PSQ vs. SHOP

Last updated Jun 13, 2026

PSQ (ProShares Short QQQ) is Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while SHOP (Shopify Inc.) is a stock. Over the past 10 years, PSQ returned -19.15%/yr vs 43.59%/yr for SHOP. At a correlation of -0.58, they often move in opposite directions.

Performance

PSQ vs. SHOP - Performance Comparison

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

Returns By Period

In the year-to-date period, PSQ achieves a -14.02% return, which is significantly higher than SHOP's -32.76% return. Over the past 10 years, PSQ has underperformed SHOP with an annualized return of -19.15%, while SHOP has yielded a comparatively higher 43.59% annualized return.

PSQ

• 1D: -0.65%
• 1M: -0.92%
• YTD: -14.02%
• 6M: -14.04%
• 1Y: -23.41%
• 3Y*: -17.58%
• 5Y*: -13.78%
• 10Y*: -19.15%

SHOP

• 1D: -2.02%
• 1M: 13.46%
• YTD: -32.76%
• 6M: -34.08%
• 1Y: -0.89%
• 3Y*: 19.24%
• 5Y*: -2.79%
• 10Y*: 43.59%

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

PSQ vs. SHOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	-14.02%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
SHOP Shopify Inc.	-32.76%	51.39%	36.50%	124.43%	-74.80%	21.68%	184.71%	187.17%	37.08%	135.60%

Correlation

The correlation between PSQ and SHOP is -0.57, 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	-0.57
Correlation (3Y) Calculated over the trailing 3-year period	-0.62
Correlation (5Y) Calculated over the trailing 5-year period	-0.66
Correlation (10Y) Calculated over the trailing 10-year period	-0.61
Correlation (All Time) Calculated using the full available price history since May 21, 2015	-0.58

The correlation between PSQ and SHOP has been stable across timeframes, ranging from -0.66 to -0.57 - a consistent structural relationship.

Return for Risk

PSQ vs. SHOP — Risk / Return Rank

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

PSQ

PSQ Risk / Return Rank: 1
PSQ Sharpe Ratio Rank: 0
PSQ Sortino Ratio Rank: 1
PSQ Omega Ratio Rank: 1
PSQ Calmar Ratio Rank: 2
PSQ Martin Ratio Rank: 0

SHOP

SHOP Risk / Return Rank: 42
SHOP Sharpe Ratio Rank: 42
SHOP Sortino Ratio Rank: 41
SHOP Omega Ratio Rank: 41
SHOP Calmar Ratio Rank: 42
SHOP Martin Ratio Rank: 42

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. SHOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and Shopify Inc. (SHOP). 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	SHOP	Difference
Sharpe ratio: Return per unit of total volatility	-1.36	-0.02	-1.35
Sortino ratio: Return per unit of downside risk	-2.04	0.39	-2.43
Omega ratio: Gain probability vs. loss probability	0.78	1.05	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.02	-0.86
Martin ratio: Return relative to average drawdown	-1.81	-0.04	-1.77

PSQ vs. SHOP - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.36, which is lower than the SHOP Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of PSQ and SHOP, 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. SHOP - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than SHOP's maximum drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for PSQ and SHOP.

Drawdown Indicators

	PSQ	SHOP	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-84.82%	-13.44%
Max Drawdown (1Y) Largest decline over 1 year	-26.86%	-46.71%	+19.85%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-46.71%	-2.94%
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	-84.82%	+23.91%
Max Drawdown (10Y) Largest decline over 10 years	-88.98%	-84.82%	-4.16%
Current Drawdown Current decline from peak	-98.20%	-39.53%	-58.67%
Average Drawdown Average peak-to-trough decline	-73.99%	-28.23%	-45.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.96%	22.27%	-9.31%

Volatility

PSQ vs. SHOP - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 7.39%, while Shopify Inc. (SHOP) has a volatility of 15.38%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than SHOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	SHOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.39%	15.38%	-7.99%
Volatility (6M) Calculated over the trailing 6-month period	13.75%	43.41%	-29.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	57.03%	-39.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	65.55%	-42.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	59.07%	-36.73%

Dividends

PSQ vs. SHOP - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.09%, while SHOP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	5.09%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SHOP Shopify Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSQ and SHOP in my portfolio?

PSQ and SHOP have a correlation of -0.57, 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 SHOP?

SHOP has higher volatility (15.38%) compared to PSQ (7.39%). In terms of maximum drawdown, PSQ dropped -98.26% vs SHOP's -84.82%.

Which has better risk-adjusted returns?

SHOP currently has the higher Sharpe Ratio (-0.02 vs -1.36), 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.