PANW vs. PSQ

Last updated Aug 1, 2026

PANW (Palo Alto Networks, Inc.) is a stock, while PSQ (ProShares Short QQQ) is Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Over the past 10 years, PANW returned 31.54%/yr vs -18.20%/yr for PSQ. Their -0.52 correlation means they have often moved in opposite directions in the past.

Performance

PANW vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palo Alto Networks, Inc. (PANW) 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, PANW achieves a 80.15% return, which is significantly higher than PSQ's -9.94% return. Over the past 10 years, PANW has outperformed PSQ with an annualized return of 31.54%, while PSQ has yielded a comparatively lower -18.20% annualized return.

PANW

• 1D: 1.89%
• 1M: -5.74%
• 6M: 87.51%
• YTD: 80.15%
• 1Y: 91.15%
• 3Y*: 37.88%
• 5Y*: 37.91%
• 10Y*: 31.54%
• ALL TIME*: 29.13%

PSQ

• 1D: -0.59%
• 1M: 5.59%
• 6M: -9.19%
• YTD: -9.94%
• 1Y: -15.69%
• 3Y*: -15.05%
• 5Y*: -11.74%
• 10Y*: -18.20%
• ALL TIME*: -16.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PANW Palo Alto Networks, Inc.	$1.96B	$2.24B	$2.30B
PSQ ProShares Short QQQ	$270.27M	$217.80M	$219.49M

PANW vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PANW Palo Alto Networks, Inc.	80.15%	1.23%	23.41%	111.32%	-24.81%	56.66%	53.68%	22.78%	29.95%	15.91%
PSQ ProShares Short QQQ	-9.94%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%

Correlation

The correlation between PANW and PSQ is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.38
Correlation (3Y) Balances recent behavior with more history.	-0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.56
Correlation (10Y) Provides a long-term view across more market conditions.	-0.55
Correlation (All Time) Calculated using the full available price history since Jul 20, 2012	-0.52

The correlation between PANW and PSQ shifts across timeframes, from -0.56 (5 years) to -0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PANW vs. PSQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PANW

PANW Risk / Return Rank: 88
PANW Sharpe Ratio Rank: 94
PANW Sortino Ratio Rank: 91
PANW Omega Ratio Rank: 90
PANW Calmar Ratio Rank: 84
PANW Martin Ratio Rank: 82

PSQ

PSQ Risk / Return Rank: 3
PSQ Sharpe Ratio Rank: 3
PSQ Sortino Ratio Rank: 3
PSQ Omega Ratio Rank: 3
PSQ Calmar Ratio Rank: 4
PSQ Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PANW vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palo Alto Networks, Inc. (PANW) 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.

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.

	PANW	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	2.25	-0.81	+3.07
Sortino ratio: Return per unit of downside risk	2.80	-1.11	+3.91
Omega ratio: Gain probability vs. loss probability	1.36	0.88	+0.48
Calmar ratio: Return relative to maximum drawdown	2.55	-0.63	+3.18
Martin ratio: Return relative to average drawdown	5.95	-1.23	+7.18

PANW vs. PSQ - Sharpe Ratio Comparison

The current PANW Sharpe Ratio is 2.25, which is higher than the PSQ Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of PANW 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.

Drawdowns

PANW vs. PSQ - Drawdown Comparison

The maximum PANW drawdown since its inception was -47.98%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for PANW and PSQ.

Drawdown Indicators

	PANW	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-47.98%	-98.26%	+50.28%
Max Drawdown (1Y) Largest decline over 1 year	-36.01%	-24.83%	-11.18%
Max Drawdown (3Y) Largest decline over 3 years	-36.01%	-49.65%	+13.64%
Max Drawdown (5Y) Largest decline over 5 years	-36.01%	-60.91%	+24.90%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-87.66%	+39.68%
Current Drawdown Current decline from peak	-7.49%	-98.12%	+90.63%
Average Drawdown Average peak-to-trough decline	-14.59%	-74.15%	+59.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.38%	12.73%	+2.65%

Volatility

PANW vs. PSQ - Volatility Comparison

Palo Alto Networks, Inc. (PANW) has a higher volatility of 14.66% compared to ProShares Short QQQ (PSQ) at 6.96%. This indicates that PANW's price experiences larger fluctuations and is considered to be riskier than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PANW	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.66%	6.96%	+7.70%
Volatility (6M) Calculated over the trailing 6-month period	35.66%	16.03%	+19.63%
Volatility (1Y) Calculated over the trailing 1-year period	41.04%	19.38%	+21.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.40%	22.93%	+19.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.91%	22.46%	+16.45%

Dividends

PANW vs. PSQ - Dividend Comparison

PANW has not paid dividends to shareholders, while PSQ's dividend yield for the trailing twelve months is around 4.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PANW Palo Alto Networks, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSQ ProShares Short QQQ	4.26%	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 PANW and PSQ in my portfolio?

PANW and PSQ have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PANW or PSQ?

PANW has higher volatility (14.66%) compared to PSQ (6.96%). In terms of maximum drawdown, PANW dropped -47.98% vs PSQ's -98.26%.

Which has better risk-adjusted returns?

PANW currently has the higher Sharpe Ratio (2.25 vs -0.81), 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.