PSQ vs. QQQX
PSQ (ProShares Short QQQ) and QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) are both funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while QQQX is a Derivative Income fund actively managed by Nuveen. PSQ is passively managed, while QQQX is actively managed. Over the past 10 years, PSQ returned -19.35%/yr vs 13.17%/yr for QQQX. At a correlation of -0.76, they often move in opposite directions. PSQ charges 0.95%/yr vs 0.89%/yr for QQQX.
Performance
PSQ vs. QQQX - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -13.66% return, which is significantly lower than QQQX's 5.00% return. Over the past 10 years, PSQ has underperformed QQQX with an annualized return of -19.35%, while QQQX has yielded a comparatively higher 13.17% annualized return.
PSQ
- 1D
- -0.38%
- 1M
- -0.23%
- YTD
- -13.66%
- 6M
- -12.23%
- 1Y
- -22.22%
- 3Y*
- -17.53%
- 5Y*
- -13.26%
- 10Y*
- -19.35%
QQQX
- 1D
- -2.26%
- 1M
- -4.41%
- YTD
- 5.00%
- 6M
- 5.02%
- 1Y
- 21.69%
- 3Y*
- 13.96%
- 5Y*
- 7.89%
- 10Y*
- 13.17%
PSQ vs. QQQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -13.66% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund | 5.00% | 14.87% | 25.61% | 21.68% | -27.39% | 25.32% | 15.75% | 28.83% | -11.68% | 39.19% |
Correlation
The correlation between PSQ and QQQX is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.76 |
The correlation between PSQ and QQQX has been stable across timeframes, ranging from -0.84 to -0.76 - a consistent structural relationship.
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Return for Risk
PSQ vs. QQQX — Risk / Return Rank
PSQ
QQQX
PSQ vs. QQQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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 | QQQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.26 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 2.39 | -3.29 |
| Martin ratioReturn relative to average drawdown | -1.93 | 10.00 | -11.93 |
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Drawdowns
PSQ vs. QQQX - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than QQQX's maximum drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for PSQ and QQQX.
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Drawdown Indicators
| PSQ | QQQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -57.25% | -41.01% |
Max Drawdown (1Y)Largest decline over 1 year | -24.83% | -9.11% | -15.72% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -22.80% | -26.85% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -29.33% | -31.58% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -35.96% | -53.02% |
Current DrawdownCurrent decline from peak | -98.19% | -7.75% | -90.44% |
Average DrawdownAverage peak-to-trough decline | -74.03% | -8.01% | -66.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.68% | 2.18% | +9.50% |
Volatility
PSQ vs. QQQX - Volatility Comparison
ProShares Short QQQ (PSQ) has a higher volatility of 8.94% compared to Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) at 6.42%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | QQQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.94% | 6.42% | +2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 14.42% | 12.62% | +1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.91% | 15.32% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.71% | 19.97% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 21.12% | +1.25% |
PSQ vs. QQQX - Expense Ratio Comparison
PSQ has a 0.95% expense ratio, which is higher than QQQX's 0.89% expense ratio.
Dividends
PSQ vs. QQQX - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.07%, less than QQQX's 8.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.07% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% | 0.00% | 0.00% |
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund | 8.65% | 7.85% | 6.73% | 7.26% | 9.66% | 5.85% | 6.00% | 6.49% | 8.40% | 5.95% | 7.54% | 7.23% |
Frequently Asked Questions
PSQ and QQQX have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQ has higher volatility (8.94%) compared to QQQX (6.42%). In terms of maximum drawdown, PSQ dropped -98.26% vs QQQX's -57.25%.
QQQX currently has the higher Sharpe Ratio (1.43 vs -1.25), 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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