The McFadden pseudo R2 compares the log likelihood of the full model (L) to the log likelihood of the model with just the intercept (L0, the null model).
References
D. McFadden. Conditional logit analysis of qualitative choice behavior. In P. Zarembka, editor, Frontiers in Econometrics, chapter Four, pages 104–142. Academic Press, New York, 1974.