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QLD vs. PSQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. PSQ

Last updated Jul 17, 2026
Documentation

QLD (ProShares Ultra QQQ) and PSQ (ProShares Short QQQ) are both exchange-traded funds - QLD 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, QLD returned 33.87%/yr vs -18.59%/yr for PSQ. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QLD vs. PSQ - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, QLD achieves a 25.90% return, which is significantly higher than PSQ's -12.26% return. Over the past 10 years, QLD has outperformed PSQ with an annualized return of 33.87%, while PSQ has yielded a comparatively lower -18.59% annualized return.

QLD

1D
-3.32%
1M
-7.16%
6M
23.22%
YTD
25.90%
1Y
48.13%
3Y*
37.48%
5Y*
19.69%
10Y*
33.87%

PSQ

1D
1.67%
1M
3.38%
6M
-11.38%
YTD
-12.26%
1Y
-18.69%
3Y*
-15.73%
5Y*
-12.57%
10Y*
-18.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLD vs. PSQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		25.90%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
PSQ
ProShares Short QQQ		-12.26%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%

Correlation

The correlation between QLD and PSQ is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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 Jun 21, 2006

-0.99

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

QLD vs. PSQ - Sectors Allocation Comparison

Sectors
QLD
PSQ

Technology

58.7%

-

Communication Services

14.3%

-

Consumer Cyclical

11.4%

-

Consumer Defensive

6.4%

-

Healthcare

3.7%

-

Industrials

2.6%

-

Utilities

1.2%

-

Basic Materials

1.0%

-

Energy

0.5%

-

Financial Services

0.2%
83.3%

Real Estate

0.1%

-

Technology

QLD
58.7%
PSQ

-

Communication Services

QLD
14.3%
PSQ

-

Consumer Cyclical

QLD
11.4%
PSQ

-

Consumer Defensive

QLD
6.4%
PSQ

-

Healthcare

QLD
3.7%
PSQ

-

Industrials

QLD
2.6%
PSQ

-

Utilities

QLD
1.2%
PSQ

-

Basic Materials

QLD
1.0%
PSQ

-

Energy

QLD
0.5%
PSQ

-

Financial Services

QLD
0.2%
PSQ
83.3%

Real Estate

QLD
0.1%
PSQ

-

Compare stocks, funds, or ETFs

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ProShares Ultra QQQ

ProShares Short QQQ

Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY
Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. DOGPSQ vs. SPY

Return for Risk

QLD vs. PSQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLD
QLD Risk / Return Rank: 4444
Overall Rank
QLD Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 4141
Sortino Ratio Rank
QLD Omega Ratio Rank: 4242
Omega Ratio Rank
QLD Calmar Ratio Rank: 4646
Calmar Ratio Rank
QLD Martin Ratio Rank: 4747
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: 11
Martin Ratio Rank
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.

QLD vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.

QLDPSQDifference
Sharpe ratioReturn per unit of total volatility
1.30
-1.00

+2.30

Sortino ratioReturn per unit of downside risk
1.78
-1.44

+3.22

Omega ratioGain probability vs. loss probability

1.23

0.84

+0.38

Calmar ratioReturn relative to maximum drawdown

1.92

-0.76

+2.68

Martin ratioReturn relative to average drawdown

6.24

-1.55

+7.79

QLD vs. PSQ - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.30, which is higher than the PSQ Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of QLD 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

QLD vs. PSQ - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for QLD and PSQ.

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Drawdown Indicators

QLDPSQDifference

Max Drawdown

Largest peak-to-trough decline

-83.13%

-98.26%

+15.13%

Max Drawdown (1Y)

Largest decline over 1 year

-25.13%

-24.83%

-0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-42.29%

-49.65%

+7.36%

Max Drawdown (5Y)

Largest decline over 5 years

-63.68%

-60.91%

-2.77%

Max Drawdown (10Y)

Largest decline over 10 years

-63.68%

-87.91%

+24.23%

Current Drawdown

Current decline from peak

-11.84%

-98.16%

+86.32%

Average Drawdown

Average peak-to-trough decline

-18.11%

-74.10%

+55.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.73%

12.11%

-4.38%

Volatility

QLD vs. PSQ - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 14.98% compared to ProShares Short QQQ (PSQ) at 7.47%. This indicates that QLD'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

QLDPSQDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.98%

7.47%

+7.51%

Volatility (6M)

Calculated over the trailing 6-month period

30.86%

15.43%

+15.43%

Volatility (1Y)

Calculated over the trailing 1-year period

37.22%

18.67%

+18.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.59%

22.84%

+22.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.86%

22.40%

+22.46%

QLD vs. PSQ - Expense Ratio Comparison

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

Dividends

QLD vs. PSQ - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than PSQ's 4.37% yield.

PositionTTM20252024202320222021202020192018201720162015
PSQ
ProShares Short QQQ		4.37%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%0.00%0.00%
QLD
ProShares Ultra QQQ		0.13%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%

Frequently Asked Questions

QLD and PSQ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (14.98%) compared to PSQ (7.47%). In terms of maximum drawdown, QLD dropped -83.13% vs PSQ's -98.26%.

On 10-year performance, QLD leads with 33.87% vs -18.59% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 7.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 33.87% return vs -18.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PSQ has the higher dividend yield at 4.37%, compared with 0.13% for QLD.

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

QLD currently has the higher Sharpe Ratio (1.30 vs -1.00), 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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