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PSQ vs. SEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. SEF

Last updated Jun 4, 2026

PSQ (ProShares Short QQQ) and SEF (ProShares Short Financials) are both Inverse Equities funds from ProShares - PSQ tracks the NASDAQ-100 Index (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 10 years, PSQ returned -19.23%/yr vs -11.50%/yr for SEF. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

PSQ vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and ProShares Short Financials (SEF). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PSQ achieves a -16.45% return, which is significantly lower than SEF's 8.89% return. Over the past 10 years, PSQ has underperformed SEF with an annualized return of -19.23%, while SEF has yielded a comparatively higher -11.50% annualized return.

PSQ

1D
0.28%
1M
-9.35%
YTD
-16.45%
6M
-14.96%
1Y
-26.29%
3Y*
-18.98%
5Y*
-14.55%
10Y*
-19.23%

SEF

1D
1.10%
1M
1.81%
YTD
8.89%
6M
6.43%
1Y
3.73%
3Y*
-10.34%
5Y*
-5.21%
10Y*
-11.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PSQ vs. SEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PSQ
ProShares Short QQQ		-16.45%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%
SEF
ProShares Short Financials		8.89%-9.82%-17.81%-8.81%11.85%-27.02%-16.93%-23.51%10.34%-17.12%

Correlation

The correlation between PSQ and SEF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2008

0.65

Over the past year, the correlation between PSQ and SEF has dropped to 0.44 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

PSQ vs. SEF - Sectors Allocation Comparison

Sectors
PSQ
SEF

Financial Services

74.7%
65.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

PSQ
74.7%
SEF
65.0%

Basic Materials

PSQ

-

SEF

-

Communication Services

PSQ

-

SEF

-

Consumer Cyclical

PSQ

-

SEF

-

Consumer Defensive

PSQ

-

SEF

-

Energy

PSQ

-

SEF

-

Healthcare

PSQ

-

SEF

-

Industrials

PSQ

-

SEF

-

Real Estate

PSQ

-

SEF

-

Technology

PSQ

-

SEF

-

Utilities

PSQ

-

SEF

-

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ProShares Short QQQ

ProShares Short Financials

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. QLD
Often compared with SEF:
SEF vs. XLFSEF vs. MUDSEF vs. CRCDSEF vs. BNP.PASEF vs. EUFNSEF vs. SPYSEF vs. SVIX

Return for Risk

PSQ vs. SEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSQ
PSQ Risk / Return Rank: 00
Overall Rank
PSQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 00
Sortino Ratio Rank
PSQ Omega Ratio Rank: 00
Omega Ratio Rank
PSQ Calmar Ratio Rank: 11
Calmar Ratio Rank
PSQ Martin Ratio Rank: 00
Martin Ratio Rank
SEF
SEF Risk / Return Rank: 1212
Overall Rank
SEF Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
SEF Sortino Ratio Rank: 1212
Sortino Ratio Rank
SEF Omega Ratio Rank: 1212
Omega Ratio Rank
SEF Calmar Ratio Rank: 1313
Calmar Ratio Rank
SEF Martin Ratio Rank: 1212
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. SEF - Risk-Adjusted Trends Comparison

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

PSQSEFDifference
Sharpe ratioReturn per unit of total volatility
-1.65
0.26

-1.91

Sortino ratioReturn per unit of downside risk
-2.46
0.50

-2.96

Omega ratioGain probability vs. loss probability

0.74

1.06

-0.31

Calmar ratioReturn relative to maximum drawdown

-0.98

0.39

-1.36

Martin ratioReturn relative to average drawdown

-2.12

0.73

-2.85

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSQ vs. SEF - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.65, which is lower than the SEF Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of PSQ and SEF, 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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Sharpe Ratios by Period

PSQSEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.65

0.26

-1.91

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.65

-0.29

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.87

-0.56

-0.30

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.76

-0.49

-0.28

Drawdowns

PSQ vs. SEF - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for PSQ and SEF.

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Drawdown Indicators

PSQSEFDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-96.51%

-1.75%

Max Drawdown (1Y)

Largest decline over 1 year

-26.93%

-9.72%

-17.21%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-39.40%

-10.25%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-41.62%

-19.29%

Max Drawdown (10Y)

Largest decline over 10 years

-88.98%

-75.66%

-13.32%

Current Drawdown

Current decline from peak

-98.25%

-96.09%

-2.16%

Average Drawdown

Average peak-to-trough decline

-73.97%

-82.72%

+8.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.41%

5.14%

+7.27%

Volatility

PSQ vs. SEF - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 4.50% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSQSEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

3.01%

+1.49%

Volatility (6M)

Calculated over the trailing 6-month period

12.14%

10.85%

+1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

16.01%

14.34%

+1.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.43%

17.96%

+4.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.25%

20.52%

+1.73%

PSQ vs. SEF - Expense Ratio Comparison

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

Dividends

PSQ vs. SEF - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.24%, more than SEF's 3.35% yield.

PositionTTM202520242023202220212020201920182017
PSQ
ProShares Short QQQ		5.24%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%
SEF
ProShares Short Financials		3.35%4.33%5.72%4.43%0.39%0.00%0.12%1.25%0.41%0.00%

Frequently Asked Questions

PSQ and SEF have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PSQ has higher volatility (4.50%) compared to SEF (3.01%). In terms of maximum drawdown, PSQ dropped -98.26% vs SEF's -96.51%.

On 10-year performance, SEF leads with -11.50% vs -19.23% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SEF has performed better with a -11.50% return vs -19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PSQ has the higher dividend yield at 5.24%, compared with 3.35% for SEF.

PSQ tracks NASDAQ-100 Index (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%).

SEF currently has the higher Sharpe Ratio (0.26 vs -1.65), 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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