PSQ vs. QID
PSQ (ProShares Short QQQ) and QID (ProShares UltraShort QQQ) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, PSQ returned -19.34%/yr vs -39.10%/yr for QID. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
PSQ vs. QID - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -15.12% return, which is significantly higher than QID's -30.19% return. Over the past 10 years, PSQ has outperformed QID with an annualized return of -19.34%, while QID has yielded a comparatively lower -39.10% annualized return.
PSQ
- 1D
- 1.84%
- 1M
- -3.00%
- YTD
- -15.12%
- 6M
- -15.41%
- 1Y
- -24.30%
- 3Y*
- -17.63%
- 5Y*
- -13.77%
- 10Y*
- -19.34%
QID
- 1D
- 3.70%
- 1M
- -6.66%
- YTD
- -30.19%
- 6M
- -30.75%
- 1Y
- -46.13%
- 3Y*
- -37.35%
- 5Y*
- -31.33%
- 10Y*
- -39.10%
PSQ vs. QID - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -15.12% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
QID ProShares UltraShort QQQ | -30.19% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
Correlation
The correlation between PSQ and QID is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.99 |
The correlation between PSQ and QID has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
PSQ vs. QID - Sectors Allocation Comparison
Sectors
PSQ
QID
Financial Services
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
PSQ
QID
Basic Materials
PSQ
-
QID
-
Communication Services
PSQ
-
QID
-
Consumer Cyclical
PSQ
-
QID
-
Consumer Defensive
PSQ
-
QID
-
Energy
PSQ
-
QID
-
Healthcare
PSQ
-
QID
-
Industrials
PSQ
-
QID
-
Real Estate
PSQ
-
QID
-
Technology
PSQ
-
QID
-
Utilities
PSQ
-
QID
-
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Return for Risk
PSQ vs. QID — Risk / Return Rank
PSQ
QID
PSQ vs. QID - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares UltraShort QQQ (QID). 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 | QID | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.76 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.93 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.85 | -1.77 | -0.08 |
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Drawdowns
PSQ vs. QID - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for PSQ and QID.
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Drawdown Indicators
| PSQ | QID | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -99.99% | +1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -26.86% | -49.60% | +22.74% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -79.50% | +29.85% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -88.72% | +27.81% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -99.37% | +10.39% |
Current DrawdownCurrent decline from peak | -98.22% | -99.99% | +1.77% |
Average DrawdownAverage peak-to-trough decline | -74.00% | -87.01% | +13.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.17% | 26.13% | -12.96% |
Volatility
PSQ vs. QID - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 8.05%, while ProShares UltraShort QQQ (QID) has a volatility of 16.12%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than QID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | QID | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.05% | 16.12% | -8.07% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 28.09% | -14.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.53% | 34.99% | -17.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.65% | 45.21% | -22.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 44.78% | -22.41% |
PSQ vs. QID - Expense Ratio Comparison
Both PSQ and QID have an expense ratio of 0.95%.
Dividends
PSQ vs. QID - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.15%, less than QID's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.15% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
QID ProShares UltraShort QQQ | 7.43% | 6.25% | 7.99% | 5.63% | 0.15% | 0.00% | 0.92% | 2.54% | 1.38% | 0.08% |
Frequently Asked Questions
With a correlation of 1.00, PSQ and QID move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
QID has higher volatility (16.12%) compared to PSQ (8.05%). In terms of maximum drawdown, PSQ dropped -98.26% vs QID's -99.99%.
On 10-year performance, PSQ leads with -19.34% vs -39.10% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 8.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSQ has performed better with a -19.34% return vs -39.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQ and QID have the same expense ratio: 0.95% per year.
QID has the higher dividend yield at 7.43%, compared with 5.15% for PSQ.
PSQ is categorized as Inverse Equities, while QID is Leveraged Equities. PSQ tracks NASDAQ-100 Index (-100%), while QID tracks NASDAQ-100 Index (-200%).
QID currently has the higher Sharpe Ratio (-1.33 vs -1.40), 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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