EEV vs. SQQQ

Last updated Jun 24, 2026

EEV (ProShares UltraShort MSCI Emerging Markets) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - EEV tracks the MSCI Emerging Markets Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EEV returned -24.12%/yr vs -56.24%/yr for SQQQ. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

EEV vs. SQQQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EEV having a -39.72% return and SQQQ slightly lower at -40.31%. Over the past 10 years, EEV has outperformed SQQQ with an annualized return of -24.12%, while SQQQ has yielded a comparatively lower -56.24% annualized return.

EEV

• 1D: 11.50%
• 1M: -8.06%
• YTD: -39.72%
• 6M: -40.50%
• 1Y: -56.22%
• 3Y*: -33.55%
• 5Y*: -15.31%
• 10Y*: -24.12%

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%

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

EEV vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEV ProShares UltraShort MSCI Emerging Markets	-39.72%	-43.35%	-8.08%	-13.08%	37.05%	-4.99%	-48.93%	-30.87%	24.06%	-49.03%
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 EEV and SQQQ is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.67

The correlation between EEV and SQQQ shifts across timeframes, from 0.64 (5 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.

EEV vs. SQQQ - Sectors Allocation Comparison

Sectors	EEV	SQQQ
Financial Services	72.4%	122.0%
Technology	43.6%	-
Consumer Cyclical	8.1%	-
Industrials	6.2%	-
Basic Materials	6.1%	-
Communication Services	5.7%	-
Energy	3.3%	-
Consumer Defensive	2.7%	-
Healthcare	2.5%	-
Utilities	2.0%	-
Real Estate	0.9%	-

Return for Risk

EEV vs. SQQQ — Risk / Return Rank

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

EEV

EEV Risk / Return Rank: 0
EEV Sharpe Ratio Rank: 0
EEV Sortino Ratio Rank: 0
EEV Omega Ratio Rank: 0
EEV Calmar Ratio Rank: 1
EEV Martin Ratio Rank: 0

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
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.

EEV vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.

	EEV	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.23	-1.14	-0.09
Sortino ratio: Return per unit of downside risk	-2.16	-2.07	-0.09
Omega ratio: Gain probability vs. loss probability	0.75	0.78	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.96	0.00
Martin ratio: Return relative to average drawdown	-1.82	-1.81	-0.01

EEV vs. SQQQ - Sharpe Ratio Comparison

The current EEV Sharpe Ratio is -1.23, which is comparable to the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of EEV 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

EEV vs. SQQQ - Drawdown Comparison

The maximum EEV drawdown since its inception was -99.88%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EEV and SQQQ.

Drawdown Indicators

	EEV	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.88%	-100.00%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-58.68%	-63.52%	+4.84%
Max Drawdown (3Y) Largest decline over 3 years	-77.51%	-92.51%	+15.00%
Max Drawdown (5Y) Largest decline over 5 years	-81.14%	-97.27%	+16.13%
Max Drawdown (10Y) Largest decline over 10 years	-94.47%	-99.98%	+5.51%
Current Drawdown Current decline from peak	-99.87%	-100.00%	+0.13%
Average Drawdown Average peak-to-trough decline	-93.00%	-92.73%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.75%	36.37%	-2.62%

Volatility

EEV vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort MSCI Emerging Markets (EEV) is 24.52%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that EEV 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

	EEV	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.52%	26.69%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	41.58%	43.33%	-1.75%
Volatility (1Y) Calculated over the trailing 1-year period	45.86%	53.65%	-7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.50%	67.53%	-28.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.47%	66.47%	-25.00%

EEV vs. SQQQ - Expense Ratio Comparison

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

Dividends

EEV vs. SQQQ - Dividend Comparison

EEV's dividend yield for the trailing twelve months is around 7.17%, less than SQQQ's 11.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EEV ProShares UltraShort MSCI Emerging Markets	7.17%	5.40%	4.45%	3.45%	0.27%	0.00%	0.14%	1.34%	0.38%	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

Can I hold both EEV and SQQQ in my portfolio?

EEV and SQQQ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EEV or SQQQ?

SQQQ has higher volatility (26.69%) compared to EEV (24.52%). In terms of maximum drawdown, EEV dropped -99.88% vs SQQQ's -100.00%.

Which ETF is better, EEV or SQQQ?

On 10-year performance, EEV leads with -24.12% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EEV has been the lower-risk option at 24.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EEV or SQQQ?

Over the 10-year period, EEV has performed better with a -24.12% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EEV or SQQQ?

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

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

SQQQ has the higher dividend yield at 11.44%, compared with 7.17% for EEV.

What is the main difference between EEV and SQQQ?

EEV tracks MSCI Emerging Markets Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-1.14 vs -1.23), 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.