PSQ vs. USD
PSQ (ProShares Short QQQ) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, PSQ returned -18.50%/yr vs 55.77%/yr for USD. At a correlation of -0.82, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
PSQ vs. USD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PSQ achieves a -10.91% return, which is significantly lower than USD's 57.07% return. Over the past 10 years, PSQ has underperformed USD with an annualized return of -18.50%, while USD has yielded a comparatively higher 55.77% annualized return.
PSQ
- 1D
- 1.53%
- 1M
- 3.86%
- 6M
- -10.20%
- YTD
- -10.91%
- 1Y
- -16.78%
- 3Y*
- -15.06%
- 5Y*
- -12.30%
- 10Y*
- -18.50%
USD
- 1D
- -3.79%
- 1M
- -16.88%
- 6M
- 43.24%
- YTD
- 57.07%
- 1Y
- 96.75%
- 3Y*
- 90.78%
- 5Y*
- 60.45%
- 10Y*
- 55.77%
PSQ vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -10.91% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
USD ProShares Ultra Semiconductors | 57.07% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between PSQ and USD is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.82 |
The correlation between PSQ and USD has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.
PSQ vs. USD - Sectors Allocation Comparison
Sectors
PSQ
USD
Financial Services
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Financial Services
PSQ
USD
Basic Materials
PSQ
-
USD
-
Communication Services
PSQ
-
USD
-
Consumer Cyclical
PSQ
-
USD
-
Consumer Defensive
PSQ
-
USD
-
Energy
PSQ
-
USD
Healthcare
PSQ
-
USD
-
Industrials
PSQ
-
USD
-
Real Estate
PSQ
-
USD
-
Technology
PSQ
-
USD
Utilities
PSQ
-
USD
-
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PSQ vs. USD — Risk / Return Rank
PSQ
USD
PSQ vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.24 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 3.06 | -3.74 |
| Martin ratioReturn relative to average drawdown | -1.38 | 7.80 | -9.18 |
Loading charts...
Drawdowns
PSQ vs. USD - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for PSQ and USD.
Loading charts...
Drawdown Indicators
| PSQ | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -88.63% | -9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -24.83% | -31.80% | +6.97% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -64.46% | +14.81% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -77.85% | +16.94% |
Max Drawdown (10Y)Largest decline over 10 years | -87.79% | -77.85% | -9.94% |
Current DrawdownCurrent decline from peak | -98.14% | -27.44% | -70.70% |
Average DrawdownAverage peak-to-trough decline | -74.10% | -32.24% | -41.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.18% | 12.44% | -0.26% |
Volatility
PSQ vs. USD - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 7.41%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.85%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PSQ | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.41% | 29.85% | -22.44% |
Volatility (6M)Calculated over the trailing 6-month period | 15.47% | 58.53% | -43.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.74% | 71.17% | -52.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.84% | 78.27% | -55.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.40% | 70.11% | -47.71% |
PSQ vs. USD - Expense Ratio Comparison
Both PSQ and USD have an expense ratio of 0.95%.
Dividends
PSQ vs. USD - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 4.30%, more than USD's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 4.30% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.37% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
PSQ and USD have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.85%) compared to PSQ (7.41%). In terms of maximum drawdown, PSQ dropped -98.26% vs USD's -88.63%.
On 10-year performance, USD leads with 55.77% vs -18.50% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 7.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 55.77% return vs -18.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQ and USD have the same expense ratio: 0.95% per year.
PSQ has the higher dividend yield at 4.30%, compared with 0.37% for USD.
PSQ is categorized as Inverse Equities, while USD is Leveraged Equities. PSQ tracks NASDAQ-100 Index (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.37 vs -0.90), 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.
Find the right allocation for PSQ and USD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer