DWSH vs. SQQQ

Last updated Aug 2, 2026

DWSH (AdvisorShares Dorsey Wright Short ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - DWSH is a Inverse Equities fund actively managed by AdvisorShares, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). DWSH is actively managed, while SQQQ is passively managed. Over the past 5 years, DWSH returned -3.78%/yr vs -44.46%/yr for SQQQ. Their 0.52 correlation means they have sometimes moved together and sometimes differently. DWSH charges 3.67%/yr vs 0.95%/yr for SQQQ.

Performance

DWSH vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright Short ETF (DWSH) 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, DWSH achieves a -9.98% return, which is significantly higher than SQQQ's -34.61% return.

DWSH

• 1D: 0.31%
• 1M: -3.70%
• 6M: -6.79%
• YTD: -9.98%
• 1Y: -15.29%
• 3Y*: -3.09%
• 5Y*: -3.78%
• 10Y*: —
• ALL TIME*: -14.27%

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)
DWSH AdvisorShares Dorsey Wright Short ETF	$237.00K	$562.23K	$413.74K
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B

DWSH vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DWSH AdvisorShares Dorsey Wright Short ETF	-9.98%	-2.57%	5.98%	-22.04%	17.45%	-25.74%	-49.95%	-25.27%	22.37%
SQQQ ProShares UltraPro Short QQQ	-34.61%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	30.40%

Correlation

The correlation between DWSH and SQQQ is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018	0.52

Over the past year, the correlation between DWSH and SQQQ has dropped to 0.18 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

DWSH vs. SQQQ - Sectors Allocation Comparison

Sectors	DWSH	SQQQ
Utilities	-1.1%	-
Energy	-1.1%	-
Real Estate	-1.8%	-
Basic Materials	-3.1%	-
Communication Services	-4.7%	-
Consumer Defensive	-8.9%	-
Financial Services	-10.4%	89.7%
Industrials	-11.4%	-
Healthcare	-11.7%	-
Consumer Cyclical	-16.4%	-
Technology	-32.7%	-

Return for Risk

DWSH vs. SQQQ — Risk / Return Rank

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

DWSH

DWSH Risk / Return Rank: 3
DWSH Sharpe Ratio Rank: 4
DWSH Sortino Ratio Rank: 4
DWSH Omega Ratio Rank: 4
DWSH Calmar Ratio Rank: 4
DWSH Martin Ratio Rank: 0

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.

DWSH vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) 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.

	DWSH	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	-0.86	+0.25
Sortino ratio: Return per unit of downside risk	-0.72	-1.25	+0.53
Omega ratio: Gain probability vs. loss probability	0.91	0.86	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.68	-0.81	+0.13
Martin ratio: Return relative to average drawdown	-1.49	-1.41	-0.08

DWSH vs. SQQQ - Sharpe Ratio Comparison

The current DWSH Sharpe Ratio is -0.60, which is comparable to the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of DWSH 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

DWSH vs. SQQQ - Drawdown Comparison

The maximum DWSH drawdown since its inception was -83.80%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DWSH and SQQQ.

Drawdown Indicators

	DWSH	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-83.80%	-100.00%	+16.20%
Max Drawdown (1Y) Largest decline over 1 year	-20.08%	-61.03%	+40.95%
Max Drawdown (3Y) Largest decline over 3 years	-33.61%	-92.51%	+58.90%
Max Drawdown (5Y) Largest decline over 5 years	-37.03%	-97.27%	+60.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-83.27%	-100.00%	+16.73%
Average Drawdown Average peak-to-trough decline	-63.94%	-92.78%	+28.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.16%	35.08%	-25.92%

Volatility

DWSH vs. SQQQ - Volatility Comparison

The current volatility for AdvisorShares Dorsey Wright Short ETF (DWSH) is 12.07%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that DWSH 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

	DWSH	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.07%	20.82%	-8.75%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	48.09%	-30.03%
Volatility (1Y) Calculated over the trailing 1-year period	22.80%	57.98%	-35.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.56%	68.18%	-41.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.27%	66.74%	-35.47%

DWSH vs. SQQQ - Expense Ratio Comparison

DWSH has a 3.67% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

Dividends

DWSH vs. SQQQ - Dividend Comparison

DWSH's dividend yield for the trailing twelve months is around 7.01%, less than SQQQ's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWSH AdvisorShares Dorsey Wright Short ETF	7.01%	6.31%	6.17%	10.28%	0.00%	0.00%	0.00%	0.14%	0.12%	0.00%
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%

Frequently Asked Questions

Can I hold both DWSH and SQQQ in my portfolio?

DWSH and SQQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWSH or SQQQ?

SQQQ has higher volatility (20.82%) compared to DWSH (12.07%). In terms of maximum drawdown, DWSH dropped -83.80% vs SQQQ's -100.00%.

Which ETF is better, DWSH or SQQQ?

On 5-year performance, DWSH leads with -3.78% vs -44.46% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, DWSH has been the lower-risk option at 12.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWSH or SQQQ?

Over the 5-year period, DWSH has performed better with a -3.78% return vs -44.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWSH or SQQQ?

SQQQ is cheaper with a 0.95% expense ratio, compared with 3.67% for DWSH.

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

SQQQ has the higher dividend yield at 9.14%, compared with 7.01% for DWSH.

What is the main difference between DWSH and SQQQ?

DWSH is categorized as Inverse Equities, while SQQQ is Leveraged Equities. They also come from different issuers: AdvisorShares and ProShares. Their fees differ too: 3.67% for DWSH and 0.95% for SQQQ.

Which has better risk-adjusted returns?

DWSH currently has the higher Sharpe Ratio (-0.60 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.