PSLV vs. SQQQ
PSLV (Sprott Physical Silver Trust) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, PSLV returned 10.27%/yr vs -54.86%/yr for SQQQ. Their -0.16 correlation means they have often moved in opposite directions in the past. PSLV charges 0.51%/yr vs 0.95%/yr for SQQQ.
Performance
PSLV vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, PSLV achieves a -14.46% return, which is significantly higher than SQQQ's -42.75% return. Over the past 10 years, PSLV has outperformed SQQQ with an annualized return of 10.27%, while SQQQ has yielded a comparatively lower -54.86% annualized return.
PSLV
- 1D
- 4.55%
- 1M
- 1.86%
- 6M
- -27.36%
- YTD
- -14.46%
- 1Y
- 57.43%
- 3Y*
- 35.90%
- 5Y*
- 18.80%
- 10Y*
- 10.27%
- ALL TIME*
- 4.57%
SQQQ
- 1D
- 2.76%
- 1M
- 0.03%
- 6M
- -45.14%
- YTD
- -42.75%
- 1Y
- -56.74%
- 3Y*
- -53.34%
- 5Y*
- -45.60%
- 10Y*
- -54.86%
- ALL TIME*
- -53.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $162.20M | $141.73M | $191.60M | |
| $2.94B | $2.46B | $2.70B |
PSLV vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | -14.46% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
SQQQ ProShares UltraPro Short QQQ | -42.75% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between PSLV and SQQQ is -0.34, 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. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | -0.16 |
The correlation between PSLV and SQQQ shifts across timeframes, from -0.34 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSLV vs. SQQQ — Risk / Return Rank
PSLV
SQQQ
PSLV vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) and ProShares UltraPro Short QQQ (SQQQ). 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.
| PSLV | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.96 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.96 | +2.09 |
| Martin ratioReturn relative to average drawdown | 2.18 | -1.71 | +3.89 |
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Drawdowns
PSLV vs. SQQQ - Drawdown Comparison
The maximum PSLV drawdown since its inception was -79.38%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PSLV and SQQQ.
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Drawdown Indicators
| PSLV | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.38% | -100.00% | +20.62% |
Max Drawdown (1Y)Largest decline over 1 year | -50.83% | -59.39% | +8.56% |
Max Drawdown (3Y)Largest decline over 3 years | -50.83% | -92.51% | +41.68% |
Max Drawdown (5Y)Largest decline over 5 years | -50.83% | -97.27% | +46.44% |
Max Drawdown (10Y)Largest decline over 10 years | -50.83% | -99.97% | +49.14% |
Current DrawdownCurrent decline from peak | -44.36% | -100.00% | +55.64% |
Average DrawdownAverage peak-to-trough decline | -58.01% | -92.78% | +34.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.41% | 33.73% | -7.32% |
Volatility
PSLV vs. SQQQ - Volatility Comparison
The current volatility for Sprott Physical Silver Trust (PSLV) is 11.71%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.81%. This indicates that PSLV experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSLV | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.71% | 22.81% | -11.10% |
Volatility (6M)Calculated over the trailing 6-month period | 45.31% | 49.10% | -3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.37% | 58.50% | +2.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.62% | 68.39% | -31.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.56% | 66.84% | -35.28% |
PSLV vs. SQQQ - Expense Ratio Comparison
PSLV has a 0.51% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
PSLV vs. SQQQ - Dividend Comparison
PSLV has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 10.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.43% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
PSLV and SQQQ have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.81%) compared to PSLV (11.71%). In terms of maximum drawdown, PSLV dropped -79.38% vs SQQQ's -100.00%.
On 10-year performance, PSLV leads with 10.27% vs -54.86% for SQQQ. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 11.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 10.27% return vs -54.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 10.43%, compared with 0.00% for PSLV.
PSLV is categorized as Silver, while SQQQ is Leveraged Equities. PSLV tracks No Index (Physical Silver), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Sprott and ProShares. Their fees differ too: 0.51% for PSLV and 0.95% for SQQQ.
PSLV currently has the higher Sharpe Ratio (0.94 vs -0.97), 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.
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