PSQ vs. UVXY
PSQ (ProShares Short QQQ) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, PSQ returned -19.23%/yr vs -72.67%/yr for UVXY. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
PSQ vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -16.45% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, PSQ has outperformed UVXY with an annualized return of -19.23%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
PSQ vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between PSQ and UVXY is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.70 |
The correlation between PSQ and UVXY has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.
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Return for Risk
PSQ vs. UVXY — Risk / Return Rank
PSQ
UVXY
PSQ vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.82 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.97 | -0.01 |
| Martin ratioReturn relative to average drawdown | -2.12 | -1.31 | -0.81 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.65 | -0.87 | -0.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.66 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | -0.64 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.76 | -0.68 | -0.09 |
Drawdowns
PSQ vs. UVXY - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PSQ and UVXY.
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Drawdown Indicators
| PSQ | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -100.00% | +1.74% |
Max Drawdown (1Y)Largest decline over 1 year | -26.93% | -75.22% | +48.29% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -95.45% | +45.80% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -99.68% | +38.77% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -100.00% | +11.02% |
Current DrawdownCurrent decline from peak | -98.25% | -100.00% | +1.75% |
Average DrawdownAverage peak-to-trough decline | -73.97% | -98.55% | +24.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.41% | 55.63% | -43.22% |
Volatility
PSQ vs. UVXY - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 4.50%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 11.77% | -7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 12.14% | 62.64% | -50.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.01% | 84.42% | -68.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.43% | 103.85% | -81.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.25% | 113.82% | -91.57% |
PSQ vs. UVXY - Expense Ratio Comparison
Both PSQ and UVXY have an expense ratio of 0.95%.
Dividends
PSQ vs. UVXY - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.24%, while UVXY 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% |
UVXY ProShares Ultra VIX Short-Term 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 UVXY 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.
UVXY has higher volatility (11.77%) compared to PSQ (4.50%). In terms of maximum drawdown, PSQ dropped -98.26% vs UVXY's -100.00%.
On 10-year performance, PSQ leads with -19.23% vs -72.67% for UVXY. 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.
Over the 10-year period, PSQ has performed better with a -19.23% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQ and UVXY have the same expense ratio: 0.95% per year.
PSQ has the higher dividend yield at 5.24%, compared with 0.00% for UVXY.
PSQ is categorized as Inverse Equities, while UVXY is Volatility. PSQ tracks NASDAQ-100 Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 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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