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QID vs. PSQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QID vs. PSQ

Last updated Aug 4, 2026
Documentation

QID (ProShares UltraShort QQQ) and PSQ (ProShares Short QQQ) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, QID returned -37.34%/yr vs -18.22%/yr for PSQ. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.

Performance

QID vs. PSQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, QID achieves a -23.79% return, which is significantly lower than PSQ's -11.52% return. Over the past 10 years, QID has underperformed PSQ with an annualized return of -37.34%, while PSQ has yielded a comparatively higher -18.22% annualized return.

QID

1D
-3.50%
1M
3.12%
6M
-21.05%
YTD
-23.79%
1Y
-37.34%
3Y*
-35.09%
5Y*
-28.25%
10Y*
-37.34%
ALL TIME*
-34.64%

PSQ

1D
-1.75%
1M
1.82%
6M
-10.18%
YTD
-11.52%
1Y
-18.81%
3Y*
-16.36%
5Y*
-11.93%
10Y*
-18.22%
ALL TIME*
-16.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PSQ

ProShares Short QQQ
$279.94M$223.10M$222.42M

QID

ProShares UltraShort QQQ
$256.97M$224.54M$302.82M

QID vs. PSQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QID
ProShares UltraShort QQQ		-23.79%-34.97%-34.06%-57.19%66.30%-44.93%-69.71%-49.57%-9.90%-44.00%
PSQ
ProShares Short QQQ		-11.52%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%

Correlation

The correlation between QID and PSQ is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

1.00

Correlation (3Y)
Balances recent behavior with more history.

1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

1.00

Correlation (All Time)
Calculated using the full available price history since Jul 13, 2006

0.99

The correlation between QID and PSQ has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

QID vs. PSQ - Sectors Allocation Comparison

Sectors
QID
PSQ

Financial Services

64.8%
64.9%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

QID
64.8%
PSQ
64.9%

Basic Materials

QID

-

PSQ

-

Communication Services

QID

-

PSQ

-

Consumer Cyclical

QID

-

PSQ

-

Consumer Defensive

QID

-

PSQ

-

Energy

QID

-

PSQ

-

Healthcare

QID

-

PSQ

-

Industrials

QID

-

PSQ

-

Real Estate

QID

-

PSQ

-

Technology

QID

-

PSQ

-

Utilities

QID

-

PSQ

-

Compare stocks, funds, or ETFs

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ProShares UltraShort QQQ

ProShares Short QQQ

Often compared with QID:
QID vs. SQQQQID vs. QQQQID vs. TQQQQID vs. UVXYQID vs. RWMQID vs. TZAQID vs. SPY
Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. SPYPSQ vs. QLD

Return for Risk

QID vs. PSQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
QID
QID Risk / Return Rank: 22
Overall Rank
QID Sharpe Ratio Rank: 22
Sharpe Ratio Rank
QID Sortino Ratio Rank: 22
Sortino Ratio Rank
QID Omega Ratio Rank: 22
Omega Ratio Rank
QID Calmar Ratio Rank: 22
Calmar Ratio Rank
QID Martin Ratio Rank: 00
Martin Ratio Rank
PSQ
PSQ Risk / Return Rank: 22
Overall Rank
PSQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 22
Sortino Ratio Rank
PSQ Omega Ratio Rank: 22
Omega Ratio Rank
PSQ Calmar Ratio Rank: 33
Calmar Ratio Rank
PSQ Martin Ratio Rank: 00
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QID vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) and ProShares Short QQQ (PSQ). 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.

QIDPSQDifference
Sharpe ratioReturn per unit of total volatility
-0.97
-0.98

+0.01

Sortino ratioReturn per unit of downside risk
-1.42
-1.37

-0.04

Omega ratioGain probability vs. loss probability

0.85

0.85

0.00

Calmar ratioReturn relative to maximum drawdown

-0.84

-0.76

-0.08

Martin ratioReturn relative to average drawdown

-1.59

-1.51

-0.08

QID vs. PSQ - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -0.97, which is comparable to the PSQ Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of QID and PSQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QID vs. PSQ - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, roughly equal to the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for QID and PSQ.

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Drawdown Indicators

QIDPSQDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-98.26%

-1.73%

Max Drawdown (1Y)

Largest decline over 1 year

-44.38%

-24.83%

-19.55%

Max Drawdown (3Y)

Largest decline over 3 years

-79.50%

-49.65%

-29.85%

Max Drawdown (5Y)

Largest decline over 5 years

-88.72%

-60.91%

-27.81%

Max Drawdown (10Y)

Largest decline over 10 years

-99.21%

-87.66%

-11.55%

Current Drawdown

Current decline from peak

-99.99%

-98.15%

-1.84%

Average Drawdown

Average peak-to-trough decline

-87.09%

-74.16%

-12.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

24.31%

12.80%

+11.51%

Volatility

QID vs. PSQ - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 14.10% compared to ProShares Short QQQ (PSQ) at 7.03%. This indicates that QID's price experiences larger fluctuations and is considered to be riskier than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QIDPSQDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.10%

7.03%

+7.07%

Volatility (6M)

Calculated over the trailing 6-month period

32.23%

16.07%

+16.16%

Volatility (1Y)

Calculated over the trailing 1-year period

38.77%

19.36%

+19.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.84%

22.95%

+22.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.99%

22.47%

+22.52%

QID vs. PSQ - Expense Ratio Comparison

Both QID and PSQ have an expense ratio of 0.95%.

Dividends

QID vs. PSQ - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.73%, more than PSQ's 4.33% yield.

PositionTTM202520242023202220212020201920182017
PSQ
ProShares Short QQQ		4.33%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%
QID
ProShares UltraShort QQQ		7.73%6.25%7.99%5.63%0.15%0.00%0.92%2.54%1.38%0.08%

Frequently Asked Questions

With a correlation of 1.00, QID and PSQ 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.

QID has higher volatility (14.10%) compared to PSQ (7.03%). In terms of maximum drawdown, QID dropped -99.99% vs PSQ's -98.26%.

On 10-year performance, PSQ leads with -18.22% vs -37.34% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 7.03%. 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 -18.22% return vs -37.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

QID has the higher dividend yield at 7.73%, compared with 4.33% for PSQ.

QID is categorized as Leveraged Equities, while PSQ is Inverse Equities. QID tracks NASDAQ-100 Index (-200%), while PSQ tracks NASDAQ-100 Index (-100%).

QID currently has the higher Sharpe Ratio (-0.97 vs -0.98), 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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