EFU vs. SQQQ
EFU (ProShares UltraShort MSCI EAFE) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - EFU tracks the MSCI EAFE Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EFU returned -19.60%/yr vs -56.01%/yr for SQQQ. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EFU vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -16.12% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, EFU has outperformed SQQQ with an annualized return of -19.60%, while SQQQ has yielded a comparatively lower -56.01% annualized return.
EFU
- 1D
- 1.27%
- 1M
- -7.02%
- YTD
- -16.12%
- 6M
- -19.44%
- 1Y
- -30.25%
- 3Y*
- -23.88%
- 5Y*
- -15.08%
- 10Y*
- -19.60%
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%
EFU vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -16.12% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
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 EFU and SQQQ is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.67 |
The correlation between EFU and SQQQ has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
EFU vs. SQQQ — Risk / Return Rank
EFU
SQQQ
EFU vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) 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.
| EFU | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.72 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.99 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.82 | +0.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFU | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | -1.37 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.74 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | -0.85 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | -0.88 | +0.44 |
Drawdowns
EFU vs. SQQQ - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.36%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EFU and SQQQ.
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Drawdown Indicators
| EFU | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.36% | -100.00% | +0.64% |
Max Drawdown (1Y)Largest decline over 1 year | -34.19% | -65.95% | +31.76% |
Max Drawdown (3Y)Largest decline over 3 years | -64.29% | -92.38% | +28.09% |
Max Drawdown (5Y)Largest decline over 5 years | -75.42% | -97.23% | +21.81% |
Max Drawdown (10Y)Largest decline over 10 years | -90.41% | -99.98% | +9.57% |
Current DrawdownCurrent decline from peak | -99.35% | -100.00% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -87.13% | -92.40% | +5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 35.73% | -15.59% |
Volatility
EFU vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 10.10%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that EFU 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
| EFU | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.10% | 13.75% | -3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 26.06% | 36.45% | -10.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.91% | 47.79% | -16.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.34% | 66.64% | -33.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.20% | 66.11% | -31.91% |
EFU vs. SQQQ - Expense Ratio Comparison
Both EFU and SQQQ have an expense ratio of 0.95%.
Dividends
EFU vs. SQQQ - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.38%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.38% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% |
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
EFU and SQQQ have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (13.75%) compared to EFU (10.10%). In terms of maximum drawdown, EFU dropped -99.36% vs SQQQ's -100.00%.
On 10-year performance, EFU leads with -19.60% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EFU has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFU has performed better with a -19.60% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFU and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.48%, compared with 5.38% for EFU.
EFU tracks MSCI EAFE Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
EFU currently has the higher Sharpe Ratio (-0.98 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.
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