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PSQ vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. QLD

Last updated Jul 28, 2026
Documentation

PSQ (ProShares Short QQQ) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, PSQ returned -18.11%/yr vs 32.31%/yr for QLD. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

PSQ vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and ProShares Ultra QQQ (QLD). 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 -9.10% return, which is significantly lower than QLD's 17.25% return. Over the past 10 years, PSQ has underperformed QLD with an annualized return of -18.11%, while QLD has yielded a comparatively higher 32.31% annualized return.

PSQ

1D
0.33%
1M
3.64%
6M
-7.76%
YTD
-9.10%
1Y
-14.62%
3Y*
-14.68%
5Y*
-11.51%
10Y*
-18.11%
ALL TIME*
-16.35%

QLD

1D
-0.63%
1M
-7.45%
6M
13.61%
YTD
17.25%
1Y
33.82%
3Y*
34.19%
5Y*
16.96%
10Y*
32.31%
ALL TIME*
24.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PSQ

ProShares Short QQQ
$226.44M$186.83M$214.02M

QLD

ProShares Ultra QQQ
$355.68M$372.59M$431.93M

PSQ vs. QLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PSQ
ProShares Short QQQ		-9.10%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%
QLD
ProShares Ultra QQQ		17.25%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%

Correlation

The correlation between PSQ and QLD is -1.00, 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.

-1.00

Correlation (3Y)
Balances recent behavior with more history.

-1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

-1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

-1.00

Correlation (All Time)
Calculated using the full available price history since Jun 21, 2006

-0.99

The correlation between PSQ and QLD has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

PSQ vs. QLD - Sectors Allocation Comparison

Sectors
PSQ
QLD

Financial Services

63.0%
0.2%

Basic Materials

-

1.0%

Communication Services

-

13.1%

Consumer Cyclical

-

10.7%

Consumer Defensive

-

6.3%

Energy

-

0.5%

Healthcare

-

3.6%

Industrials

-

2.7%

Real Estate

-

0.1%

Technology

-

60.9%

Utilities

-

1.1%

Financial Services

PSQ
63.0%
QLD
0.2%

Basic Materials

PSQ

-

QLD
1.0%

Communication Services

PSQ

-

QLD
13.1%

Consumer Cyclical

PSQ

-

QLD
10.7%

Consumer Defensive

PSQ

-

QLD
6.3%

Energy

PSQ

-

QLD
0.5%

Healthcare

PSQ

-

QLD
3.6%

Industrials

PSQ

-

QLD
2.7%

Real Estate

PSQ

-

QLD
0.1%

Technology

PSQ

-

QLD
60.9%

Utilities

PSQ

-

QLD
1.1%

Compare stocks, funds, or ETFs

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ProShares Short QQQ

ProShares Ultra QQQ

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. SPY
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

PSQ vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSQ
PSQ Risk / Return Rank: 44
Overall Rank
PSQ Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 44
Sortino Ratio Rank
PSQ Omega Ratio Rank: 44
Omega Ratio Rank
PSQ Calmar Ratio Rank: 55
Calmar Ratio Rank
PSQ Martin Ratio Rank: 44
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 3737
Overall Rank
QLD Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 3636
Sortino Ratio Rank
QLD Omega Ratio Rank: 3636
Omega Ratio Rank
QLD Calmar Ratio Rank: 3838
Calmar Ratio Rank
QLD Martin Ratio Rank: 3939
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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares Ultra QQQ (QLD). 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.

PSQQLDDifference
Sharpe ratioReturn per unit of total volatility
-0.77
0.90

-1.67

Sortino ratioReturn per unit of downside risk
-1.05
1.37

-2.42

Omega ratioGain probability vs. loss probability

0.89

1.17

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.59

1.35

-1.94

Martin ratioReturn relative to average drawdown

-1.17

4.18

-5.34

PSQ vs. QLD - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -0.77, which is lower than the QLD Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of PSQ and QLD, 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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Drawdowns

PSQ vs. QLD - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for PSQ and QLD.

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Drawdown Indicators

PSQQLDDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-83.13%

-15.13%

Max Drawdown (1Y)

Largest decline over 1 year

-24.83%

-25.13%

+0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-42.29%

-7.36%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-63.68%

+2.77%

Max Drawdown (10Y)

Largest decline over 10 years

-87.66%

-63.68%

-23.98%

Current Drawdown

Current decline from peak

-98.10%

-17.90%

-80.20%

Average Drawdown

Average peak-to-trough decline

-74.13%

-18.10%

-56.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.54%

8.12%

+4.42%

Volatility

PSQ vs. QLD - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 6.71%, while ProShares Ultra QQQ (QLD) has a volatility of 13.33%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSQQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.71%

13.33%

-6.62%

Volatility (6M)

Calculated over the trailing 6-month period

15.54%

31.07%

-15.53%

Volatility (1Y)

Calculated over the trailing 1-year period

18.99%

37.85%

-18.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.87%

45.64%

-22.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.43%

44.92%

-22.49%

PSQ vs. QLD - Expense Ratio Comparison

Both PSQ and QLD have an expense ratio of 0.95%.

Dividends

PSQ vs. QLD - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.22%, more than QLD's 0.14% yield.

PositionTTM20252024202320222021202020192018201720162015
PSQ
ProShares Short QQQ		4.22%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%0.00%0.00%
QLD
ProShares Ultra QQQ		0.14%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%

Frequently Asked Questions

PSQ and QLD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (13.33%) compared to PSQ (6.71%). In terms of maximum drawdown, PSQ dropped -98.26% vs QLD's -83.13%.

On 10-year performance, QLD leads with 32.31% vs -18.11% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 6.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 32.31% return vs -18.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PSQ and QLD have the same expense ratio: 0.95% per year.

PSQ has the higher dividend yield at 4.22%, compared with 0.14% for QLD.

PSQ is categorized as Inverse Equities, while QLD is Leveraged Equities. PSQ tracks NASDAQ-100 Index (-100%), while QLD tracks NASDAQ-100 Index (200%).

QLD currently has the higher Sharpe Ratio (0.90 vs -0.77), 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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