PSQ vs. SHRT

Last updated Jun 5, 2026

PSQ (ProShares Short QQQ) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. PSQ is passively managed, while SHRT is actively managed. Over the past year, PSQ returned -25.77% vs -21.62% for SHRT. A 0.50 correlation means they provide meaningful diversification when combined. PSQ charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

PSQ vs. SHRT - Performance Comparison

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

Returns By Period

In the year-to-date period, PSQ achieves a -16.05% return, which is significantly higher than SHRT's -17.15% return.

PSQ

• 1D: 0.48%
• 1M: -7.75%
• YTD: -16.05%
• 6M: -14.67%
• 1Y: -25.77%
• 3Y*: -18.85%
• 5Y*: -14.47%
• 10Y*: -19.16%

SHRT

• 1D: 0.06%
• 1M: -3.02%
• YTD: -17.15%
• 6M: -15.15%
• 1Y: -21.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSQ vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSQ ProShares Short QQQ	-16.05%	-15.51%	-15.68%	-9.02%
SHRT Gotham Short Strategies ETF	-17.15%	-0.91%	-1.44%	-5.83%

Correlation

The correlation between PSQ and SHRT 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 (All Time) Calculated using the full available price history since Nov 7, 2023	0.50

The correlation between PSQ and SHRT has been stable across timeframes, ranging from 0.44 to 0.50 - a consistent structural relationship.

PSQ vs. SHRT - Sectors Allocation Comparison

Sectors	PSQ	SHRT
Financial Services	74.7%	0.6%
Basic Materials	-	13.8%
Communication Services	-	1.6%
Consumer Cyclical	-	10.9%
Consumer Defensive	-	7.7%
Energy	-	6.9%
Healthcare	-	13.6%
Industrials	-	19.2%
Real Estate	-	-
Technology	-	26.3%
Utilities	-	0.0%

Return for Risk

PSQ vs. SHRT — Risk / Return Rank

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

PSQ

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

SHRT

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

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. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and Gotham Short Strategies ETF (SHRT). 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.

	PSQ	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.62	-1.66	+0.05
Sortino ratio: Return per unit of downside risk	-2.40	-2.46	+0.06
Omega ratio: Gain probability vs. loss probability	0.75	0.74	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.95	-0.01
Martin ratio: Return relative to average drawdown	-2.06	-2.06	0.00
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. SHRT - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.62, which is comparable to the SHRT Sharpe Ratio of -1.66. The chart below compares the historical Sharpe Ratios of PSQ and SHRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSQ	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.62	-1.66	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	-0.79	+0.03

Drawdowns

PSQ vs. SHRT - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than SHRT's maximum drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for PSQ and SHRT.

Drawdown Indicators

	PSQ	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-25.98%	-72.28%
Max Drawdown (1Y) Largest decline over 1 year	-26.93%	-22.73%	-4.20%
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	-88.98%	—	—
Current Drawdown Current decline from peak	-98.24%	-25.70%	-72.54%
Average Drawdown Average peak-to-trough decline	-73.98%	-8.15%	-65.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.52%	10.49%	+2.03%

Volatility

PSQ vs. SHRT - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 4.51% compared to Gotham Short Strategies ETF (SHRT) at 4.19%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.19%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	10.94%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	13.04%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	12.77%	+9.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	12.77%	+9.48%

PSQ vs. SHRT - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

PSQ vs. SHRT - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.21%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	5.21%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSQ and SHRT in my portfolio?

PSQ and SHRT 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.

Which is riskier, PSQ or SHRT?

PSQ has higher volatility (4.51%) compared to SHRT (4.19%). In terms of maximum drawdown, PSQ dropped -98.26% vs SHRT's -25.98%.

Which ETF is better, PSQ or SHRT?

On 1-year performance, SHRT leads with -21.62% vs -25.77% for PSQ. On fees, PSQ is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or SHRT?

Over the 1-year period, SHRT has performed better with a -21.62% return vs -25.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or SHRT?

PSQ is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

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

PSQ has the higher dividend yield at 5.21%, compared with 0.08% for SHRT.

What is the main difference between PSQ and SHRT?

They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.95% for PSQ and 1.35% for SHRT.

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-1.62 vs -1.66), 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.