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QLD vs. PSQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. PSQ

Last updated Jun 24, 2026

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 36.27%/yr vs -19.32%/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.

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Returns By Period

In the year-to-date period, QLD achieves a 29.58% return, which is significantly higher than PSQ's -13.33% return. Over the past 10 years, QLD has outperformed PSQ with an annualized return of 36.27%, while PSQ has yielded a comparatively lower -19.32% annualized return.

QLD

1D
-6.61%
1M
-2.02%
YTD
29.58%
6M
26.13%
1Y
66.80%
3Y*
43.61%
5Y*
21.41%
10Y*
36.27%

PSQ

1D
3.29%
1M
0.15%
YTD
-13.33%
6M
-12.07%
1Y
-23.10%
3Y*
-17.43%
5Y*
-13.16%
10Y*
-19.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLD vs. PSQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		29.58%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
PSQ
ProShares Short QQQ		-13.33%-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%
95.1%

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
95.1%

Real Estate

QLD
0.1%
PSQ

-

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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: 5353
Overall Rank
QLD Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 4949
Sortino Ratio Rank
QLD Omega Ratio Rank: 5151
Omega Ratio Rank
QLD Calmar Ratio Rank: 5656
Calmar Ratio Rank
QLD Martin Ratio Rank: 5454
Martin Ratio Rank
PSQ
PSQ Risk / Return Rank: 11
Overall Rank
PSQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 11
Sortino Ratio Rank
PSQ Omega Ratio Rank: 11
Omega Ratio Rank
PSQ Calmar Ratio Rank: 11
Calmar Ratio Rank
PSQ Martin Ratio Rank: 00
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
1.88
-1.29

+3.17

Sortino ratioReturn per unit of downside risk
2.33
-1.92

+4.26

Omega ratioGain probability vs. loss probability

1.31

0.79

+0.52

Calmar ratioReturn relative to maximum drawdown

2.67

-0.93

+3.60

Martin ratioReturn relative to average drawdown

9.05

-1.99

+11.04

QLD vs. PSQ - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.88, which is higher than the PSQ Sharpe Ratio of -1.29. 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%

-24.95%

-0.18%

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%

-88.98%

+25.30%

Current Drawdown

Current decline from peak

-9.26%

-98.19%

+88.93%

Average Drawdown

Average peak-to-trough decline

-18.14%

-74.02%

+55.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.40%

12.74%

-5.34%

Volatility

QLD vs. PSQ - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 18.22% compared to ProShares Short QQQ (PSQ) at 8.93%. 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

18.22%

8.93%

+9.29%

Volatility (6M)

Calculated over the trailing 6-month period

28.95%

14.46%

+14.49%

Volatility (1Y)

Calculated over the trailing 1-year period

35.77%

17.94%

+17.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.34%

22.72%

+22.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.80%

22.37%

+22.43%

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 5.05% yield.

PositionTTM20252024202320222021202020192018201720162015
PSQ
ProShares Short QQQ		5.05%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 (18.22%) compared to PSQ (8.93%). In terms of maximum drawdown, QLD dropped -83.13% vs PSQ's -98.26%.

On 10-year performance, QLD leads with 36.27% vs -19.32% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 8.93%. 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 36.27% return vs -19.32%. 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 5.05%, 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 (1.88 vs -1.29), 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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