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 -52.03%/yr vs -56.24%/yr for SQQQ. At a 0.17 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 -17.98% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, DUST has outperformed SQQQ with an annualized return of -52.03%, while SQQQ has yielded a comparatively lower -56.24% annualized return.
DUST
- 1D
- 8.73%
- 1M
- 10.22%
- YTD
- -17.98%
- 6M
- -9.99%
- 1Y
- -73.95%
- 3Y*
- -62.05%
- 5Y*
- -48.30%
- 10Y*
- -52.03%
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%
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 | -17.98% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
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 DUST and SQQQ is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | 0.17 |
Over the past year, DUST and SQQQ have become more correlated (0.37) than their long-term average of 0.17, meaning their price movements have been converging.
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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.
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.
| DUST | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.78 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.96 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.81 | +0.68 |
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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% | -63.52% | -22.63% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -92.51% | -5.04% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -97.27% | -1.41% |
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 | -83.38% | -92.73% | +9.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 36.37% | +28.87% |
Volatility
DUST vs. SQQQ - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to ProShares UltraPro Short QQQ (SQQQ) at 26.69%. 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 | 34.13% | 26.69% | +7.44% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 43.33% | +33.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 53.65% | +40.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 67.53% | +5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 66.47% | +20.78% |
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 7.95%, less than SQQQ's 11.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 7.95% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% |
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% |
Frequently Asked Questions
DUST and SQQQ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (34.13%) compared to SQQQ (26.69%). In terms of maximum drawdown, DUST dropped -100.00% vs SQQQ's -100.00%.
On 10-year performance, DUST leads with -52.03% vs -56.24% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 26.69%. 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 -52.03% return vs -56.24%. 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 11.44%, compared with 7.95% 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 (-0.78 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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