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PSQ vs. FOCT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. FOCT

Last updated Jun 4, 2026

PSQ (ProShares Short QQQ) and FOCT (FT Vest U.S. Equity Buffer ETF - October) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while FOCT is a Defined Outcome fund actively managed by FT Vest. PSQ is passively managed, while FOCT is actively managed. Over the past 5 years, PSQ returned -14.55%/yr vs 9.14%/yr for FOCT. At a correlation of -0.88, they often move in opposite directions. PSQ charges 0.95%/yr vs 0.85%/yr for FOCT.

Performance

PSQ vs. FOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and FT Vest U.S. Equity Buffer ETF - October (FOCT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PSQ achieves a -16.45% return, which is significantly lower than FOCT's 6.65% 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%

FOCT

1D
-0.23%
1M
2.64%
YTD
6.65%
6M
7.15%
1Y
20.11%
3Y*
12.77%
5Y*
9.14%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PSQ vs. FOCT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
PSQ
ProShares Short QQQ		-16.45%-15.51%-15.68%-32.01%36.40%-24.84%-10.72%
FOCT
FT Vest U.S. Equity Buffer ETF - October		6.65%14.92%9.62%17.81%-7.59%13.13%6.38%

Correlation

The correlation between PSQ and FOCT is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.91

Correlation (3Y)
Calculated over the trailing 3-year period

-0.86

Correlation (5Y)
Calculated over the trailing 5-year period

-0.89

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2020

-0.88

The correlation between PSQ and FOCT has been stable across timeframes, ranging from -0.91 to -0.86 - a consistent structural relationship.

PSQ vs. FOCT - Sectors Allocation Comparison

Sectors
PSQ
FOCT

Financial Services

74.7%
11.9%

Basic Materials

-

1.8%

Communication Services

-

10.9%

Consumer Cyclical

-

10.1%

Consumer Defensive

-

4.9%

Energy

-

3.5%

Healthcare

-

8.4%

Industrials

-

8.1%

Real Estate

-

1.9%

Technology

-

36.2%

Utilities

-

2.3%

Financial Services

PSQ
74.7%
FOCT
11.9%

Basic Materials

PSQ

-

FOCT
1.8%

Communication Services

PSQ

-

FOCT
10.9%

Consumer Cyclical

PSQ

-

FOCT
10.1%

Consumer Defensive

PSQ

-

FOCT
4.9%

Energy

PSQ

-

FOCT
3.5%

Healthcare

PSQ

-

FOCT
8.4%

Industrials

PSQ

-

FOCT
8.1%

Real Estate

PSQ

-

FOCT
1.9%

Technology

PSQ

-

FOCT
36.2%

Utilities

PSQ

-

FOCT
2.3%

Compare stocks, funds, or ETFs

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ProShares Short QQQ

FT Vest U.S. Equity Buffer ETF - October

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. QLD
Often compared with FOCT:
FOCT vs. VYMFOCT vs. FMARFOCT vs. HDMVFOCT vs. ACWVFOCT vs. SPTSFOCT vs. SPXCFOCT vs. VOOG

Return for Risk

PSQ vs. FOCT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSQ
PSQ Risk / Return Rank: 00
Overall Rank
PSQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 00
Sortino Ratio Rank
PSQ Omega Ratio Rank: 00
Omega Ratio Rank
PSQ Calmar Ratio Rank: 11
Calmar Ratio Rank
PSQ Martin Ratio Rank: 00
Martin Ratio Rank
FOCT
FOCT Risk / Return Rank: 7979
Overall Rank
FOCT Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
FOCT Sortino Ratio Rank: 8181
Sortino Ratio Rank
FOCT Omega Ratio Rank: 8181
Omega Ratio Rank
FOCT Calmar Ratio Rank: 7070
Calmar Ratio Rank
FOCT Martin Ratio Rank: 8484
Martin Ratio Rank
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. FOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and FT Vest U.S. Equity Buffer ETF - October (FOCT). 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.

PSQFOCTDifference
Sharpe ratioReturn per unit of total volatility
-1.65
2.53

-4.18

Sortino ratioReturn per unit of downside risk
-2.46
3.64

-6.10

Omega ratioGain probability vs. loss probability

0.74

1.49

-0.75

Calmar ratioReturn relative to maximum drawdown

-0.98

3.52

-4.50

Martin ratioReturn relative to average drawdown

-2.12

17.32

-19.44

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. FOCT - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.65, which is lower than the FOCT Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PSQ and FOCT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PSQFOCTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.65

2.53

-4.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.65

0.83

-1.48

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.87

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.76

0.98

-1.74

Drawdowns

PSQ vs. FOCT - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than FOCT's maximum drawdown of -14.07%. Use the drawdown chart below to compare losses from any high point for PSQ and FOCT.

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Drawdown Indicators

PSQFOCTDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-14.07%

-84.19%

Max Drawdown (1Y)

Largest decline over 1 year

-26.93%

-5.74%

-21.19%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-13.06%

-36.59%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-14.07%

-46.84%

Max Drawdown (10Y)

Largest decline over 10 years

-88.98%

—

—

Current Drawdown

Current decline from peak

-98.25%

-0.23%

-98.02%

Average Drawdown

Average peak-to-trough decline

-73.97%

-2.25%

-71.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.41%

1.16%

+11.25%

Volatility

PSQ vs. FOCT - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 4.50% compared to FT Vest U.S. Equity Buffer ETF - October (FOCT) at 1.22%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than FOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSQFOCTDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

1.22%

+3.28%

Volatility (6M)

Calculated over the trailing 6-month period

12.14%

5.94%

+6.20%

Volatility (1Y)

Calculated over the trailing 1-year period

16.01%

7.99%

+8.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.43%

11.07%

+11.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.25%

10.89%

+11.36%

PSQ vs. FOCT - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is higher than FOCT's 0.85% expense ratio.

Dividends

PSQ vs. FOCT - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.24%, while FOCT has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
FOCT
FT Vest U.S. Equity Buffer ETF - October		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%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

PSQ and FOCT have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PSQ has higher volatility (4.50%) compared to FOCT (1.22%). In terms of maximum drawdown, PSQ dropped -98.26% vs FOCT's -14.07%.

On 5-year performance, FOCT leads with 9.14% vs -14.55% for PSQ. On fees, FOCT is cheaper at 0.85% per year. On volatility, FOCT has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FOCT has performed better with a 9.14% return vs -14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FOCT is cheaper with a 0.85% expense ratio, compared with 0.95% for PSQ.

PSQ has the higher dividend yield at 5.24%, compared with 0.00% for FOCT.

PSQ is categorized as Inverse Equities, while FOCT is Defined Outcome. They also come from different issuers: ProShares and FT Vest. Their fees differ too: 0.95% for PSQ and 0.85% for FOCT.

FOCT currently has the higher Sharpe Ratio (2.53 vs -1.65), 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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