SQQQ vs. PSLV
SQQQ (ProShares UltraPro Short QQQ) and PSLV (Sprott Physical Silver Trust) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while PSLV is a Silver fund tracking the No Index (Physical Silver). Both are passively managed. Over the past 10 years, SQQQ returned -55.08%/yr vs 8.78%/yr for PSLV. At a correlation of -0.16, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.51%/yr for PSLV.
Performance
SQQQ vs. PSLV - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -38.86% return, which is significantly lower than PSLV's -24.40% return. Over the past 10 years, SQQQ has underperformed PSLV with an annualized return of -55.08%, while PSLV has yielded a comparatively higher 8.78% annualized return.
SQQQ
- 1D
- 5.01%
- 1M
- 8.33%
- 6M
- -36.79%
- YTD
- -38.86%
- 1Y
- -54.36%
- 3Y*
- -50.96%
- 5Y*
- -45.88%
- 10Y*
- -55.08%
PSLV
- 1D
- -3.51%
- 1M
- -20.00%
- 6M
- -40.95%
- YTD
- -24.40%
- 1Y
- 40.13%
- 3Y*
- 28.18%
- 5Y*
- 14.61%
- 10Y*
- 8.78%
SQQQ vs. PSLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -38.86% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
PSLV Sprott Physical Silver Trust | -24.40% | 145.08% | 19.43% | -1.94% | 2.74% | -14.13% | 42.81% | 16.99% | -11.83% | 4.28% |
Correlation
The correlation between SQQQ and PSLV is -0.34, 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 | -0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2010 | -0.16 |
The correlation between SQQQ and PSLV shifts across timeframes, from -0.34 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SQQQ vs. PSLV — Risk / Return Rank
SQQQ
PSLV
SQQQ vs. PSLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Sprott Physical Silver Trust (PSLV). 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.
| SQQQ | PSLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 0.79 | -1.69 |
| Martin ratioReturn relative to average drawdown | -1.63 | 1.69 | -3.32 |
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Drawdowns
SQQQ vs. PSLV - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than PSLV's maximum drawdown of -79.38%. Use the drawdown chart below to compare losses from any high point for SQQQ and PSLV.
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Drawdown Indicators
| SQQQ | PSLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.38% | -20.62% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -50.83% | -10.20% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -50.83% | -41.68% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -50.83% | -46.44% |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | -50.83% | -49.14% |
Current DrawdownCurrent decline from peak | -100.00% | -50.83% | -49.17% |
Average DrawdownAverage peak-to-trough decline | -92.76% | -58.04% | -34.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.36% | 23.86% | +9.50% |
Volatility
SQQQ vs. PSLV - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 22.32% compared to Sprott Physical Silver Trust (PSLV) at 13.10%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than PSLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | PSLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.32% | 13.10% | +9.22% |
Volatility (6M)Calculated over the trailing 6-month period | 46.22% | 56.50% | -10.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.87% | 60.94% | -5.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.91% | 36.45% | +31.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.57% | 31.51% | +35.06% |
SQQQ vs. PSLV - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is higher than PSLV's 0.51% expense ratio.
Dividends
SQQQ vs. PSLV - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.77%, while PSLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PSLV Sprott Physical Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.77% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SQQQ and PSLV have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.32%) compared to PSLV (13.10%). In terms of maximum drawdown, SQQQ dropped -100.00% vs PSLV's -79.38%.
On 10-year performance, PSLV leads with 8.78% vs -55.08% for SQQQ. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 13.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSLV has performed better with a 8.78% return vs -55.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSLV is cheaper with a 0.51% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 9.77%, compared with 0.00% for PSLV.
SQQQ is categorized as Leveraged Equities, while PSLV is Silver. SQQQ tracks NASDAQ-100 Index (-300%), while PSLV tracks No Index (Physical Silver). They also come from different issuers: ProShares and Sprott. Their fees differ too: 0.95% for SQQQ and 0.51% for PSLV.
PSLV currently has the higher Sharpe Ratio (0.66 vs -0.98), 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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