PSQ vs. COIN

Last updated Aug 1, 2026

PSQ (ProShares Short QQQ) is Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while COIN (Coinbase Global, Inc.) is a stock. Over the past 5 years, PSQ returned -11.74%/yr vs -9.17%/yr for COIN. Their -0.56 correlation means they have often moved in opposite directions in the past.

Performance

PSQ vs. COIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and Coinbase Global, Inc. (COIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -9.94% return, which is significantly higher than COIN's -35.32% return.

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%

COIN

• 1D: -10.59%
• 1M: -8.15%
• 6M: -24.89%
• YTD: -35.32%
• 1Y: -61.28%
• 3Y*: 15.82%
• 5Y*: -9.17%
• 10Y*: —
• ALL TIME*: -16.54%

*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)
COIN Coinbase Global, Inc.	$1.37B	$1.19B	$1.50B
PSQ ProShares Short QQQ	$270.27M	$217.80M	$219.49M

PSQ vs. COIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PSQ ProShares Short QQQ	-9.94%	-15.51%	-15.68%	-32.01%	36.40%	-16.69%
COIN Coinbase Global, Inc.	-35.32%	-8.92%	42.77%	391.44%	-85.98%	-33.76%

Correlation

The correlation between PSQ and COIN is -0.53, 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.	-0.53
Correlation (3Y) Balances recent behavior with more history.	-0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.57
Correlation (All Time) Calculated using the full available price history since Apr 14, 2021	-0.56

The correlation between PSQ and COIN has been stable across timeframes, ranging from -0.57 to -0.51 - a consistent structural relationship.

Return for Risk

PSQ vs. COIN — Risk / Return Rank

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

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

COIN

COIN Risk / Return Rank: 7
COIN Sharpe Ratio Rank: 7
COIN Sortino Ratio Rank: 7
COIN Omega Ratio Rank: 9
COIN Calmar Ratio Rank: 4
COIN Martin Ratio Rank: 7

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.

PSQ vs. COIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and Coinbase Global, Inc. (COIN). 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.

	PSQ	COIN	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	-0.88	+0.07
Sortino ratio: Return per unit of downside risk	-1.11	-1.42	+0.31
Omega ratio: Gain probability vs. loss probability	0.88	0.84	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.63	-0.97	+0.33
Martin ratio: Return relative to average drawdown	-1.23	-1.45	+0.22

PSQ vs. COIN - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -0.81, which is comparable to the COIN Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of PSQ and COIN, 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

PSQ vs. COIN - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than COIN's maximum drawdown of -91.46%. Use the drawdown chart below to compare losses from any high point for PSQ and COIN.

Drawdown Indicators

	PSQ	COIN	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-91.46%	-6.80%
Max Drawdown (1Y) Largest decline over 1 year	-24.83%	-63.57%	+38.74%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-66.39%	+16.74%
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	-90.90%	+29.99%
Max Drawdown (10Y) Largest decline over 10 years	-87.66%	—	—
Current Drawdown Current decline from peak	-98.12%	-65.16%	-32.96%
Average Drawdown Average peak-to-trough decline	-74.15%	-52.82%	-21.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.73%	42.68%	-29.95%

Volatility

PSQ vs. COIN - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 6.96%, while Coinbase Global, Inc. (COIN) has a volatility of 20.29%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than COIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	COIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	20.29%	-13.33%
Volatility (6M) Calculated over the trailing 6-month period	16.03%	54.91%	-38.88%
Volatility (1Y) Calculated over the trailing 1-year period	19.38%	69.65%	-50.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.93%	86.15%	-63.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	85.12%	-62.66%

Dividends

PSQ vs. COIN - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
COIN Coinbase Global, 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 PSQ and COIN in my portfolio?

PSQ and COIN have a correlation of -0.53, 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 COIN?

COIN has higher volatility (20.29%) compared to PSQ (6.96%). In terms of maximum drawdown, PSQ dropped -98.26% vs COIN's -91.46%.

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-0.81 vs -0.88), 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.