CSM vs. SQQQ

Last updated Aug 2, 2026

CSM (Proshares Large Cap Core Plus) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, CSM returned 14.08%/yr vs -54.48%/yr for SQQQ. Their -0.86 correlation means they have often moved in opposite directions in the past. CSM charges 0.45%/yr vs 0.95%/yr for SQQQ.

Performance

CSM vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) 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, CSM achieves a 9.15% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, CSM has outperformed SQQQ with an annualized return of 14.08%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

CSM

• 1D: 0.77%
• 1M: 1.39%
• 6M: 8.81%
• YTD: 9.15%
• 1Y: 23.59%
• 3Y*: 19.26%
• 5Y*: 12.61%
• 10Y*: 14.08%
• ALL TIME*: 14.88%

SQQQ

• 1D: -1.99%
• 1M: 9.46%
• 6M: -32.40%
• YTD: -34.61%
• 1Y: -52.32%
• 3Y*: -49.83%
• 5Y*: -44.46%
• 10Y*: -54.48%
• ALL TIME*: -52.68%

*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)
CSM Proshares Large Cap Core Plus	$421.46K	$485.98K	$561.72K
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B

CSM vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSM Proshares Large Cap Core Plus	9.15%	21.84%	22.09%	23.50%	-18.27%	33.13%	10.94%	29.26%	-7.88%	22.52%
SQQQ ProShares UltraPro Short QQQ	-34.61%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between CSM and SQQQ is -0.86, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.86
Correlation (3Y) Balances recent behavior with more history.	-0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.89
Correlation (10Y) Provides a long-term view across more market conditions.	-0.86
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.86

The correlation between CSM and SQQQ has been stable across timeframes, ranging from -0.89 to -0.86 - a consistent structural relationship.

CSM vs. SQQQ - Sectors Allocation Comparison

Sectors	CSM	SQQQ
Technology	29.3%	-
Financial Services	16.5%	89.7%
Consumer Cyclical	8.9%	-
Industrials	8.8%	-
Healthcare	8.4%	-
Communication Services	6.8%	-
Consumer Defensive	4.5%	-
Real Estate	4.2%	-
Utilities	4.1%	-
Energy	2.8%	-
Basic Materials	2.5%	-

Return for Risk

CSM vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSM

CSM Risk / Return Rank: 73
CSM Sharpe Ratio Rank: 76
CSM Sortino Ratio Rank: 75
CSM Omega Ratio Rank: 71
CSM Calmar Ratio Rank: 67
CSM Martin Ratio Rank: 75

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSM vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.

	CSM	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.72	-0.86	+2.58
Sortino ratio: Return per unit of downside risk	2.39	-1.25	+3.64
Omega ratio: Gain probability vs. loss probability	1.30	0.86	+0.43
Calmar ratio: Return relative to maximum drawdown	2.32	-0.81	+3.14
Martin ratio: Return relative to average drawdown	9.34	-1.41	+10.75

CSM vs. SQQQ - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 1.72, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of CSM 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

CSM vs. SQQQ - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CSM and SQQQ.

Drawdown Indicators

	CSM	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-100.00%	+63.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-61.03%	+51.63%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-92.51%	+74.21%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-97.27%	+73.45%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	-99.97%	+63.86%
Current Drawdown Current decline from peak	-0.69%	-100.00%	+99.31%
Average Drawdown Average peak-to-trough decline	-4.02%	-92.78%	+88.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	35.08%	-32.74%

Volatility

CSM vs. SQQQ - Volatility Comparison

The current volatility for Proshares Large Cap Core Plus (CSM) is 3.59%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that CSM 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

	CSM	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	20.82%	-17.23%
Volatility (6M) Calculated over the trailing 6-month period	9.64%	48.09%	-38.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	57.98%	-45.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	68.18%	-50.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	66.74%	-48.37%

CSM vs. SQQQ - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

CSM vs. SQQQ - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.04%, less than SQQQ's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.04%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
SQQQ ProShares UltraPro Short QQQ	9.14%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSM and SQQQ in my portfolio?

CSM and SQQQ have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSM or SQQQ?

SQQQ has higher volatility (20.82%) compared to CSM (3.59%). In terms of maximum drawdown, CSM dropped -36.11% vs SQQQ's -100.00%.

Which ETF is better, CSM or SQQQ?

On 10-year performance, CSM leads with 14.08% vs -54.48% for SQQQ. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSM or SQQQ?

Over the 10-year period, CSM has performed better with a 14.08% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSM or SQQQ?

CSM is cheaper with a 0.45% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 9.14%, compared with 1.04% for CSM.

What is the main difference between CSM and SQQQ?

CSM is categorized as Long-Short, while SQQQ is Leveraged Equities. CSM tracks Credit Suisse 130/30 Large-Cap Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.45% for CSM and 0.95% for SQQQ.

Which has better risk-adjusted returns?

CSM currently has the higher Sharpe Ratio (1.72 vs -0.86), 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.