PSQ vs. YXI
PSQ (ProShares Short QQQ) and YXI (ProShares Short FTSE China 50) are both Inverse Equities funds from ProShares - PSQ tracks the NASDAQ-100 Index (-100%) while YXI tracks the FTSE China 50 Net Tax USD (TR) (-100%). Both are passively managed. Over the past 10 years, PSQ returned -19.23%/yr vs -8.25%/yr for YXI. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
PSQ vs. YXI - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -16.45% return, which is significantly lower than YXI's 8.21% return. Over the past 10 years, PSQ has underperformed YXI with an annualized return of -19.23%, while YXI has yielded a comparatively higher -8.25% 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%
YXI
- 1D
- 1.95%
- 1M
- 2.80%
- YTD
- 8.21%
- 6M
- 9.88%
- 1Y
- 0.05%
- 3Y*
- -11.68%
- 5Y*
- -2.65%
- 10Y*
- -8.25%
PSQ vs. YXI - 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% |
YXI ProShares Short FTSE China 50 | 8.21% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
Correlation
The correlation between PSQ and YXI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2010 | 0.51 |
The correlation between PSQ and YXI shifts across timeframes, from 0.35 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PSQ vs. YXI — Risk / Return Rank
PSQ
YXI
PSQ vs. YXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares Short FTSE China 50 (YXI). 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 | YXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.02 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.00 | -0.98 |
| Martin ratioReturn relative to average drawdown | -2.12 | 0.01 | -2.13 |
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 | YXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.65 | 0.00 | -1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.08 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.87 | -0.30 | -0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.76 | -0.30 | -0.46 |
Drawdowns
PSQ vs. YXI - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than YXI's maximum drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for PSQ and YXI.
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Drawdown Indicators
| PSQ | YXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -81.15% | -17.11% |
Max Drawdown (1Y)Largest decline over 1 year | -26.93% | -14.21% | -12.72% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -53.12% | +3.47% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -57.65% | -3.26% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -64.92% | -24.06% |
Current DrawdownCurrent decline from peak | -98.25% | -77.90% | -20.35% |
Average DrawdownAverage peak-to-trough decline | -73.97% | -54.31% | -19.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.41% | 8.18% | +4.23% |
Volatility
PSQ vs. YXI - Volatility Comparison
The current volatility for ProShares Short QQQ (PSQ) is 4.50%, while ProShares Short FTSE China 50 (YXI) has a volatility of 7.21%. This indicates that PSQ experiences smaller price fluctuations and is considered to be less risky than YXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSQ | YXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 7.21% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 12.14% | 14.86% | -2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.01% | 19.97% | -3.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.43% | 31.40% | -8.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.25% | 27.42% | -5.17% |
PSQ vs. YXI - Expense Ratio Comparison
Both PSQ and YXI have an expense ratio of 0.95%.
Dividends
PSQ vs. YXI - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.24%, more than YXI's 2.84% yield.
| 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% |
YXI ProShares Short FTSE China 50 | 2.84% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% | 0.00% |
Frequently Asked Questions
PSQ and YXI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (7.21%) compared to PSQ (4.50%). In terms of maximum drawdown, PSQ dropped -98.26% vs YXI's -81.15%.
On 10-year performance, YXI leads with -8.25% 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.
Over the 10-year period, YXI has performed better with a -8.25% return vs -19.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQ and YXI have the same expense ratio: 0.95% per year.
PSQ has the higher dividend yield at 5.24%, compared with 2.84% for YXI.
PSQ tracks NASDAQ-100 Index (-100%), while YXI tracks FTSE China 50 Net Tax USD (TR) (-100%).
YXI currently has the higher Sharpe Ratio (0.00 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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