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PSQ vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. SQQQ

Last updated Aug 1, 2026
Documentation

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 -18.20%/yr vs -54.48%/yr for SQQQ. Their 1.00 correlation means they have historically moved very closely together. 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.

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Returns By Period

In the year-to-date period, PSQ achieves a -9.94% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, PSQ has outperformed SQQQ with an annualized return of -18.20%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

PSQ

1D
-0.59%
1M
5.59%
6M
-9.19%
YTD
-9.94%
1Y
-15.69%
3Y*
-15.05%
5Y*
-11.74%
10Y*
-18.20%
ALL TIME*
-16.38%

SQQQ

1D
-1.99%
1M
15.44%
6M
-32.40%
YTD
-34.61%
1Y
-49.47%
3Y*
-49.83%
5Y*
-44.46%
10Y*
-54.48%
ALL TIME*
-52.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PSQ

ProShares Short QQQ
$270.27M$217.80M$219.49M

SQQQ

ProShares UltraPro Short QQQ
$2.40B$2.29B$2.66B

PSQ vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PSQ
ProShares Short QQQ		-9.94%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%
SQQQ
ProShares UltraPro Short QQQ		-34.61%-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 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

1.00

Correlation (3Y)
Balances recent behavior with more history.

1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

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

63.0%
101.5%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

PSQ
63.0%
SQQQ
101.5%

Basic Materials

PSQ

-

SQQQ

-

Communication Services

PSQ

-

SQQQ

-

Consumer Cyclical

PSQ

-

SQQQ

-

Consumer Defensive

PSQ

-

SQQQ

-

Energy

PSQ

-

SQQQ

-

Healthcare

PSQ

-

SQQQ

-

Industrials

PSQ

-

SQQQ

-

Real Estate

PSQ

-

SQQQ

-

Technology

PSQ

-

SQQQ

-

Utilities

PSQ

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares Short QQQ

ProShares UltraPro Short QQQ

Often compared with PSQ:
PSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. SPYPSQ vs. QLD
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXYSQQQ vs. UVIX

Return for Risk

PSQ vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PSQ
PSQ Risk / Return Rank: 33
Overall Rank
PSQ Sharpe Ratio Rank: 33
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 33
Sortino Ratio Rank
PSQ Omega Ratio Rank: 33
Omega Ratio Rank
PSQ Calmar Ratio Rank: 44
Calmar Ratio Rank
PSQ Martin Ratio Rank: 33
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 33
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 22
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

PSQSQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.81
-0.86

+0.04

Sortino ratioReturn per unit of downside risk
-1.11
-1.25

+0.14

Omega ratioGain probability vs. loss probability

0.88

0.86

+0.01

Calmar ratioReturn relative to maximum drawdown

-0.63

-0.81

+0.18

Martin ratioReturn relative to average drawdown

-1.23

-1.41

+0.18

PSQ vs. SQQQ - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -0.81, which is comparable to the SQQQ Sharpe Ratio of -0.86. 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.

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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.

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Drawdown Indicators

PSQSQQQDifference

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

-87.66%

-99.97%

+12.31%

Current Drawdown

Current decline from peak

-98.12%

-100.00%

+1.88%

Average Drawdown

Average peak-to-trough decline

-74.15%

-92.78%

+18.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.73%

35.08%

-22.35%

Volatility

PSQ vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 6.96%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. 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.

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Volatility by Period

PSQSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

20.82%

-13.86%

Volatility (6M)

Calculated over the trailing 6-month period

16.03%

48.09%

-32.06%

Volatility (1Y)

Calculated over the trailing 1-year period

19.38%

57.98%

-38.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.93%

68.18%

-45.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.46%

66.74%

-44.28%

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 4.26%, less than SQQQ's 9.14% yield.

PositionTTM202520242023202220212020201920182017
PSQ
ProShares Short QQQ		4.26%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%
SQQQ
ProShares UltraPro Short QQQ		9.14%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

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.

SQQQ has higher volatility (20.82%) compared to PSQ (6.96%). In terms of maximum drawdown, PSQ dropped -98.26% vs SQQQ's -100.00%.

On 10-year performance, PSQ leads with -18.20% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 6.96%. 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 -18.20% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 9.14%, compared with 4.26% for PSQ.

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

PSQ currently has the higher Sharpe Ratio (-0.81 vs -0.86), 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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