SQQQ vs. PSQ

Last updated Jul 25, 2026

SQQQ (ProShares UltraPro Short QQQ) and PSQ (ProShares Short QQQ) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 10 years, SQQQ returned -54.51%/yr vs -18.24%/yr for PSQ. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. PSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) 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, SQQQ achieves a -33.03% return, which is significantly lower than PSQ's -9.40% return. Over the past 10 years, SQQQ has underperformed PSQ with an annualized return of -54.51%, while PSQ has yielded a comparatively higher -18.24% annualized return.

SQQQ

• 1D: 3.51%
• 1M: 10.73%
• 6M: -30.40%
• YTD: -33.03%
• 1Y: -48.05%
• 3Y*: -49.93%
• 5Y*: -43.89%
• 10Y*: -54.51%
• ALL TIME*: -52.66%

PSQ

• 1D: 1.24%
• 1M: 4.01%
• 6M: -8.43%
• YTD: -9.40%
• 1Y: -15.06%
• 3Y*: -15.13%
• 5Y*: -11.48%
• 10Y*: -18.24%
• ALL TIME*: -16.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PSQ ProShares Short QQQ	$226.69M	$197.67M	$213.88M
SQQQ ProShares UltraPro Short QQQ	$2.09B	$2.23B	$2.65B

SQQQ vs. PSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-33.03%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
PSQ ProShares Short QQQ	-9.40%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%

Correlation

The correlation between SQQQ and PSQ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 Feb 11, 2010	1.00

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

SQQQ vs. PSQ - Sectors Allocation Comparison

Sectors	SQQQ	PSQ
Financial Services	113.3%	76.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SQQQ vs. PSQ — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 3
SQQQ Sharpe Ratio Rank: 3
SQQQ Sortino Ratio Rank: 3
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 3
SQQQ Martin Ratio Rank: 1

PSQ

PSQ Risk / Return Rank: 4
PSQ Sharpe Ratio Rank: 3
PSQ Sortino Ratio Rank: 4
PSQ Omega Ratio Rank: 4
PSQ Calmar Ratio Rank: 5
PSQ Martin Ratio Rank: 4

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.

SQQQ vs. PSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) 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.

	SQQQ	PSQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.80	-0.05
Sortino ratio: Return per unit of downside risk	-1.24	-1.09	-0.14
Omega ratio: Gain probability vs. loss probability	0.87	0.88	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.61	-0.18
Martin ratio: Return relative to average drawdown	-1.40	-1.21	-0.19

SQQQ vs. PSQ - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.85, which is comparable to the PSQ Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of SQQQ 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

SQQQ vs. PSQ - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for SQQQ and PSQ.

Drawdown Indicators

	SQQQ	PSQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-98.26%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-24.83%	-36.20%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-49.65%	-42.86%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-60.91%	-36.36%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	-87.66%	-12.31%
Current Drawdown Current decline from peak	-100.00%	-98.10%	-1.90%
Average Drawdown Average peak-to-trough decline	-92.77%	-74.13%	-18.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.36%	12.49%	+21.87%

Volatility

SQQQ vs. PSQ - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 20.36% compared to ProShares Short QQQ (PSQ) at 6.79%. This indicates that SQQQ'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

	SQQQ	PSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.36%	6.79%	+13.57%
Volatility (6M) Calculated over the trailing 6-month period	46.57%	15.54%	+31.03%
Volatility (1Y) Calculated over the trailing 1-year period	56.70%	18.94%	+37.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.98%	22.86%	+45.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.63%	22.42%	+44.21%

SQQQ vs. PSQ - Expense Ratio Comparison

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

Dividends

SQQQ vs. PSQ - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 8.92%, more than PSQ's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	4.23%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
SQQQ ProShares UltraPro Short QQQ	8.92%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both SQQQ and PSQ in my portfolio?

With a correlation of 1.00, SQQQ 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, SQQQ or PSQ?

SQQQ has higher volatility (20.36%) compared to PSQ (6.79%). In terms of maximum drawdown, SQQQ dropped -100.00% vs PSQ's -98.26%.

Which ETF is better, SQQQ or PSQ?

On 10-year performance, PSQ leads with -18.24% vs -54.51% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, PSQ has been the lower-risk option at 6.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or PSQ?

Over the 10-year period, PSQ has performed better with a -18.24% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or PSQ?

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

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

SQQQ has the higher dividend yield at 8.92%, compared with 4.23% for PSQ.

What is the main difference between SQQQ and PSQ?

SQQQ is categorized as Leveraged Equities, while PSQ is Inverse Equities. SQQQ tracks NASDAQ-100 Index (-300%), while PSQ tracks NASDAQ-100 Index (-100%).

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-0.80 vs -0.85), 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.