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DXD vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DXD vs. SQQQ

Last updated Aug 5, 2026
Documentation

DXD (ProShares UltraShort Dow30) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - DXD tracks the Dow Jones Industrial Average Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, DXD returned -24.85%/yr vs -54.99%/yr for SQQQ. Their 0.75 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

DXD vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Dow30 (DXD) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DXD achieves a -20.27% return, which is significantly higher than SQQQ's -44.29% return. Over the past 10 years, DXD has outperformed SQQQ with an annualized return of -24.85%, while SQQQ has yielded a comparatively lower -54.99% annualized return.

DXD

1D
-3.36%
1M
-4.22%
6M
-16.65%
YTD
-20.27%
1Y
-31.35%
3Y*
-22.34%
5Y*
-16.28%
10Y*
-24.85%
ALL TIME*
-23.41%

SQQQ

1D
-10.07%
1M
-6.73%
6M
-43.84%
YTD
-44.29%
1Y
-57.01%
3Y*
-53.77%
5Y*
-45.76%
10Y*
-54.99%
ALL TIME*
-53.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DXD

ProShares UltraShort Dow30
$12.93M$11.34M$30.23M

SQQQ

ProShares UltraPro Short QQQ
$2.89B$2.45B$2.72B

DXD vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DXD
ProShares UltraShort Dow30		-20.27%-21.11%-16.07%-18.77%7.09%-35.18%-44.57%-35.33%3.07%-38.64%
SQQQ
ProShares UltraPro Short QQQ		-44.29%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between DXD and SQQQ is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.62

Correlation (3Y)
Balances recent behavior with more history.

0.64

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

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

0.75

The correlation between DXD and SQQQ shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

DXD vs. SQQQ - Sectors Allocation Comparison

Sectors
DXD
SQQQ

Financial Services

89.5%
89.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

DXD
89.5%
SQQQ
89.7%

Basic Materials

DXD

-

SQQQ

-

Communication Services

DXD

-

SQQQ

-

Consumer Cyclical

DXD

-

SQQQ

-

Consumer Defensive

DXD

-

SQQQ

-

Energy

DXD

-

SQQQ

-

Healthcare

DXD

-

SQQQ

-

Industrials

DXD

-

SQQQ

-

Real Estate

DXD

-

SQQQ

-

Technology

DXD

-

SQQQ

-

Utilities

DXD

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares UltraShort Dow30

ProShares UltraPro Short QQQ

Often compared with DXD:
DXD vs. DOGDXD vs. SDOWDXD vs. DIADXD vs. QLDDXD vs. UDOWDXD vs. XLGDXD vs. GLL
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY

Return for Risk

DXD vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DXD
DXD Risk / Return Rank: 11
Overall Rank
DXD Sharpe Ratio Rank: 00
Sharpe Ratio Rank
DXD Sortino Ratio Rank: 11
Sortino Ratio Rank
DXD Omega Ratio Rank: 11
Omega Ratio Rank
DXD Calmar Ratio Rank: 00
Calmar Ratio Rank
DXD Martin Ratio Rank: 00
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 22
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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.

DXD vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) 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.

DXDSQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.25
-0.98

-0.27

Sortino ratioReturn per unit of downside risk
-1.82
-1.59

-0.23

Omega ratioGain probability vs. loss probability

0.80

0.83

-0.03

Calmar ratioReturn relative to maximum drawdown

-0.98

-0.96

-0.02

Martin ratioReturn relative to average drawdown

-1.83

-1.70

-0.13

DXD vs. SQQQ - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.25, which is comparable to the SQQQ Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of DXD 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

DXD vs. SQQQ - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.73%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DXD and SQQQ.

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Drawdown Indicators

DXDSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-99.73%

-100.00%

+0.27%

Max Drawdown (1Y)

Largest decline over 1 year

-32.02%

-59.62%

+27.60%

Max Drawdown (3Y)

Largest decline over 3 years

-60.60%

-92.51%

+31.91%

Max Drawdown (5Y)

Largest decline over 5 years

-68.37%

-97.27%

+28.90%

Max Drawdown (10Y)

Largest decline over 10 years

-94.55%

-99.97%

+5.42%

Current Drawdown

Current decline from peak

-99.73%

-100.00%

+0.27%

Average Drawdown

Average peak-to-trough decline

-82.43%

-92.78%

+10.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.15%

33.54%

-16.39%

Volatility

DXD vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Dow30 (DXD) is 8.39%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 23.31%. This indicates that DXD 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

DXDSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.39%

23.31%

-14.92%

Volatility (6M)

Calculated over the trailing 6-month period

20.20%

49.25%

-29.05%

Volatility (1Y)

Calculated over the trailing 1-year period

25.32%

58.66%

-33.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.65%

68.39%

-38.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

34.94%

66.84%

-31.90%

DXD vs. SQQQ - Expense Ratio Comparison

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

Dividends

DXD vs. SQQQ - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.27%, less than SQQQ's 10.72% yield.

PositionTTM202520242023202220212020201920182017
DXD
ProShares UltraShort Dow30		4.27%4.25%5.91%3.87%0.25%0.00%0.31%1.76%1.15%0.12%
SQQQ
ProShares UltraPro Short QQQ		10.72%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

DXD and SQQQ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (23.31%) compared to DXD (8.39%). In terms of maximum drawdown, DXD dropped -99.73% vs SQQQ's -100.00%.

On 10-year performance, DXD leads with -24.85% vs -54.99% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DXD has performed better with a -24.85% return vs -54.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 10.72%, compared with 4.27% for DXD.

DXD tracks Dow Jones Industrial Average Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).

SQQQ currently has the higher Sharpe Ratio (-0.98 vs -1.25), 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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