-way market. If it's a volatile market, the 1x loss from hedging is too large, and 1x doesn't hedge much. If the multiplier is higher, losses in a volatile or bull market would be even greater. I've learned my lesson: next time for such negatively correlated assets, I must follow mathematical logic (add positions based on how much it drops mathematically), otherwise buying at the bottom all at once will wipe out the capital due to decay.