SPXU vs. PSQ

Last updated Jun 24, 2026

SPXU (ProShares UltraPro Short S&P500) and PSQ (ProShares Short QQQ) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, SPXU returned -41.98%/yr vs -19.32%/yr for PSQ. Their correlation of 0.90 suggests significant overlap in exposure. SPXU charges 0.90%/yr vs 0.95%/yr for PSQ.

Performance

SPXU vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) 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, SPXU achieves a -20.19% return, which is significantly lower than PSQ's -13.33% return. Over the past 10 years, SPXU has underperformed PSQ with an annualized return of -41.98%, while PSQ has yielded a comparatively higher -19.32% annualized return.

SPXU

• 1D: 4.24%
• 1M: 3.93%
• YTD: -20.19%
• 6M: -17.81%
• 1Y: -43.92%
• 3Y*: -40.85%
• 5Y*: -33.55%
• 10Y*: -41.98%

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)

SPXU vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	-20.19%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%
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 SPXU and PSQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.90

The correlation between SPXU and PSQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SPXU vs. PSQ - Sectors Allocation Comparison

Sectors	SPXU	PSQ
Financial Services	82.5%	95.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPXU vs. PSQ — Risk / Return Rank

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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

PSQ

PSQ Risk / Return Rank: 1
PSQ Sharpe Ratio Rank: 0
PSQ Sortino Ratio Rank: 1
PSQ Omega Ratio Rank: 1
PSQ Calmar Ratio Rank: 1
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.

SPXU vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.

	SPXU	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.18	-1.29	+0.11
Sortino ratio: Return per unit of downside risk	-1.90	-1.92	+0.02
Omega ratio: Gain probability vs. loss probability	0.79	0.79	0.00
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.93	-0.01
Martin ratio: Return relative to average drawdown	-1.61	-1.99	+0.38

SPXU vs. PSQ - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.18, which is comparable to the PSQ Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of SPXU 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

SPXU vs. PSQ - Drawdown Comparison

The maximum SPXU 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 SPXU and PSQ.

Drawdown Indicators

	SPXU	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-98.26%	-1.73%
Max Drawdown (1Y) Largest decline over 1 year	-47.11%	-24.95%	-22.16%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	-49.65%	-34.71%
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	-60.91%	-29.32%
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	-88.98%	-10.65%
Current Drawdown Current decline from peak	-99.99%	-98.19%	-1.80%
Average Drawdown Average peak-to-trough decline	-93.33%	-74.02%	-19.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.37%	12.74%	+16.63%

Volatility

SPXU vs. PSQ - Volatility Comparison

ProShares UltraPro Short S&P500 (SPXU) has a higher volatility of 14.32% compared to ProShares Short QQQ (PSQ) at 8.93%. This indicates that SPXU'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.

Volatility by Period

	SPXU	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	8.93%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	29.53%	14.46%	+15.07%
Volatility (1Y) Calculated over the trailing 1-year period	37.35%	17.94%	+19.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	22.72%	+27.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.43%	22.37%	+31.06%

SPXU vs. PSQ - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than PSQ's 0.95% expense ratio.

Dividends

SPXU vs. PSQ - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 7.35%, more than PSQ's 5.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	5.05%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SPXU ProShares UltraPro Short S&P500	7.35%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and PSQ in my portfolio?

With a correlation of 0.93, SPXU 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.

Which is riskier, SPXU or PSQ?

SPXU has higher volatility (14.32%) compared to PSQ (8.93%). In terms of maximum drawdown, SPXU dropped -99.99% vs PSQ's -98.26%.

Which ETF is better, SPXU or PSQ?

On 10-year performance, PSQ leads with -19.32% vs -41.98% for SPXU. On fees, SPXU is cheaper at 0.90% per year. 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.

Which ETF has performed better, SPXU or PSQ?

Over the 10-year period, PSQ has performed better with a -19.32% return vs -41.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or PSQ?

SPXU is cheaper with a 0.90% expense ratio, compared with 0.95% for PSQ.

Which ETF pays a higher dividend yield, SPXU or PSQ?

SPXU has the higher dividend yield at 7.35%, compared with 5.05% for PSQ.

What is the main difference between SPXU and PSQ?

SPXU is categorized as S&P 500, while PSQ is Inverse Equities. SPXU tracks S&P 500 Index (-300%), while PSQ tracks NASDAQ-100 Index (-100%). Their fees differ too: 0.90% for SPXU and 0.95% for PSQ.

Which has better risk-adjusted returns?

SPXU currently has the higher Sharpe Ratio (-1.18 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.