PDD vs. PSQ

Last updated Aug 1, 2026

PDD (PDD Holdings Inc.) is a stock, while PSQ (ProShares Short QQQ) is Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Over the past 5 years, PDD returned -0.67%/yr vs -11.74%/yr for PSQ. Their -0.40 correlation means they have often moved in opposite directions in the past.

Performance

PDD vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PDD Holdings Inc. (PDD) 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, PDD achieves a -21.90% return, which is significantly lower than PSQ's -9.94% return.

PDD

• 1D: 1.28%
• 1M: 7.32%
• 6M: -12.36%
• YTD: -21.90%
• 1Y: -21.94%
• 3Y*: -0.57%
• 5Y*: -0.67%
• 10Y*: —
• ALL TIME*: 16.25%

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)
PDD PDD Holdings Inc.	$489.49M	$566.14M	$770.02M
PSQ ProShares Short QQQ	$270.27M	$217.80M	$219.49M

PDD vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PDD PDD Holdings Inc.	-21.90%	16.91%	-33.71%	79.41%	39.88%	-67.19%	369.78%	68.54%	-15.32%
PSQ ProShares Short QQQ	-9.94%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	16.17%

Correlation

The correlation between PDD and PSQ is -0.39, 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.	-0.39
Correlation (3Y) Balances recent behavior with more history.	-0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.38
Correlation (All Time) Calculated using the full available price history since Jul 26, 2018	-0.40

Return for Risk

PDD vs. PSQ — Risk / Return Rank

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

PDD

PDD Risk / Return Rank: 20
PDD Sharpe Ratio Rank: 15
PDD Sortino Ratio Rank: 16
PDD Omega Ratio Rank: 17
PDD Calmar Ratio Rank: 28
PDD Martin Ratio Rank: 26

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.

PDD vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PDD Holdings Inc. (PDD) 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.

	PDD	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.81	+0.16
Sortino ratio: Return per unit of downside risk	-0.77	-1.11	+0.34
Omega ratio: Gain probability vs. loss probability	0.91	0.88	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.47	-0.63	+0.17
Martin ratio: Return relative to average drawdown	-0.90	-1.23	+0.33

PDD vs. PSQ - Sharpe Ratio Comparison

The current PDD Sharpe Ratio is -0.65, which is comparable to the PSQ Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of PDD 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

PDD vs. PSQ - Drawdown Comparison

The maximum PDD drawdown since its inception was -87.41%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for PDD and PSQ.

Drawdown Indicators

	PDD	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-87.41%	-98.26%	+10.85%
Max Drawdown (1Y) Largest decline over 1 year	-46.93%	-24.83%	-22.10%
Max Drawdown (3Y) Largest decline over 3 years	-53.48%	-49.65%	-3.83%
Max Drawdown (5Y) Largest decline over 5 years	-76.30%	-60.91%	-15.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-87.66%	—
Current Drawdown Current decline from peak	-56.34%	-98.12%	+41.78%
Average Drawdown Average peak-to-trough decline	-39.65%	-74.15%	+34.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.37%	12.73%	+11.64%

Volatility

PDD vs. PSQ - Volatility Comparison

PDD Holdings Inc. (PDD) has a higher volatility of 7.74% compared to ProShares Short QQQ (PSQ) at 6.96%. This indicates that PDD'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

	PDD	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	6.96%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	26.27%	16.03%	+10.24%
Volatility (1Y) Calculated over the trailing 1-year period	33.67%	19.38%	+14.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.32%	22.93%	+44.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.97%	22.46%	+46.51%

Dividends

PDD vs. PSQ - Dividend Comparison

PDD 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
PDD PDD Holdings 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 PDD and PSQ in my portfolio?

PDD and PSQ have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDD or PSQ?

PDD has higher volatility (7.74%) compared to PSQ (6.96%). In terms of maximum drawdown, PDD dropped -87.41% vs PSQ's -98.26%.

Which has better risk-adjusted returns?

PDD currently has the higher Sharpe Ratio (-0.65 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.