PSQ vs. YQQQ

Last updated Jun 25, 2026

PSQ (ProShares Short QQQ) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while YQQQ is a Derivative Income fund actively managed by YieldMax. PSQ is passively managed, while YQQQ is actively managed. Over the past year, PSQ returned -22.22% vs -11.37% for YQQQ. Their correlation of 0.95 suggests significant overlap in exposure. PSQ charges 0.95%/yr vs 0.99%/yr for YQQQ.

Performance

PSQ vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -13.66% return, which is significantly lower than YQQQ's -6.68% return.

PSQ

• 1D: -0.38%
• 1M: -0.23%
• YTD: -13.66%
• 6M: -12.23%
• 1Y: -22.22%
• 3Y*: -17.53%
• 5Y*: -13.26%
• 10Y*: -19.35%

YQQQ

• 1D: 0.53%
• 1M: -0.38%
• YTD: -6.68%
• 6M: -5.49%
• 1Y: -11.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSQ vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSQ ProShares Short QQQ	-13.66%	-15.51%	-7.84%
YQQQ YieldMax Short N100 Option Income Strategy ETF	-6.68%	-9.97%	-5.17%

Correlation

The correlation between PSQ and YQQQ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.95

The correlation between PSQ and YQQQ has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

PSQ vs. YQQQ — Risk / Return Rank

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

PSQ

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

YQQQ

YQQQ Risk / Return Rank: 3
YQQQ Sharpe Ratio Rank: 3
YQQQ Sortino Ratio Rank: 3
YQQQ Omega Ratio Rank: 3
YQQQ Calmar Ratio Rank: 5
YQQQ Martin Ratio Rank: 3

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. YQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	-0.84	-0.41
Sortino ratio: Return per unit of downside risk	-1.85	-1.10	-0.75
Omega ratio: Gain probability vs. loss probability	0.80	0.87	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.52	-0.37
Martin ratio: Return relative to average drawdown	-1.93	-1.30	-0.63

PSQ vs. YQQQ - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.25, which is lower than the YQQQ Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of PSQ and YQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSQ vs. YQQQ - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than YQQQ's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for PSQ and YQQQ.

Drawdown Indicators

	PSQ	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-29.10%	-69.16%
Max Drawdown (1Y) Largest decline over 1 year	-24.83%	-21.80%	-3.03%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.98%	—	—
Current Drawdown Current decline from peak	-98.19%	-26.38%	-71.81%
Average Drawdown Average peak-to-trough decline	-74.03%	-14.60%	-59.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.68%	8.83%	+2.85%

Volatility

PSQ vs. YQQQ - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 8.94% compared to YieldMax Short N100 Option Income Strategy ETF (YQQQ) at 6.14%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.94%	6.14%	+2.80%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	11.17%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	13.62%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.71%	16.58%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	16.58%	+5.79%

PSQ vs. YQQQ - Expense Ratio Comparison

PSQ has a 0.95% expense ratio, which is lower than YQQQ's 0.99% expense ratio.

Dividends

PSQ vs. YQQQ - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 5.07%, less than YQQQ's 29.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	5.07%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.95%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSQ and YQQQ in my portfolio?

With a correlation of 0.96, PSQ and YQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PSQ or YQQQ?

PSQ has higher volatility (8.94%) compared to YQQQ (6.14%). In terms of maximum drawdown, PSQ dropped -98.26% vs YQQQ's -29.10%.

Which ETF is better, PSQ or YQQQ?

On 1-year performance, YQQQ leads with -11.37% vs -22.22% for PSQ. On fees, PSQ is cheaper at 0.95% per year. On volatility, YQQQ has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or YQQQ?

Over the 1-year period, YQQQ has performed better with a -11.37% return vs -22.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or YQQQ?

PSQ is cheaper with a 0.95% expense ratio, compared with 0.99% for YQQQ.

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

YQQQ has the higher dividend yield at 29.95%, compared with 5.07% for PSQ.

What is the main difference between PSQ and YQQQ?

PSQ is categorized as Inverse Equities, while YQQQ is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for PSQ and 0.99% for YQQQ.

Which has better risk-adjusted returns?

YQQQ currently has the higher Sharpe Ratio (-0.84 vs -1.25), 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.