PSQ vs. ^NDX

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short QQQ (PSQ) and NASDAQ 100 Index (^NDX).

PSQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-100%). It was launched on Jun 19, 2006.

Performance

PSQ vs. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

PSQ vs. ^NDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	7.10%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
^NDX NASDAQ 100 Index	-5.98%	20.17%	24.88%	53.81%	-32.97%	26.63%	47.58%	37.96%	-1.04%	31.52%

Returns By Period

In the year-to-date period, PSQ achieves a 7.10% return, which is significantly higher than ^NDX's -5.98% return. Over the past 10 years, PSQ has underperformed ^NDX with an annualized return of -17.21%, while ^NDX has yielded a comparatively higher 18.01% annualized return.

PSQ

• 1D: -3.36%
• 1M: 5.19%
• YTD: 7.10%
• 6M: 5.61%
• 1Y: -17.44%
• 3Y*: -14.62%
• 5Y*: -10.93%
• 10Y*: -17.21%

^NDX

• 1D: 3.43%
• 1M: -4.89%
• YTD: -5.98%
• 6M: -3.81%
• 1Y: 23.14%
• 3Y*: 21.67%
• 5Y*: 12.24%
• 10Y*: 18.01%

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

Return for Risk

PSQ vs. ^NDX — Risk / Return Rank

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

PSQ

PSQ Risk / Return Rank: 3
PSQ Sharpe Ratio Rank: 1
PSQ Sortino Ratio Rank: 2
PSQ Omega Ratio Rank: 1
PSQ Calmar Ratio Rank: 4
PSQ Martin Ratio Rank: 7

^NDX

^NDX Risk / Return Rank: 80
^NDX Sharpe Ratio Rank: 75
^NDX Sortino Ratio Rank: 82
^NDX Omega Ratio Rank: 80
^NDX Calmar Ratio Rank: 80
^NDX Martin Ratio Rank: 85

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.

PSQ vs. ^NDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and NASDAQ 100 Index (^NDX). 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.

	PSQ	^NDX	Difference
Sharpe ratio Return per unit of total volatility	-0.78	1.02	-1.80
Sortino ratio Return per unit of downside risk	-0.98	1.60	-2.57
Omega ratio Gain probability vs. loss probability	0.86	1.23	-0.36
Calmar ratio Return relative to maximum drawdown	-0.51	1.82	-2.33
Martin ratio Return relative to average drawdown	-0.64	6.70	-7.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSQ vs. ^NDX - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -0.78, which is lower than the ^NDX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of PSQ and ^NDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSQ	^NDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	1.02	-1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.49	0.54	-1.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.78	0.80	-1.58
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	0.55	-1.27

Correlation

The correlation between PSQ and ^NDX is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Drawdowns

PSQ vs. ^NDX - Drawdown Comparison

The maximum PSQ drawdown since its inception was -97.99%, which is greater than ^NDX's maximum drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for PSQ and ^NDX.

Drawdown Indicators

	PSQ	^NDX	Difference
Max Drawdown Largest peak-to-trough decline	-97.99%	-82.90%	-15.09%
Max Drawdown (1Y) Largest decline over 1 year	-33.97%	-12.72%	-21.25%
Max Drawdown (5Y) Largest decline over 5 years	-54.95%	-35.56%	-19.39%
Max Drawdown (10Y) Largest decline over 10 years	-87.30%	-35.56%	-51.74%
Current Drawdown Current decline from peak	-97.76%	-9.11%	-88.65%
Average Drawdown Average peak-to-trough decline	-73.76%	-24.72%	-49.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.21%	3.45%	+23.76%

Volatility

PSQ vs. ^NDX - Volatility Comparison

ProShares Short QQQ (PSQ) and NASDAQ 100 Index (^NDX) have volatilities of 6.57% and 6.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	^NDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	6.57%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	12.88%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	22.53%	22.75%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	22.62%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.21%	22.48%	-0.27%