ETHD vs. SQQQ

Last updated Jun 4, 2026

ETHD (ProShares UltraShort Ether ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). ETHD is actively managed, while SQQQ is passively managed. Over the past year, ETHD returned -42.18% vs -65.16% for SQQQ. A 0.51 correlation means they provide meaningful diversification when combined. ETHD charges 1.01%/yr vs 0.95%/yr for SQQQ.

Performance

ETHD vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) 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, ETHD achieves a 63.80% return, which is significantly higher than SQQQ's -45.27% return.

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ETHD vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-53.05%	-28.62%

Correlation

The correlation between ETHD and SQQQ is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	0.51

The correlation between ETHD and SQQQ has been stable across timeframes, ranging from 0.51 to 0.51 - a consistent structural relationship.

Return for Risk

ETHD vs. SQQQ — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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.

ETHD vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

	ETHD	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.31	-1.37	+1.06
Sortino ratio: Return per unit of downside risk	0.40	-2.63	+3.03
Omega ratio: Gain probability vs. loss probability	1.05	0.72	+0.32
Calmar ratio: Return relative to maximum drawdown	-0.51	-0.99	+0.48
Martin ratio: Return relative to average drawdown	-0.64	-1.82	+1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHD vs. SQQQ - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.31, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of ETHD 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

	ETHD	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.31	-1.37	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	-0.88	+0.53

Drawdowns

ETHD vs. SQQQ - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ETHD and SQQQ.

Drawdown Indicators

	ETHD	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-100.00%	+4.41%
Max Drawdown (1Y) Largest decline over 1 year	-83.63%	-65.95%	-17.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-92.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-87.20%	-100.00%	+12.80%
Average Drawdown Average peak-to-trough decline	-66.01%	-92.40%	+26.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.00%	35.73%	+30.27%

Volatility

ETHD vs. SQQQ - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 19.00% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that ETHD's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHD	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.00%	13.75%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	92.37%	36.45%	+55.92%
Volatility (1Y) Calculated over the trailing 1-year period	136.23%	47.79%	+88.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.19%	66.64%	+75.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.19%	66.11%	+76.08%

ETHD vs. SQQQ - Expense Ratio Comparison

ETHD has a 1.01% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

Dividends

ETHD vs. SQQQ - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 10.68%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both ETHD and SQQQ in my portfolio?

ETHD and SQQQ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHD or SQQQ?

ETHD has higher volatility (19.00%) compared to SQQQ (13.75%). In terms of maximum drawdown, ETHD dropped -95.59% vs SQQQ's -100.00%.

Which ETF is better, ETHD or SQQQ?

On 1-year performance, ETHD leads with -42.18% vs -65.16% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or SQQQ?

Over the 1-year period, ETHD has performed better with a -42.18% return vs -65.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or SQQQ?

SQQQ is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

SQQQ has the higher dividend yield at 12.48%, compared with 10.68% for ETHD.

What is the main difference between ETHD and SQQQ?

ETHD is categorized as Cryptocurrency, while SQQQ is Leveraged Equities. Their fees differ too: 1.01% for ETHD and 0.95% for SQQQ.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.31 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.