PSQ vs. SPDN
PSQ (ProShares Short QQQ) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - PSQ tracks the NASDAQ-100 Index (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, PSQ returned -19.32%/yr vs -12.66%/yr for SPDN. Their correlation of 0.90 suggests significant overlap in exposure. PSQ charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
PSQ vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -13.33% return, which is significantly lower than SPDN's -6.10% return. Over the past 10 years, PSQ has underperformed SPDN with an annualized return of -19.32%, while SPDN has yielded a comparatively higher -12.66% annualized return.
PSQ
- 1D
- 3.29%
- 1M
- 0.15%
- YTD
- -13.33%
- 6M
- -12.07%
- 1Y
- -23.10%
- 3Y*
- -17.43%
- 5Y*
- -13.16%
- 10Y*
- -19.32%
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
PSQ vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -13.33% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between PSQ and SPDN is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.90 |
The correlation between PSQ and SPDN has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
PSQ vs. SPDN — Risk / Return Rank
PSQ
SPDN
PSQ vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.93 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.99 | -1.75 | -0.24 |
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Drawdowns
PSQ vs. SPDN - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for PSQ and SPDN.
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Drawdown Indicators
| PSQ | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -75.31% | -22.95% |
Max Drawdown (1Y)Largest decline over 1 year | -24.95% | -16.05% | -8.90% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -38.24% | -11.41% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -43.85% | -17.06% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -75.31% | -13.67% |
Current DrawdownCurrent decline from peak | -98.19% | -74.71% | -23.48% |
Average DrawdownAverage peak-to-trough decline | -74.02% | -48.66% | -25.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.74% | 9.44% | +3.30% |
Volatility
PSQ vs. SPDN - Volatility Comparison
ProShares Short QQQ (PSQ) has a higher volatility of 8.93% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.51%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 4.51% | +4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.46% | 9.82% | +4.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 12.59% | +5.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.72% | 16.95% | +5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 18.04% | +4.33% |
PSQ vs. SPDN - Expense Ratio Comparison
PSQ has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
PSQ vs. SPDN - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.05%, more than SPDN's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.05% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 2.49% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
With a correlation of 0.93, PSQ and SPDN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PSQ has higher volatility (8.93%) compared to SPDN (4.51%). In terms of maximum drawdown, PSQ dropped -98.26% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.66% vs -19.32% for PSQ. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.66% return vs -19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for PSQ.
PSQ has the higher dividend yield at 5.05%, compared with 4.02% for SPDN.
PSQ tracks NASDAQ-100 Index (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for PSQ and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.19 vs -1.29), 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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