DUST vs. SQQQ
DUST (Direxion Daily Gold Miners Bear 2X Shares) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds - DUST tracks the NYSE Arca Gold Miners Index (-300%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs -56.01%/yr for SQQQ. At a 0.16 correlation, their price movements are largely independent. DUST charges 1.07%/yr vs 0.95%/yr for SQQQ.
Performance
DUST vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -26.71% return, which is significantly higher than SQQQ's -45.27% return. Both investments have delivered pretty close results over the past 10 years, with DUST having a -53.65% annualized return and SQQQ not far behind at -56.01%.
DUST
- 1D
- 6.82%
- 1M
- -4.38%
- YTD
- -26.71%
- 6M
- -36.80%
- 1Y
- -76.81%
- 3Y*
- -62.09%
- 5Y*
- -47.20%
- 10Y*
- -53.65%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
DUST vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.71% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between DUST and SQQQ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | 0.16 |
The correlation between DUST and SQQQ shifts across timeframes, from 0.16 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DUST vs. SQQQ — Risk / Return Rank
DUST
SQQQ
DUST vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) 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.
| DUST | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.85 | -1.37 | +0.52 |
Sortino ratioReturn per unit of downside risk | -1.73 | -2.63 | +0.90 |
Omega ratioGain probability vs. loss probability | 0.82 | 0.72 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.99 | +0.10 |
Martin ratioReturn relative to average drawdown | -1.22 | -1.82 | +0.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUST | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | -1.37 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.74 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | -0.85 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.88 | +0.37 |
Drawdowns
DUST vs. SQQQ - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUST and SQQQ.
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Drawdown Indicators
| DUST | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -65.95% | -20.20% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -92.38% | -5.17% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -97.23% | -1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -99.98% | 0.00% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -83.35% | -92.40% | +9.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.85% | 35.73% | +27.12% |
Volatility
DUST vs. SQQQ - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier 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
| DUST | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.34% | 13.75% | +16.59% |
Volatility (6M)Calculated over the trailing 6-month period | 72.12% | 36.45% | +35.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.34% | 47.79% | +42.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 66.64% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.19% | 66.11% | +21.08% |
DUST vs. SQQQ - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
DUST vs. SQQQ - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 8.90%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.90% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
DUST and SQQQ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (30.34%) compared to SQQQ (13.75%). In terms of maximum drawdown, DUST dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, DUST leads with -53.65% vs -56.01% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DUST has performed better with a -53.65% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.
SQQQ has the higher dividend yield at 12.48%, compared with 8.90% for DUST.
DUST tracks NYSE Arca Gold Miners Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DUST and 0.95% for SQQQ.
DUST currently has the higher Sharpe Ratio (-0.85 vs -1.37), 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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