PSQ vs. USD

Last updated Jun 4, 2026

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 -19.23%/yr vs 62.16%/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

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

Returns By Period

In the year-to-date period, PSQ achieves a -16.45% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, PSQ has underperformed USD with an annualized return of -19.23%, while USD has yielded a comparatively higher 62.16% annualized 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%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

PSQ vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	-16.45%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
USD ProShares Ultra Semiconductors	114.00%	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 -0.79, 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	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.83
Correlation (5Y) Calculated over the trailing 5-year period	-0.86
Correlation (10Y) Calculated over the trailing 10-year period	-0.84
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	-0.82

The correlation between PSQ and USD has been stable across timeframes, ranging from -0.86 to -0.79 - a consistent structural relationship.

PSQ vs. USD - Sectors Allocation Comparison

Sectors	PSQ	USD
Financial Services	74.7%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

PSQ vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PSQ

PSQ Risk / Return Rank: 0
PSQ Sharpe Ratio Rank: 0
PSQ Sortino Ratio Rank: 0
PSQ Omega Ratio Rank: 0
PSQ Calmar Ratio Rank: 1
PSQ Martin Ratio Rank: 0

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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. 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.

	PSQ	USD	Difference
Sharpe ratio: Return per unit of total volatility	-1.65	4.53	-6.18
Sortino ratio: Return per unit of downside risk	-2.46	3.81	-6.27
Omega ratio: Gain probability vs. loss probability	0.74	1.51	-0.77
Calmar ratio: Return relative to maximum drawdown	-0.98	8.70	-9.68
Martin ratio: Return relative to average drawdown	-2.12	25.16	-27.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSQ vs. USD - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.65, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of PSQ and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSQ	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.65	4.53	-6.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.91	-1.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.87	0.90	-1.77
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	0.49	-1.26

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.

Drawdown Indicators

	PSQ	USD	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-88.63%	-9.63%
Max Drawdown (1Y) Largest decline over 1 year	-26.93%	-31.80%	+4.87%
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	-88.98%	-77.85%	-11.13%
Current Drawdown Current decline from peak	-98.25%	-1.14%	-97.11%
Average Drawdown Average peak-to-trough decline	-73.97%	-32.35%	-41.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.41%	10.97%	+1.44%

Volatility

PSQ vs. USD - Volatility Comparison

The current volatility for ProShares Short QQQ (PSQ) is 4.50%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. 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.

Volatility by Period

	PSQ	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	20.36%	-15.86%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	46.39%	-34.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	61.22%	-45.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	76.55%	-54.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	69.23%	-46.98%

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 5.24%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSQ ProShares Short QQQ	5.24%	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	0.21%	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

Can I hold both PSQ and USD in my portfolio?

PSQ and USD have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSQ or USD?

USD has higher volatility (20.36%) compared to PSQ (4.50%). In terms of maximum drawdown, PSQ dropped -98.26% vs USD's -88.63%.

Which ETF is better, PSQ or USD?

On 10-year performance, USD leads with 62.16% vs -19.23% for PSQ. Both ETFs have the same 0.95% expense ratio. 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.

Which ETF has performed better, PSQ or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs -19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or USD?

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

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

PSQ has the higher dividend yield at 5.24%, compared with 0.21% for USD.

What is the main difference between PSQ and 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%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 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.