FOCT vs. PSQ

Last updated Jun 4, 2026

FOCT (FT Vest U.S. Equity Buffer ETF - October) and PSQ (ProShares Short QQQ) are both exchange-traded funds - FOCT is a Defined Outcome fund actively managed by FT Vest, while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). FOCT is actively managed, while PSQ is passively managed. Over the past 5 years, FOCT returned 9.14%/yr vs -14.55%/yr for PSQ. At a correlation of -0.88, they often move in opposite directions. FOCT charges 0.85%/yr vs 0.95%/yr for PSQ.

Performance

FOCT vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - October (FOCT) and ProShares Short QQQ (PSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOCT achieves a 6.65% return, which is significantly higher than PSQ's -16.45% return.

FOCT

• 1D: -0.23%
• 1M: 2.64%
• YTD: 6.65%
• 6M: 7.15%
• 1Y: 20.11%
• 3Y*: 12.77%
• 5Y*: 9.14%
• 10Y*: —

PSQ

• 1D: 0.28%
• 1M: -9.35%
• YTD: -16.45%
• 6M: -14.96%
• 1Y: -26.29%
• 3Y*: -18.98%
• 5Y*: -14.55%
• 10Y*: -19.23%

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

FOCT vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FOCT FT Vest U.S. Equity Buffer ETF - October	6.65%	14.92%	9.62%	17.81%	-7.59%	13.13%	6.38%
PSQ ProShares Short QQQ	-16.45%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-10.72%

Correlation

The correlation between FOCT and PSQ is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.91
Correlation (3Y) Calculated over the trailing 3-year period	-0.86
Correlation (5Y) Calculated over the trailing 5-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020	-0.88

The correlation between FOCT and PSQ has been stable across timeframes, ranging from -0.91 to -0.86 - a consistent structural relationship.

FOCT vs. PSQ - Sectors Allocation Comparison

Sectors	FOCT	PSQ
Technology	36.2%	-
Financial Services	11.9%	74.7%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

FOCT vs. PSQ — Risk / Return Rank

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

FOCT

FOCT Risk / Return Rank: 79
FOCT Sharpe Ratio Rank: 77
FOCT Sortino Ratio Rank: 81
FOCT Omega Ratio Rank: 81
FOCT Calmar Ratio Rank: 70
FOCT Martin Ratio Rank: 84

PSQ

PSQ Risk / Return Rank: 0
PSQ Sharpe Ratio Rank: 0
PSQ Sortino Ratio Rank: 0
PSQ Omega Ratio Rank: 0
PSQ Calmar Ratio Rank: 1
PSQ Martin Ratio Rank: 0

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.

FOCT vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - October (FOCT) and ProShares Short QQQ (PSQ). 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.

	FOCT	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	2.53	-1.65	+4.18
Sortino ratio: Return per unit of downside risk	3.64	-2.46	+6.10
Omega ratio: Gain probability vs. loss probability	1.49	0.74	+0.75
Calmar ratio: Return relative to maximum drawdown	3.52	-0.98	+4.50
Martin ratio: Return relative to average drawdown	17.32	-2.12	+19.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FOCT vs. PSQ - Sharpe Ratio Comparison

The current FOCT Sharpe Ratio is 2.53, which is higher than the PSQ Sharpe Ratio of -1.65. The chart below compares the historical Sharpe Ratios of FOCT and PSQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FOCT	PSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	-1.65	+4.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	-0.65	+1.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	-0.76	+1.74

Drawdowns

FOCT vs. PSQ - Drawdown Comparison

The maximum FOCT drawdown since its inception was -14.07%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for FOCT and PSQ.

Drawdown Indicators

	FOCT	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-14.07%	-98.26%	+84.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-26.93%	+21.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.06%	-49.65%	+36.59%
Max Drawdown (5Y) Largest decline over 5 years	-14.07%	-60.91%	+46.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-88.98%	—
Current Drawdown Current decline from peak	-0.23%	-98.25%	+98.02%
Average Drawdown Average peak-to-trough decline	-2.25%	-73.97%	+71.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	12.41%	-11.25%

Volatility

FOCT vs. PSQ - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - October (FOCT) is 1.22%, while ProShares Short QQQ (PSQ) has a volatility of 4.50%. This indicates that FOCT experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOCT	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	4.50%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	12.14%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	16.01%	-8.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.07%	22.43%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.89%	22.25%	-11.36%

FOCT vs. PSQ - Expense Ratio Comparison

FOCT has a 0.85% expense ratio, which is lower than PSQ's 0.95% expense ratio.

Dividends

FOCT vs. PSQ - Dividend Comparison

FOCT has not paid dividends to shareholders, while PSQ's dividend yield for the trailing twelve months is around 5.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOCT FT Vest U.S. Equity Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSQ ProShares Short QQQ	5.24%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%

Frequently Asked Questions

Can I hold both FOCT and PSQ in my portfolio?

FOCT and PSQ have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOCT or PSQ?

PSQ has higher volatility (4.50%) compared to FOCT (1.22%). In terms of maximum drawdown, FOCT dropped -14.07% vs PSQ's -98.26%.

Which ETF is better, FOCT or PSQ?

On 5-year performance, FOCT leads with 9.14% vs -14.55% for PSQ. On fees, FOCT is cheaper at 0.85% per year. On volatility, FOCT has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FOCT or PSQ?

Over the 5-year period, FOCT has performed better with a 9.14% return vs -14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FOCT or PSQ?

FOCT is cheaper with a 0.85% expense ratio, compared with 0.95% for PSQ.

Which ETF pays a higher dividend yield, FOCT or PSQ?

PSQ has the higher dividend yield at 5.24%, compared with 0.00% for FOCT.

What is the main difference between FOCT and PSQ?

FOCT is categorized as Defined Outcome, while PSQ is Inverse Equities. They also come from different issuers: FT Vest and ProShares. Their fees differ too: 0.85% for FOCT and 0.95% for PSQ.

Which has better risk-adjusted returns?

FOCT currently has the higher Sharpe Ratio (2.53 vs -1.65), 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.