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PSQ vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. SPY

Last updated Jun 17, 2026

PSQ (ProShares Short QQQ) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PSQ returned -19.34%/yr vs 15.58%/yr for SPY. At a correlation of -0.89, they often move in opposite directions. PSQ charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

PSQ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and State Street SPDR S&P 500 ETF (SPY). 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 -15.12% return, which is significantly lower than SPY's 10.33% return. Over the past 10 years, PSQ has underperformed SPY with an annualized return of -19.34%, while SPY has yielded a comparatively higher 15.58% annualized return.

PSQ

1D
1.84%
1M
-3.00%
YTD
-15.12%
6M
-15.41%
1Y
-24.30%
3Y*
-17.63%
5Y*
-13.77%
10Y*
-19.34%

SPY

1D
-0.60%
1M
1.51%
YTD
10.33%
6M
11.16%
1Y
25.93%
3Y*
20.91%
5Y*
13.74%
10Y*
15.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PSQ vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PSQ
ProShares Short QQQ		-15.12%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%
SPY
State Street SPDR S&P 500 ETF		10.33%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between PSQ and SPY is -0.93, 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

-0.93

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

-0.91

Correlation (All Time)
Calculated using the full available price history since Jun 21, 2006

-0.89

The correlation between PSQ and SPY has been stable across timeframes, ranging from -0.94 to -0.89 - a consistent structural relationship.

PSQ vs. SPY - Sectors Allocation Comparison

Sectors
PSQ
SPY

Financial Services

84.5%
11.1%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Technology

-

39.0%

Utilities

-

2.1%

Financial Services

PSQ
84.5%
SPY
11.1%

Basic Materials

PSQ

-

SPY
1.7%

Communication Services

PSQ

-

SPY
10.6%

Consumer Cyclical

PSQ

-

SPY
9.9%

Consumer Defensive

PSQ

-

SPY
4.5%

Energy

PSQ

-

SPY
3.1%

Healthcare

PSQ

-

SPY
8.3%

Industrials

PSQ

-

SPY
7.8%

Real Estate

PSQ

-

SPY
1.8%

Technology

PSQ

-

SPY
39.0%

Utilities

PSQ

-

SPY
2.1%

Compare stocks, funds, or ETFs

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ProShares Short QQQ

State Street SPDR S&P 500 ETF

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. QLD
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

PSQ vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSQ
PSQ Risk / Return Rank: 11
Overall Rank
PSQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 00
Sortino Ratio Rank
PSQ Omega Ratio Rank: 11
Omega Ratio Rank
PSQ Calmar Ratio Rank: 11
Calmar Ratio Rank
PSQ Martin Ratio Rank: 00
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6666
Overall Rank
SPY Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6464
Sortino Ratio Rank
SPY Omega Ratio Rank: 6767
Omega Ratio Rank
SPY Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPY Martin Ratio Rank: 7373
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and State Street SPDR S&P 500 ETF (SPY). 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.

PSQSPYDifference
Sharpe ratioReturn per unit of total volatility
-1.40
2.11

-3.51

Sortino ratioReturn per unit of downside risk
-2.08
2.86

-4.94

Omega ratioGain probability vs. loss probability

0.78

1.38

-0.61

Calmar ratioReturn relative to maximum drawdown

-0.91

2.93

-3.84

Martin ratioReturn relative to average drawdown

-1.85

13.24

-15.09

PSQ vs. SPY - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.40, which is lower than the SPY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of PSQ and SPY, 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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Drawdowns

PSQ vs. SPY - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PSQ and SPY.

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Drawdown Indicators

PSQSPYDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-55.19%

-43.07%

Max Drawdown (1Y)

Largest decline over 1 year

-26.86%

-8.88%

-17.98%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-18.76%

-30.89%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-24.50%

-36.41%

Max Drawdown (10Y)

Largest decline over 10 years

-88.98%

-33.72%

-55.26%

Current Drawdown

Current decline from peak

-98.22%

-1.22%

-97.00%

Average Drawdown

Average peak-to-trough decline

-74.00%

-9.04%

-64.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.17%

1.97%

+11.20%

Volatility

PSQ vs. SPY - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 8.05% compared to State Street SPDR S&P 500 ETF (SPY) at 4.48%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSQSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.05%

4.48%

+3.57%

Volatility (6M)

Calculated over the trailing 6-month period

14.05%

9.68%

+4.37%

Volatility (1Y)

Calculated over the trailing 1-year period

17.53%

12.36%

+5.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.65%

17.14%

+5.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.37%

17.98%

+4.39%

PSQ vs. SPY - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PSQ vs. SPY - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.15%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
PSQ
ProShares Short QQQ		5.15%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

PSQ and SPY have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PSQ has higher volatility (8.05%) compared to SPY (4.48%). In terms of maximum drawdown, PSQ dropped -98.26% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.58% vs -19.34% for PSQ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.58% return vs -19.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for PSQ.

PSQ has the higher dividend yield at 5.15%, compared with 0.98% for SPY.

PSQ is categorized as Inverse Equities, while SPY is S&P 500. PSQ tracks NASDAQ-100 Index (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for PSQ and 0.09% for SPY.

SPY currently has the higher Sharpe Ratio (2.11 vs -1.40), 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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