PSQ vs. QQQI

Last updated Jul 17, 2026

PSQ (ProShares Short QQQ) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while QQQI is a Nasdaq-100 fund actively managed by Neos. PSQ is passively managed, while QQQI is actively managed. Over the past year, PSQ returned -18.69% vs 20.53% for QQQI. At a correlation of -0.98, they often move in opposite directions. PSQ charges 0.95%/yr vs 0.68%/yr for QQQI.

Performance

PSQ vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -12.26% return, which is significantly lower than QQQI's 9.56% return.

PSQ

• 1D: 1.67%
• 1M: 3.38%
• 6M: -11.38%
• YTD: -12.26%
• 1Y: -18.69%
• 3Y*: -15.73%
• 5Y*: -12.57%
• 10Y*: -18.59%

QQQI

• 1D: -1.58%
• 1M: -2.07%
• 6M: 8.49%
• YTD: 9.56%
• 1Y: 20.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSQ vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSQ ProShares Short QQQ	-12.26%	-15.51%	-12.25%
QQQI NEOS Nasdaq-100 High Income ETF	9.56%	18.62%	19.44%

Correlation

The correlation between PSQ and QQQI is -0.99, 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	-0.99
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	-0.98

The correlation between PSQ and QQQI has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.

PSQ vs. QQQI - Sectors Allocation Comparison

Sectors	PSQ	QQQI
Financial Services	83.3%	0.2%
Basic Materials	-	1.0%
Communication Services	-	14.2%
Consumer Cyclical	-	11.3%
Consumer Defensive	-	6.5%
Energy	-	0.5%
Healthcare	-	3.9%
Industrials	-	3.0%
Real Estate	-	0.1%
Technology	-	58.1%
Utilities	-	1.3%

Return for Risk

PSQ vs. QQQI — Risk / Return Rank

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

PSQ

PSQ Risk / Return Rank: 2
PSQ Sharpe Ratio Rank: 2
PSQ Sortino Ratio Rank: 2
PSQ Omega Ratio Rank: 2
PSQ Calmar Ratio Rank: 3
PSQ Martin Ratio Rank: 1

QQQI

QQQI Risk / Return Rank: 50
QQQI Sharpe Ratio Rank: 46
QQQI Sortino Ratio Rank: 43
QQQI Omega Ratio Rank: 46
QQQI Calmar Ratio Rank: 52
QQQI Martin Ratio Rank: 62

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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	1.33	-2.33
Sortino ratio: Return per unit of downside risk	-1.44	1.82	-3.26
Omega ratio: Gain probability vs. loss probability	0.84	1.25	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.76	2.15	-2.90
Martin ratio: Return relative to average drawdown	-1.55	8.80	-10.34

PSQ vs. QQQI - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.00, which is lower than the QQQI Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of PSQ and QQQI, 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. QQQI - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for PSQ and QQQI.

Drawdown Indicators

	PSQ	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-20.00%	-78.26%
Max Drawdown (1Y) Largest decline over 1 year	-24.83%	-9.61%	-15.22%
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	-87.91%	—	—
Current Drawdown Current decline from peak	-98.16%	-3.58%	-94.58%
Average Drawdown Average peak-to-trough decline	-74.10%	-2.21%	-71.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.11%	2.34%	+9.77%

Volatility

PSQ vs. QQQI - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 7.47% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 6.52%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	6.52%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	12.89%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	15.53%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	17.60%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	17.60%	+4.80%

PSQ vs. QQQI - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is higher than QQQI's 0.68% expense ratio.

Dividends

PSQ vs. QQQI - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.37%, less than QQQI's 13.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	4.37%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
QQQI NEOS Nasdaq-100 High Income ETF	13.87%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSQ and QQQI in my portfolio?

PSQ and QQQI have a correlation of -0.99, 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 QQQI?

PSQ has higher volatility (7.47%) compared to QQQI (6.52%). In terms of maximum drawdown, PSQ dropped -98.26% vs QQQI's -20.00%.

Which ETF is better, PSQ or QQQI?

On 1-year performance, QQQI leads with 20.53% vs -18.69% for PSQ. On fees, QQQI is cheaper at 0.68% per year. On volatility, QQQI has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or QQQI?

Over the 1-year period, QQQI has performed better with a 20.53% return vs -18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or QQQI?

QQQI is cheaper with a 0.68% expense ratio, compared with 0.95% for PSQ.

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

QQQI has the higher dividend yield at 13.87%, compared with 4.37% for PSQ.

What is the main difference between PSQ and QQQI?

PSQ is categorized as Inverse Equities, while QQQI is Nasdaq-100. They also come from different issuers: ProShares and Neos. Their fees differ too: 0.95% for PSQ and 0.68% for QQQI.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (1.33 vs -1.00), 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.