PSQ vs. BTAL

Last updated Jun 4, 2026

PSQ (ProShares Short QQQ) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, PSQ returned -19.23%/yr vs -4.73%/yr for BTAL. At a 0.48 correlation, their price movements are largely independent. PSQ charges 0.95%/yr vs 2.11%/yr for BTAL.

Performance

PSQ vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -16.45% return, which is significantly higher than BTAL's -19.67% return. Over the past 10 years, PSQ has underperformed BTAL with an annualized return of -19.23%, while BTAL has yielded a comparatively higher -4.73% annualized return.

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%

BTAL

• 1D: 0.70%
• 1M: -6.55%
• YTD: -19.67%
• 6M: -18.88%
• 1Y: -37.06%
• 3Y*: -12.64%
• 5Y*: -4.56%
• 10Y*: -4.73%

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

PSQ vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	-16.45%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-19.67%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	1.07%	15.13%	-2.13%

Correlation

The correlation between PSQ and BTAL is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011	0.48

Over the past year, PSQ and BTAL have become more correlated (0.74) than their long-term average of 0.48, meaning their price movements have been converging.

PSQ vs. BTAL - Sectors Allocation Comparison

Sectors	PSQ	BTAL
Financial Services	74.7%	14.9%
Basic Materials	-	4.0%
Communication Services	-	3.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	5.6%
Energy	-	4.4%
Healthcare	-	10.2%
Industrials	-	13.7%
Real Estate	-	6.2%
Technology	-	19.5%
Utilities	-	5.2%

Return for Risk

PSQ vs. BTAL — Risk / Return Rank

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

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

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 0
BTAL 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.

PSQ vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). 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	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	-1.65	-1.72	+0.07
Sortino ratio: Return per unit of downside risk	-2.46	-2.70	+0.24
Omega ratio: Gain probability vs. loss probability	0.74	0.72	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.99	+0.01
Martin ratio: Return relative to average drawdown	-2.12	-1.72	-0.40
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. BTAL - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.65, which is comparable to the BTAL Sharpe Ratio of -1.72. The chart below compares the historical Sharpe Ratios of PSQ and BTAL, 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

	PSQ	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.65	-1.72	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	-0.24	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.87	-0.28	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	-0.24	-0.52

Drawdowns

PSQ vs. BTAL - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for PSQ and BTAL.

Drawdown Indicators

	PSQ	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-50.28%	-47.98%
Max Drawdown (1Y) Largest decline over 1 year	-26.93%	-37.50%	+10.57%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-45.16%	-4.49%
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	-45.16%	-15.75%
Max Drawdown (10Y) Largest decline over 10 years	-88.98%	-50.28%	-38.70%
Current Drawdown Current decline from peak	-98.25%	-49.93%	-48.32%
Average Drawdown Average peak-to-trough decline	-73.97%	-21.95%	-52.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.41%	21.54%	-9.13%

Volatility

PSQ vs. BTAL - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 4.50%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.54%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	7.54%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	15.38%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	21.59%	-5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	18.75%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	17.23%	+5.02%

PSQ vs. BTAL - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

PSQ vs. BTAL - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.24%, more than BTAL's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.10%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%	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 PSQ and BTAL in my portfolio?

PSQ and BTAL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSQ or BTAL?

BTAL has higher volatility (7.54%) compared to PSQ (4.50%). In terms of maximum drawdown, PSQ dropped -98.26% vs BTAL's -50.28%.

Which ETF is better, PSQ or BTAL?

On 10-year performance, BTAL leads with -4.73% vs -19.23% for PSQ. On fees, PSQ is cheaper at 0.95% per year. On volatility, PSQ has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or BTAL?

Over the 10-year period, BTAL has performed better with a -4.73% return vs -19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or BTAL?

PSQ is cheaper with a 0.95% expense ratio, compared with 2.11% for BTAL.

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

PSQ has the higher dividend yield at 5.24%, compared with 3.10% for BTAL.

What is the main difference between PSQ and BTAL?

PSQ is categorized as Inverse Equities, while BTAL is Long-Short. PSQ tracks NASDAQ-100 Index (-100%), while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for PSQ and 2.11% for BTAL.

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-1.65 vs -1.72), 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.