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PSQ vs. SKF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. SKF

Last updated Jun 4, 2026

PSQ (ProShares Short QQQ) and SKF (ProShares UltraShort Financials) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while SKF is a Leveraged Equities fund tracking the DJ Global United States (All) / Financials -IND (-200%). Both are passively managed. Over the past 10 years, PSQ returned -19.23%/yr vs -25.91%/yr for SKF. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

PSQ vs. SKF - Performance Comparison

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

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Returns By Period

In the year-to-date period, PSQ achieves a -16.45% return, which is significantly lower than SKF's 15.68% return. Over the past 10 years, PSQ has outperformed SKF with an annualized return of -19.23%, while SKF has yielded a comparatively lower -25.91% 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%

SKF

1D
2.34%
1M
3.32%
YTD
15.68%
6M
10.42%
1Y
2.16%
3Y*
-24.34%
5Y*
-15.11%
10Y*
-25.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PSQ vs. SKF - 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%
SKF
ProShares UltraShort Financials		15.68%-23.99%-36.29%-21.78%17.63%-47.66%-42.40%-42.97%16.42%-31.70%

Correlation

The correlation between PSQ and SKF 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

0.58

Correlation (All Time)
Calculated using the full available price history since Feb 2, 2007

0.65

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

PSQ vs. SKF - Sectors Allocation Comparison

Sectors
PSQ
SKF

Financial Services

74.7%
48.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

PSQ
74.7%
SKF
48.0%

Basic Materials

PSQ

-

SKF

-

Communication Services

PSQ

-

SKF

-

Consumer Cyclical

PSQ

-

SKF

-

Consumer Defensive

PSQ

-

SKF

-

Energy

PSQ

-

SKF

-

Healthcare

PSQ

-

SKF

-

Industrials

PSQ

-

SKF

-

Real Estate

PSQ

-

SKF

-

Technology

PSQ

-

SKF

-

Utilities

PSQ

-

SKF

-

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ProShares Short QQQ

ProShares UltraShort Financials

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. QLD
Often compared with SKF:
SKF vs. UYGSKF vs. EUFNSKF vs. AUMISKF vs. SPYSKF vs. TSMGSKF vs. BITUSKF vs. TSMU

Return for Risk

PSQ vs. SKF — 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
SKF
SKF Risk / Return Rank: 1010
Overall Rank
SKF Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
SKF Sortino Ratio Rank: 1111
Sortino Ratio Rank
SKF Omega Ratio Rank: 1010
Omega Ratio Rank
SKF Calmar Ratio Rank: 1010
Calmar Ratio Rank
SKF Martin Ratio Rank: 1010
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. SKF - Risk-Adjusted Trends Comparison

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

PSQSKFDifference
Sharpe ratioReturn per unit of total volatility
-1.65
0.08

-1.72

Sortino ratioReturn per unit of downside risk
-2.46
0.33

-2.79

Omega ratioGain probability vs. loss probability

0.74

1.04

-0.30

Calmar ratioReturn relative to maximum drawdown

-0.98

0.10

-1.08

Martin ratioReturn relative to average drawdown

-2.12

0.19

-2.32

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. SKF - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.65, which is lower than the SKF Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of PSQ and SKF, 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

PSQSKFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.65

0.08

-1.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.65

-0.42

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.87

-0.64

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.76

-0.51

-0.26

Drawdowns

PSQ vs. SKF - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum SKF drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for PSQ and SKF.

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Drawdown Indicators

PSQSKFDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-99.96%

+1.70%

Max Drawdown (1Y)

Largest decline over 1 year

-26.93%

-20.76%

-6.17%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-68.09%

+18.44%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-72.40%

+11.49%

Max Drawdown (10Y)

Largest decline over 10 years

-88.98%

-96.51%

+7.53%

Current Drawdown

Current decline from peak

-98.25%

-99.95%

+1.70%

Average Drawdown

Average peak-to-trough decline

-73.97%

-89.26%

+15.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.41%

11.13%

+1.28%

Volatility

PSQ vs. SKF - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 4.50%, while ProShares UltraShort Financials (SKF) has a volatility of 6.29%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than SKF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSQSKFDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

6.29%

-1.79%

Volatility (6M)

Calculated over the trailing 6-month period

12.14%

21.80%

-9.66%

Volatility (1Y)

Calculated over the trailing 1-year period

16.01%

28.85%

-12.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.43%

36.03%

-13.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.25%

40.90%

-18.65%

PSQ vs. SKF - Expense Ratio Comparison

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

Dividends

PSQ vs. SKF - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.24%, more than SKF's 4.09% 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%
SKF
ProShares UltraShort Financials		4.09%5.61%7.94%3.93%0.03%0.00%0.11%1.29%0.06%0.00%

Frequently Asked Questions

PSQ and SKF 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.

SKF has higher volatility (6.29%) compared to PSQ (4.50%). In terms of maximum drawdown, PSQ dropped -98.26% vs SKF's -99.96%.

On 10-year performance, PSQ leads with -19.23% vs -25.91% for SKF. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, PSQ has performed better with a -19.23% return vs -25.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PSQ has the higher dividend yield at 5.24%, compared with 4.09% for SKF.

PSQ is categorized as Inverse Equities, while SKF is Leveraged Equities. PSQ tracks NASDAQ-100 Index (-100%), while SKF tracks DJ Global United States (All) / Financials -IND (-200%).

SKF currently has the higher Sharpe Ratio (0.08 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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