PSQ vs. SQQQ

Last updated Jul 12, 2026

PSQ (ProShares Short QQQ) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, PSQ returned -18.89%/yr vs -55.56%/yr for SQQQ. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

PSQ vs. SQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, PSQ achieves a -14.61% return, which is significantly higher than SQQQ's -43.51% return. Over the past 10 years, PSQ has outperformed SQQQ with an annualized return of -18.89%, while SQQQ has yielded a comparatively lower -55.56% annualized return.

PSQ

• 1D: -0.27%
• 1M: -1.33%
• 6M: -12.99%
• YTD: -14.61%
• 1Y: -21.29%
• 3Y*: -17.50%
• 5Y*: -12.87%
• 10Y*: -18.89%

SQQQ

• 1D: -0.84%
• 1M: -5.99%
• 6M: -40.16%
• YTD: -43.51%
• 1Y: -58.48%
• 3Y*: -54.03%
• 5Y*: -46.44%
• 10Y*: -55.56%

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

PSQ vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	-14.61%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
SQQQ ProShares UltraPro Short QQQ	-43.51%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between PSQ and SQQQ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	1.00

The correlation between PSQ and SQQQ has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

PSQ vs. SQQQ - Sectors Allocation Comparison

Sectors	PSQ	SQQQ
Financial Services	83.3%	109.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PSQ vs. SQQQ — 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: 1
PSQ Sortino Ratio Rank: 1
PSQ Omega Ratio Rank: 1
PSQ Calmar Ratio Rank: 2
PSQ Martin Ratio Rank: 0

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ 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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	-1.06	-0.09
Sortino ratio: Return per unit of downside risk	-1.67	-1.81	+0.15
Omega ratio: Gain probability vs. loss probability	0.82	0.80	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.96	+0.10
Martin ratio: Return relative to average drawdown	-1.78	-1.78	0.00

PSQ vs. SQQQ - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.14, which is comparable to the SQQQ Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of PSQ and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PSQ and SQQQ.

Drawdown Indicators

	PSQ	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-100.00%	+1.74%
Max Drawdown (1Y) Largest decline over 1 year	-24.83%	-61.03%	+36.20%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-92.51%	+42.86%
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	-97.27%	+36.36%
Max Drawdown (10Y) Largest decline over 10 years	-87.94%	-99.97%	+12.03%
Current Drawdown Current decline from peak	-98.21%	-100.00%	+1.79%
Average Drawdown Average peak-to-trough decline	-74.08%	-92.75%	+18.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.80%	32.59%	-20.79%

Volatility

PSQ vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 8.64%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.13%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	26.13%	-17.49%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	45.54%	-30.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	55.22%	-36.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	67.80%	-45.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	66.51%	-44.13%

PSQ vs. SQQQ - Expense Ratio Comparison

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

Dividends

PSQ vs. SQQQ - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.49%, less than SQQQ's 10.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	4.49%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SQQQ ProShares UltraPro Short QQQ	10.57%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both PSQ and SQQQ in my portfolio?

With a correlation of 1.00, PSQ and SQQQ 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.

Which is riskier, PSQ or SQQQ?

SQQQ has higher volatility (26.13%) compared to PSQ (8.64%). In terms of maximum drawdown, PSQ dropped -98.26% vs SQQQ's -100.00%.

Which ETF is better, PSQ or SQQQ?

On 10-year performance, PSQ leads with -18.89% vs -55.56% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 8.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or SQQQ?

Over the 10-year period, PSQ has performed better with a -18.89% return vs -55.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or SQQQ?

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

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

SQQQ has the higher dividend yield at 10.57%, compared with 4.49% for PSQ.

What is the main difference between PSQ and SQQQ?

PSQ is categorized as Inverse Equities, while SQQQ is Leveraged Equities. PSQ tracks NASDAQ-100 Index (-100%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-1.06 vs -1.14), 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.