diff --git a/aredis/pubsub.py b/aredis/pubsub.py
index 7dbb9627..d0ce66e1 100644
--- a/aredis/pubsub.py
+++ b/aredis/pubsub.py
@@ -115,7 +115,7 @@ async def _execute(self, connection, command, *args):
                 # disconnect if buffer is not empty in case of error
                 # when connection is reused
                 connection.disconnect()
-            return None
+            raise
         except (ConnectionError, TimeoutError) as e:
             connection.disconnect()
             if not connection.retry_on_timeout and isinstance(e, TimeoutError):