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 -19.32%/yr vs -73.85%/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 -13.33% return, which is significantly higher than UVXY's -22.07% return. Over the past 10 years, PSQ has outperformed UVXY with an annualized return of -19.32%, while UVXY has yielded a comparatively lower -73.85% annualized return.
PSQ
- 1D
- 3.29%
- 1M
- 0.15%
- YTD
- -13.33%
- 6M
- -12.07%
- 1Y
- -23.10%
- 3Y*
- -17.43%
- 5Y*
- -13.16%
- 10Y*
- -19.32%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
PSQ vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -13.33% | -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 | -22.07% | -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 | 0.69 |
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 4, 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -1.01 | +0.08 |
| Martin ratioReturn relative to average drawdown | -1.99 | -1.45 | -0.54 |
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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 | -24.95% | -73.51% | +48.56% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -94.93% | +45.28% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -99.71% | +38.80% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -100.00% | +11.02% |
Current DrawdownCurrent decline from peak | -98.19% | -100.00% | +1.81% |
Average DrawdownAverage peak-to-trough decline | -74.02% | -98.75% | +24.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.74% | 55.34% | -42.60% |
Volatility
PSQ vs. UVXY - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 8.93%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. 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 | 8.93% | 25.85% | -16.92% |
Volatility (6M)Calculated over the trailing 6-month period | 14.46% | 66.46% | -52.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 85.46% | -67.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.72% | 103.96% | -81.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 112.39% | -90.02% |
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 5.05%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.05% | 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 (25.85%) compared to PSQ (8.93%). In terms of maximum drawdown, PSQ dropped -98.26% vs UVXY's -100.00%.
On 10-year performance, PSQ leads with -19.32% vs -73.85% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 8.93%. 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 -19.32% return vs -73.85%. 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 5.05%, 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 -1.29), 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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