PSQ vs. MSTZ

Last updated Jun 24, 2026

PSQ (ProShares Short QQQ) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. PSQ is passively managed, while MSTZ is actively managed. Over the past year, PSQ returned -23.10% vs 138.79% for MSTZ. At a 0.50 correlation, their price movements are largely independent. PSQ charges 0.95%/yr vs 1.05%/yr for MSTZ.

Performance

PSQ vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -13.33% return, which is significantly higher than MSTZ's -28.57% return.

PSQ

• 1D: 3.29%
• 1M: 0.15%
• YTD: -13.33%
• 6M: -12.07%
• 1Y: -23.10%
• 3Y*: -17.43%
• 5Y*: -13.16%
• 10Y*: -19.32%

MSTZ

• 1D: 10.06%
• 1M: 102.15%
• YTD: -28.57%
• 6M: -23.10%
• 1Y: 138.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSQ vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSQ ProShares Short QQQ	-13.33%	-15.51%	-6.15%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-28.57%	-38.95%	-94.43%

Correlation

The correlation between PSQ and MSTZ is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.50

The correlation between PSQ and MSTZ has been stable across timeframes, ranging from 0.50 to 0.52 - a consistent structural relationship.

Return for Risk

PSQ vs. MSTZ — Risk / Return Rank

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

PSQ

PSQ Risk / Return Rank: 1
PSQ Sharpe Ratio Rank: 0
PSQ Sortino Ratio Rank: 1
PSQ Omega Ratio Rank: 1
PSQ Calmar Ratio Rank: 1
PSQ Martin Ratio Rank: 0

MSTZ

MSTZ Risk / Return Rank: 34
MSTZ Sharpe Ratio Rank: 28
MSTZ Sortino Ratio Rank: 41
MSTZ Omega Ratio Rank: 40
MSTZ Calmar Ratio Rank: 35
MSTZ Martin Ratio Rank: 26

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.29	0.97	-2.27
Sortino ratio: Return per unit of downside risk	-1.92	1.98	-3.90
Omega ratio: Gain probability vs. loss probability	0.79	1.25	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.93	1.64	-2.57
Martin ratio: Return relative to average drawdown	-1.99	3.27	-5.27

PSQ vs. MSTZ - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.29, which is lower than the MSTZ Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PSQ and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for PSQ and MSTZ.

Drawdown Indicators

	PSQ	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-99.38%	+1.12%
Max Drawdown (1Y) Largest decline over 1 year	-24.95%	-84.89%	+59.94%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.98%	—	—
Current Drawdown Current decline from peak	-98.19%	-97.57%	-0.62%
Average Drawdown Average peak-to-trough decline	-74.02%	-94.45%	+20.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.74%	42.87%	-30.13%

Volatility

PSQ vs. MSTZ - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 8.93%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 42.31%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	42.31%	-33.38%
Volatility (6M) Calculated over the trailing 6-month period	14.46%	127.64%	-113.18%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	143.71%	-125.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	169.81%	-147.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	169.81%	-147.44%

PSQ vs. MSTZ - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

PSQ vs. MSTZ - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.05%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSQ ProShares Short QQQ	5.05%	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 MSTZ in my portfolio?

PSQ and MSTZ have a correlation of 0.52, 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 MSTZ?

MSTZ has higher volatility (42.31%) compared to PSQ (8.93%). In terms of maximum drawdown, PSQ dropped -98.26% vs MSTZ's -99.38%.

Which ETF is better, PSQ or MSTZ?

On 1-year performance, MSTZ leads with 138.79% vs -23.10% for PSQ. On fees, PSQ is cheaper at 0.95% per year. On volatility, PSQ has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or MSTZ?

Over the 1-year period, MSTZ has performed better with a 138.79% return vs -23.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or MSTZ?

PSQ is cheaper with a 0.95% expense ratio, compared with 1.05% for MSTZ.

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

PSQ has the higher dividend yield at 5.05%, compared with 0.00% for MSTZ.

What is the main difference between PSQ and MSTZ?

They also come from different issuers: ProShares and REX. Their fees differ too: 0.95% for PSQ and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (0.97 vs -1.29), 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.