PSQ vs. GLD
PSQ (ProShares Short QQQ) and GLD (SPDR Gold Shares) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, PSQ returned -19.15%/yr vs 12.15%/yr for GLD. At a correlation of -0.05, they often move in opposite directions. PSQ charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
PSQ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -14.02% return, which is significantly lower than GLD's -2.47% return. Over the past 10 years, PSQ has underperformed GLD with an annualized return of -19.15%, while GLD has yielded a comparatively higher 12.15% annualized return.
PSQ
- 1D
- -0.65%
- 1M
- -0.23%
- YTD
- -14.02%
- 6M
- -14.04%
- 1Y
- -24.40%
- 3Y*
- -17.58%
- 5Y*
- -13.78%
- 10Y*
- -19.15%
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
PSQ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -14.02% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between PSQ and GLD is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.05 |
The correlation between PSQ and GLD shifts across timeframes, from -0.23 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSQ vs. GLD — Risk / Return Rank
PSQ
GLD
PSQ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.18 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 0.98 | -1.85 |
| Martin ratioReturn relative to average drawdown | -1.81 | 2.81 | -4.62 |
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Drawdowns
PSQ vs. GLD - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PSQ and GLD.
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Drawdown Indicators
| PSQ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -45.56% | -52.70% |
Max Drawdown (1Y)Largest decline over 1 year | -26.86% | -24.46% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -24.46% | -25.19% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -24.46% | -36.45% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -24.46% | -64.52% |
Current DrawdownCurrent decline from peak | -98.20% | -22.05% | -76.15% |
Average DrawdownAverage peak-to-trough decline | -73.99% | -16.16% | -57.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.96% | 8.49% | +4.47% |
Volatility
PSQ vs. GLD - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 7.39%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.39% | 7.79% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 13.75% | 24.10% | -10.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.23% | 27.37% | -10.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.59% | 18.22% | +4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.34% | 16.08% | +6.26% |
PSQ vs. GLD - Expense Ratio Comparison
PSQ has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
PSQ vs. GLD - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.09%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PSQ ProShares Short QQQ | 5.09% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
PSQ and GLD have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to PSQ (7.39%). In terms of maximum drawdown, PSQ dropped -98.26% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs -19.15% for PSQ. On fees, GLD is cheaper at 0.40% per year. On volatility, PSQ has been the lower-risk option at 7.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs -19.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for PSQ.
PSQ has the higher dividend yield at 5.09%, compared with 0.00% for GLD.
PSQ is categorized as Inverse Equities, while GLD is Gold. PSQ tracks NASDAQ-100 Index (-100%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for PSQ and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.87 vs -1.36), 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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