QQQX vs. PSQ

Last updated Jul 16, 2026

QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) and PSQ (ProShares Short QQQ) are both funds - QQQX is a Derivative Income fund actively managed by Nuveen, while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). QQQX is actively managed, while PSQ is passively managed. Over the past 10 years, QQQX returned 13.31%/yr vs -18.78%/yr for PSQ. At a correlation of -0.76, they often move in opposite directions. QQQX charges 0.89%/yr vs 0.95%/yr for PSQ.

Performance

QQQX vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) and ProShares Short QQQ (PSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQX achieves a 12.31% return, which is significantly higher than PSQ's -13.70% return. Over the past 10 years, QQQX has outperformed PSQ with an annualized return of 13.31%, while PSQ has yielded a comparatively lower -18.78% annualized return.

QQQX

• 1D: 0.56%
• 1M: -0.07%
• 6M: 12.19%
• YTD: 12.31%
• 1Y: 27.33%
• 3Y*: 15.98%
• 5Y*: 9.17%
• 10Y*: 13.31%

PSQ

• 1D: 0.31%
• 1M: 3.54%
• 6M: -13.12%
• YTD: -13.70%
• 1Y: -20.13%
• 3Y*: -16.44%
• 5Y*: -12.86%
• 10Y*: -18.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQX vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	12.31%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%
PSQ ProShares Short QQQ	-13.70%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%

Correlation

The correlation between QQQX and PSQ is -0.83, 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	-0.83
Correlation (3Y) Calculated over the trailing 3-year period	-0.84
Correlation (5Y) Calculated over the trailing 5-year period	-0.83
Correlation (10Y) Calculated over the trailing 10-year period	-0.79
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	-0.76

The correlation between QQQX and PSQ has been stable across timeframes, ranging from -0.84 to -0.76 - a consistent structural relationship.

Return for Risk

QQQX vs. PSQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QQQX

QQQX Risk / Return Rank: 72
QQQX Sharpe Ratio Rank: 65
QQQX Sortino Ratio Rank: 66
QQQX Omega Ratio Rank: 64
QQQX Calmar Ratio Rank: 82
QQQX Martin Ratio Rank: 84

PSQ

PSQ Risk / Return Rank: 2
PSQ Sharpe Ratio Rank: 1
PSQ Sortino Ratio Rank: 2
PSQ Omega Ratio Rank: 2
PSQ Calmar Ratio Rank: 3
PSQ Martin Ratio Rank: 0

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.

QQQX vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) 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.

	QQQX	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	1.75	-1.09	+2.83
Sortino ratio: Return per unit of downside risk	2.50	-1.57	+4.07
Omega ratio: Gain probability vs. loss probability	1.32	0.83	+0.49
Calmar ratio: Return relative to maximum drawdown	3.01	-0.81	+3.83
Martin ratio: Return relative to average drawdown	11.62	-1.67	+13.30

QQQX vs. PSQ - Sharpe Ratio Comparison

The current QQQX Sharpe Ratio is 1.75, which is higher than the PSQ Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of QQQX 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.

Drawdowns

QQQX vs. PSQ - Drawdown Comparison

The maximum QQQX drawdown since its inception was -57.25%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for QQQX and PSQ.

Drawdown Indicators

	QQQX	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-57.25%	-98.26%	+41.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-24.83%	+15.72%
Max Drawdown (3Y) Largest decline over 3 years	-22.80%	-49.65%	+26.85%
Max Drawdown (5Y) Largest decline over 5 years	-29.33%	-60.91%	+31.58%
Max Drawdown (10Y) Largest decline over 10 years	-35.96%	-87.91%	+51.95%
Current Drawdown Current decline from peak	-1.33%	-98.19%	+96.86%
Average Drawdown Average peak-to-trough decline	-7.99%	-74.09%	+66.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	12.04%	-9.68%

Volatility

QQQX vs. PSQ - Volatility Comparison

The current volatility for Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) is 6.46%, while ProShares Short QQQ (PSQ) has a volatility of 8.02%. This indicates that QQQX experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQX	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	8.02%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	15.33%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	18.59%	-2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	22.83%	-2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	22.40%	-1.27%

QQQX vs. PSQ - Expense Ratio Comparison

QQQX has a 0.89% expense ratio, which is lower than PSQ's 0.95% expense ratio.

Dividends

QQQX vs. PSQ - Dividend Comparison

QQQX's dividend yield for the trailing twelve months is around 8.09%, more than PSQ's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSQ ProShares Short QQQ	4.44%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%	0.00%	0.00%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.09%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both QQQX and PSQ in my portfolio?

QQQX and PSQ have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQX or PSQ?

PSQ has higher volatility (8.02%) compared to QQQX (6.46%). In terms of maximum drawdown, QQQX dropped -57.25% vs PSQ's -98.26%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (1.75 vs -1.09), 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.