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PSQ vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. TQQQ

Last updated Jul 12, 2026
Documentation

PSQ (ProShares Short QQQ) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while TQQQ 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 43.22%/yr for TQQQ. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

PSQ vs. TQQQ - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, PSQ achieves a -14.61% return, which is significantly lower than TQQQ's 46.69% return. Over the past 10 years, PSQ has underperformed TQQQ with an annualized return of -18.89%, while TQQQ has yielded a comparatively higher 43.22% 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%

TQQQ

1D
0.90%
1M
1.58%
6M
38.69%
YTD
46.69%
1Y
85.21%
3Y*
57.92%
5Y*
20.15%
10Y*
43.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PSQ vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PSQ
ProShares Short QQQ		-14.61%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%
TQQQ
ProShares UltraPro QQQ		46.69%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between PSQ and TQQQ is -1.00, 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

-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 TQQQ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

PSQ vs. TQQQ - Sectors Allocation Comparison

Sectors
PSQ
TQQQ

Financial Services

83.3%
0.2%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Financial Services

PSQ
83.3%
TQQQ
0.2%

Basic Materials

PSQ

-

TQQQ
1.1%

Communication Services

PSQ

-

TQQQ
15.8%

Consumer Cyclical

PSQ

-

TQQQ
12.3%

Consumer Defensive

PSQ

-

TQQQ
7.7%

Energy

PSQ

-

TQQQ
0.6%

Healthcare

PSQ

-

TQQQ
4.2%

Industrials

PSQ

-

TQQQ
2.8%

Real Estate

PSQ

-

TQQQ
0.1%

Technology

PSQ

-

TQQQ
53.8%

Utilities

PSQ

-

TQQQ
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short QQQ

ProShares UltraPro QQQ

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. DOGPSQ vs. SPYPSQ vs. QLD
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECL

Return for Risk

PSQ vs. TQQQ — 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: 11
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 11
Sortino Ratio Rank
PSQ Omega Ratio Rank: 11
Omega Ratio Rank
PSQ Calmar Ratio Rank: 22
Calmar Ratio Rank
PSQ Martin Ratio Rank: 00
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 5353
Overall Rank
TQQQ Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 5050
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 5151
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 5757
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 5252
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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares UltraPro QQQ (TQQQ). 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.

PSQTQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.14
1.54

-2.68

Sortino ratioReturn per unit of downside risk
-1.67
2.00

-3.66

Omega ratioGain probability vs. loss probability

0.82

1.26

-0.44

Calmar ratioReturn relative to maximum drawdown

-0.85

2.28

-3.13

Martin ratioReturn relative to average drawdown

-1.78

7.02

-8.81

PSQ vs. TQQQ - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.14, which is lower than the TQQQ Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of PSQ and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for PSQ and TQQQ.

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Drawdown Indicators

PSQTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-81.66%

-16.60%

Max Drawdown (1Y)

Largest decline over 1 year

-24.83%

-36.97%

+12.14%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-58.04%

+8.39%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-81.66%

+20.75%

Max Drawdown (10Y)

Largest decline over 10 years

-87.94%

-81.66%

-6.28%

Current Drawdown

Current decline from peak

-98.21%

-11.48%

-86.73%

Average Drawdown

Average peak-to-trough decline

-74.08%

-18.48%

-55.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.80%

11.97%

-0.17%

Volatility

PSQ vs. TQQQ - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 8.64%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.52%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PSQTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.64%

25.52%

-16.88%

Volatility (6M)

Calculated over the trailing 6-month period

15.20%

45.43%

-30.23%

Volatility (1Y)

Calculated over the trailing 1-year period

18.45%

54.89%

-36.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.80%

67.67%

-44.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

66.35%

-43.97%

PSQ vs. TQQQ - Expense Ratio Comparison

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

Dividends

PSQ vs. TQQQ - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.49%, more than TQQQ's 0.49% yield.

PositionTTM20252024202320222021202020192018201720162015
PSQ
ProShares Short QQQ		4.49%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%0.00%0.00%
TQQQ
ProShares UltraPro QQQ		0.49%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%

Frequently Asked Questions

PSQ and TQQQ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (25.52%) compared to PSQ (8.64%). In terms of maximum drawdown, PSQ dropped -98.26% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 43.22% vs -18.89% for PSQ. 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.

Over the 10-year period, TQQQ has performed better with a 43.22% return vs -18.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PSQ has the higher dividend yield at 4.49%, compared with 0.49% for TQQQ.

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

TQQQ currently has the higher Sharpe Ratio (1.53 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.

Portfolio Optimizer

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