DXD vs. SQQQ

Last updated Jun 4, 2026

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 -24.63%/yr vs -56.01%/yr for SQQQ. A 0.75 correlation means they provide meaningful diversification when combined. 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.

Returns By Period

In the year-to-date period, DXD achieves a -9.74% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, DXD has outperformed SQQQ with an annualized return of -24.63%, while SQQQ has yielded a comparatively lower -56.01% annualized return.

DXD

• 1D: 2.28%
• 1M: -6.78%
• YTD: -9.74%
• 6M: -9.98%
• 1Y: -27.07%
• 3Y*: -20.70%
• 5Y*: -14.66%
• 10Y*: -24.63%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DXD vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-9.74%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
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 DXD and SQQQ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.75

The correlation between DXD and SQQQ shifts across timeframes, from 0.65 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

DXD vs. SQQQ - Sectors Allocation Comparison

Sectors	DXD	SQQQ
Financial Services	85.4%	97.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DXD vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DXD

DXD Risk / Return Rank: 1
DXD Sharpe Ratio Rank: 1
DXD Sortino Ratio Rank: 1
DXD Omega Ratio Rank: 1
DXD Calmar Ratio Rank: 1
DXD Martin Ratio Rank: 1

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
SQQQ Martin Ratio Rank: 0

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.

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.

	DXD	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	-1.37	+0.25
Sortino ratio: Return per unit of downside risk	-1.57	-2.63	+1.06
Omega ratio: Gain probability vs. loss probability	0.82	0.72	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.99	+0.09
Martin ratio: Return relative to average drawdown	-1.45	-1.82	+0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXD vs. SQQQ - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.12, which is comparable to the SQQQ Sharpe Ratio of -1.37. 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.

Sharpe Ratios by Period

	DXD	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.12	-1.37	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.50	-0.74	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.71	-0.85	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	-0.88	+0.23

Drawdowns

DXD vs. SQQQ - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.70%, 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.

Drawdown Indicators

	DXD	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.70%	-100.00%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-30.09%	-65.95%	+35.86%
Max Drawdown (3Y) Largest decline over 3 years	-56.40%	-92.38%	+35.98%
Max Drawdown (5Y) Largest decline over 5 years	-64.99%	-97.23%	+32.24%
Max Drawdown (10Y) Largest decline over 10 years	-94.60%	-99.98%	+5.38%
Current Drawdown Current decline from peak	-99.70%	-100.00%	+0.30%
Average Drawdown Average peak-to-trough decline	-82.30%	-92.40%	+10.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.64%	35.73%	-17.09%

Volatility

DXD vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Dow30 (DXD) is 5.98%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. 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.

Volatility by Period

	DXD	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	13.75%	-7.77%
Volatility (6M) Calculated over the trailing 6-month period	18.80%	36.45%	-17.65%
Volatility (1Y) Calculated over the trailing 1-year period	24.30%	47.79%	-23.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.49%	66.64%	-37.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.91%	66.11%	-31.20%

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 4.10%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	4.10%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%
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

Can I hold both DXD and SQQQ in my portfolio?

DXD and SQQQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or SQQQ?

SQQQ has higher volatility (13.75%) compared to DXD (5.98%). In terms of maximum drawdown, DXD dropped -99.70% vs SQQQ's -100.00%.

Which ETF is better, DXD or SQQQ?

On 10-year performance, DXD leads with -24.63% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or SQQQ?

Over the 10-year period, DXD has performed better with a -24.63% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or SQQQ?

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

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

SQQQ has the higher dividend yield at 12.48%, compared with 4.10% for DXD.

What is the main difference between DXD and SQQQ?

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

Which has better risk-adjusted returns?

DXD currently has the higher Sharpe Ratio (-1.12 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.