QID vs. PSQ
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 -39.47%/yr vs -19.58%/yr for PSQ. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
QID vs. PSQ - Performance Comparison
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Returns By Period
In the year-to-date period, QID achieves a -31.93% return, which is significantly lower than PSQ's -16.09% return. Over the past 10 years, QID has underperformed PSQ with an annualized return of -39.47%, while PSQ has yielded a comparatively higher -19.58% annualized return.
QID
- 1D
- 0.22%
- 1M
- -6.88%
- YTD
- -31.93%
- 6M
- -30.64%
- 1Y
- -49.05%
- 3Y*
- -38.43%
- 5Y*
- -31.45%
- 10Y*
- -39.47%
PSQ
- 1D
- 0.16%
- 1M
- -3.04%
- YTD
- -16.09%
- 6M
- -15.30%
- 1Y
- -26.34%
- 3Y*
- -18.31%
- 5Y*
- -13.85%
- 10Y*
- -19.58%
QID vs. PSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QID ProShares UltraShort QQQ | -31.93% | -34.97% | -34.06% | -57.19% | 66.30% | -44.93% | -69.71% | -49.57% | -9.90% | -44.00% |
PSQ ProShares Short QQQ | -16.09% | -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 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 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
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
QID
PSQ
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
-
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Return for Risk
QID vs. PSQ — Risk / Return Rank
QID
PSQ
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.
| QID | PSQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.76 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.94 | -2.08 | +0.14 |
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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
| QID | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -98.26% | -1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -48.52% | -26.08% | -22.44% |
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 | -99.37% | -88.98% | -10.39% |
Current DrawdownCurrent decline from peak | -99.99% | -98.24% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -87.02% | -74.02% | -13.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.66% | 13.47% | +13.19% |
Volatility
QID vs. PSQ - Volatility Comparison
ProShares UltraShort QQQ (QID) has a higher volatility of 16.52% compared to ProShares Short QQQ (PSQ) at 8.26%. 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
| QID | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.52% | 8.26% | +8.26% |
Volatility (6M)Calculated over the trailing 6-month period | 28.23% | 14.12% | +14.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.23% | 17.65% | +17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.26% | 22.67% | +22.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.81% | 22.38% | +22.43% |
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 7.63%, more than PSQ's 5.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | 5.21% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
QID ProShares UltraShort QQQ | 7.63% | 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 (16.52%) compared to PSQ (8.26%). In terms of maximum drawdown, QID dropped -99.99% vs PSQ's -98.26%.
On 10-year performance, PSQ leads with -19.58% vs -39.47% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 8.26%. 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 -19.58% return vs -39.47%. 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 7.63%, compared with 5.21% 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 (-1.40 vs -1.50), 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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