^NDXT vs. SQQQ

Last updated Jul 17, 2026

^NDXT (NASDAQ 100 Technology Sector Index) is an index, while SQQQ (ProShares UltraPro Short QQQ) is Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Over the past 10 years, ^NDXT returned 20.90%/yr vs -55.08%/yr for SQQQ. At a correlation of -0.91, they often move in opposite directions.

Performance

^NDXT vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Technology Sector Index (^NDXT) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^NDXT achieves a 32.14% return, which is significantly higher than SQQQ's -38.86% return. Over the past 10 years, ^NDXT has outperformed SQQQ with an annualized return of 20.90%, while SQQQ has yielded a comparatively lower -55.08% annualized return.

^NDXT

• 1D: -2.76%
• 1M: -6.12%
• 6M: 28.32%
• YTD: 32.14%
• 1Y: 41.79%
• 3Y*: 25.33%
• 5Y*: 14.64%
• 10Y*: 20.90%

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%

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

^NDXT vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^NDXT NASDAQ 100 Technology Sector Index	32.14%	22.46%	7.13%	66.70%	-39.93%	26.98%	38.17%	47.28%	-5.49%	36.68%
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%

Correlation

The correlation between ^NDXT and SQQQ is -0.92, 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	-0.92
Correlation (3Y) Calculated over the trailing 3-year period	-0.92
Correlation (5Y) Calculated over the trailing 5-year period	-0.93
Correlation (10Y) Calculated over the trailing 10-year period	-0.92
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.91

The correlation between ^NDXT and SQQQ has been stable across timeframes, ranging from -0.93 to -0.91 - a consistent structural relationship.

Return for Risk

^NDXT vs. SQQQ — Risk / Return Rank

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

^NDXT

^NDXT Risk / Return Rank: 59
^NDXT Sharpe Ratio Rank: 52
^NDXT Sortino Ratio Rank: 49
^NDXT Omega Ratio Rank: 50
^NDXT Calmar Ratio Rank: 78
^NDXT Martin Ratio Rank: 65

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ 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.

^NDXT vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Technology Sector Index (^NDXT) and ProShares UltraPro Short QQQ (SQQQ). 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.

	^NDXT	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.51	-0.98	+2.48
Sortino ratio: Return per unit of downside risk	2.02	-1.58	+3.60
Omega ratio: Gain probability vs. loss probability	1.26	0.83	+0.43
Calmar ratio: Return relative to maximum drawdown	2.61	-0.89	+3.50
Martin ratio: Return relative to average drawdown	7.91	-1.63	+9.54

^NDXT vs. SQQQ - Sharpe Ratio Comparison

The current ^NDXT Sharpe Ratio is 1.51, which is higher than the SQQQ Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of ^NDXT and SQQQ, 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

^NDXT vs. SQQQ - Drawdown Comparison

The maximum ^NDXT drawdown since its inception was -59.34%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ^NDXT and SQQQ.

Drawdown Indicators

	^NDXT	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.34%	-100.00%	+40.66%
Max Drawdown (1Y) Largest decline over 1 year	-16.08%	-61.03%	+44.95%
Max Drawdown (3Y) Largest decline over 3 years	-29.28%	-92.51%	+63.23%
Max Drawdown (5Y) Largest decline over 5 years	-45.71%	-97.27%	+51.56%
Max Drawdown (10Y) Largest decline over 10 years	-45.71%	-99.97%	+54.26%
Current Drawdown Current decline from peak	-9.40%	-100.00%	+90.60%
Average Drawdown Average peak-to-trough decline	-9.85%	-92.76%	+82.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.30%	33.36%	-28.06%

Volatility

^NDXT vs. SQQQ - Volatility Comparison

The current volatility for NASDAQ 100 Technology Sector Index (^NDXT) is 11.41%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. This indicates that ^NDXT experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NDXT	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	22.32%	-10.91%
Volatility (6M) Calculated over the trailing 6-month period	23.69%	46.22%	-22.53%
Volatility (1Y) Calculated over the trailing 1-year period	27.87%	55.87%	-28.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.40%	67.91%	-37.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.18%	66.57%	-38.39%

Frequently Asked Questions

Can I hold both ^NDXT and SQQQ in my portfolio?

^NDXT and SQQQ have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^NDXT or SQQQ?

SQQQ has higher volatility (22.32%) compared to ^NDXT (11.41%). In terms of maximum drawdown, ^NDXT dropped -59.34% vs SQQQ's -100.00%.

Which has better risk-adjusted returns?

^NDXT currently has the higher Sharpe Ratio (1.51 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.