PSQ vs. SVIX
PSQ (ProShares Short QQQ) and SVIX (Volatility Shares -1x Short VIX Futures ETF) are both Inverse Equities funds. Over the past 3 years, PSQ returned -18.98%/yr vs -0.59%/yr for SVIX. At a correlation of -0.68, they often move in opposite directions. PSQ charges 0.95%/yr vs 1.47%/yr for SVIX.
Performance
PSQ vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -16.45% return, which is significantly lower than SVIX's -8.17% 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%
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 5Y*
- —
- 10Y*
- —
PSQ vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -16.45% | -15.51% | -15.68% | -32.01% | 29.35% |
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
Correlation
The correlation between PSQ and SVIX is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.68 |
The correlation between PSQ and SVIX has been stable across timeframes, ranging from -0.68 to -0.66 - a consistent structural relationship.
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Return for Risk
PSQ vs. SVIX — Risk / Return Rank
PSQ
SVIX
PSQ vs. SVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and Volatility Shares -1x Short VIX Futures ETF (SVIX). 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.
| PSQ | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.20 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.21 | -2.19 |
| Martin ratioReturn relative to average drawdown | -2.12 | 3.50 | -5.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PSQ | SVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.65 | 0.95 | -2.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.76 | 0.16 | -0.92 |
Drawdowns
PSQ vs. SVIX - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for PSQ and SVIX.
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Drawdown Indicators
| PSQ | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -79.30% | -18.96% |
Max Drawdown (1Y)Largest decline over 1 year | -26.93% | -42.69% | +15.76% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -79.30% | +29.65% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | — | — |
Current DrawdownCurrent decline from peak | -98.25% | -56.14% | -42.11% |
Average DrawdownAverage peak-to-trough decline | -73.97% | -31.60% | -42.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.41% | 14.75% | -2.34% |
Volatility
PSQ vs. SVIX - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 4.50%, while Volatility Shares -1x Short VIX Futures ETF (SVIX) has a volatility of 7.38%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 7.38% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.14% | 41.05% | -28.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.01% | 54.75% | -38.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.43% | 66.27% | -43.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.25% | 66.27% | -44.02% |
PSQ vs. SVIX - Expense Ratio Comparison
PSQ has a 0.95% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
PSQ vs. SVIX - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.24%, while SVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.24% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
SVIX Volatility Shares -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PSQ and SVIX have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (7.38%) compared to PSQ (4.50%). In terms of maximum drawdown, PSQ dropped -98.26% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -0.59% vs -18.98% for PSQ. On fees, PSQ is cheaper at 0.95% per year. 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 3-year period, SVIX has performed better with a -0.59% return vs -18.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQ is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.
PSQ has the higher dividend yield at 5.24%, compared with 0.00% for SVIX.
They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.95% for PSQ and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.95 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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