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DIG vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DIG vs. SQQQ

Last updated Jun 24, 2026

DIG (ProShares Ultra Oil & Gas) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - DIG tracks the Dow Jones U.S. Oil & Gas Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, DIG returned 3.76%/yr vs -56.24%/yr for SQQQ. At a correlation of -0.40, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DIG vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Oil & Gas (DIG) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, DIG achieves a 44.39% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, DIG has outperformed SQQQ with an annualized return of 3.76%, while SQQQ has yielded a comparatively lower -56.24% annualized return.

DIG

1D
1.37%
1M
-15.65%
YTD
44.39%
6M
45.60%
1Y
53.89%
3Y*
19.73%
5Y*
24.80%
10Y*
3.76%

SQQQ

1D
9.83%
1M
-2.27%
YTD
-40.31%
6M
-37.80%
1Y
-61.11%
3Y*
-53.86%
5Y*
-46.89%
10Y*
-56.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DIG vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DIG
ProShares Ultra Oil & Gas		44.39%2.73%0.93%-13.04%125.34%115.63%-70.36%12.51%-40.11%-7.39%
SQQQ
ProShares UltraPro Short QQQ		-40.31%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between DIG and SQQQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

-0.04

Correlation (5Y)
Calculated over the trailing 5-year period

-0.17

Correlation (10Y)
Calculated over the trailing 10-year period

-0.26

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.40

The correlation between DIG and SQQQ shifts across timeframes, from -0.40 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

DIG vs. SQQQ - Sectors Allocation Comparison

Sectors
DIG
SQQQ

Energy

67.5%

-

Financial Services

7.7%
122.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

DIG
67.5%
SQQQ

-

Financial Services

DIG
7.7%
SQQQ
122.0%

Basic Materials

DIG

-

SQQQ

-

Communication Services

DIG

-

SQQQ

-

Consumer Cyclical

DIG

-

SQQQ

-

Consumer Defensive

DIG

-

SQQQ

-

Healthcare

DIG

-

SQQQ

-

Industrials

DIG

-

SQQQ

-

Real Estate

DIG

-

SQQQ

-

Technology

DIG

-

SQQQ

-

Utilities

DIG

-

SQQQ

-

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ProShares Ultra Oil & Gas

ProShares UltraPro Short QQQ

Often compared with DIG:
DIG vs. DUGDIG vs. ERXDIG vs. UGLDIG vs. OIHDIG vs. UNLDIG vs. EXPDIG vs. XLE
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. SPXUSQQQ vs. UVXY

Return for Risk

DIG vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DIG
DIG Risk / Return Rank: 3737
Overall Rank
DIG Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
DIG Sortino Ratio Rank: 3535
Sortino Ratio Rank
DIG Omega Ratio Rank: 3434
Omega Ratio Rank
DIG Calmar Ratio Rank: 4040
Calmar Ratio Rank
DIG Martin Ratio Rank: 3838
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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.

DIG vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) 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.

DIGSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.31
-1.14

+2.45

Sortino ratioReturn per unit of downside risk
1.79
-2.07

+3.86

Omega ratioGain probability vs. loss probability

1.22

0.78

+0.44

Calmar ratioReturn relative to maximum drawdown

1.92

-0.96

+2.88

Martin ratioReturn relative to average drawdown

5.59

-1.81

+7.40

DIG vs. SQQQ - Sharpe Ratio Comparison

The current DIG Sharpe Ratio is 1.31, which is higher than the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of DIG 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.

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Drawdowns

DIG vs. SQQQ - Drawdown Comparison

The maximum DIG drawdown since its inception was -97.04%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DIG and SQQQ.

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Drawdown Indicators

DIGSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-97.04%

-100.00%

+2.96%

Max Drawdown (1Y)

Largest decline over 1 year

-28.23%

-63.52%

+35.29%

Max Drawdown (3Y)

Largest decline over 3 years

-42.41%

-92.51%

+50.10%

Max Drawdown (5Y)

Largest decline over 5 years

-46.02%

-97.27%

+51.25%

Max Drawdown (10Y)

Largest decline over 10 years

-92.53%

-99.98%

+7.45%

Current Drawdown

Current decline from peak

-57.70%

-100.00%

+42.30%

Average Drawdown

Average peak-to-trough decline

-64.33%

-92.73%

+28.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.68%

36.37%

-26.69%

Volatility

DIG vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra Oil & Gas (DIG) is 14.13%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that DIG 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.

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Volatility by Period

DIGSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.13%

26.69%

-12.56%

Volatility (6M)

Calculated over the trailing 6-month period

33.67%

43.33%

-9.66%

Volatility (1Y)

Calculated over the trailing 1-year period

41.74%

53.65%

-11.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.53%

67.53%

-16.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

57.83%

66.47%

-8.64%

DIG vs. SQQQ - Expense Ratio Comparison

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

Dividends

DIG vs. SQQQ - Dividend Comparison

DIG's dividend yield for the trailing twelve months is around 1.72%, less than SQQQ's 11.44% yield.

PositionTTM20252024202320222021202020192018201720162015
DIG
ProShares Ultra Oil & Gas		1.72%2.62%3.13%0.61%1.33%2.24%3.18%2.72%2.30%1.76%1.09%1.56%
SQQQ
ProShares UltraPro Short QQQ		11.44%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

DIG and SQQQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.69%) compared to DIG (14.13%). In terms of maximum drawdown, DIG dropped -97.04% vs SQQQ's -100.00%.

On 10-year performance, DIG leads with 3.76% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, DIG has been the lower-risk option at 14.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DIG has performed better with a 3.76% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 11.44%, compared with 1.72% for DIG.

DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

DIG currently has the higher Sharpe Ratio (1.31 vs -1.14), 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.

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