ETHT vs. SQQQ

Last updated Jun 24, 2026

ETHT (ProShares Ultra Ether ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - ETHT is a Cryptocurrency fund tracking the Bloomberg Ethereum Index (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past year, ETHT returned -74.55% vs -61.11% for SQQQ. At a correlation of -0.52, they often move in opposite directions. ETHT charges 0.94%/yr vs 0.95%/yr for SQQQ.

Performance

ETHT vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Ether ETF (ETHT) 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, ETHT achieves a -77.62% return, which is significantly lower than SQQQ's -40.31% return.

ETHT

• 1D: -8.32%
• 1M: -38.95%
• YTD: -77.62%
• 6M: -77.71%
• 1Y: -74.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

ETHT vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHT ProShares Ultra Ether ETF	-77.62%	-64.86%	-45.44%
SQQQ ProShares UltraPro Short QQQ	-40.31%	-53.05%	-28.39%

Correlation

The correlation between ETHT and SQQQ is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.53
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.52

The correlation between ETHT and SQQQ has been stable across timeframes, ranging from -0.53 to -0.52 - a consistent structural relationship.

Return for Risk

ETHT vs. SQQQ — Risk / Return Rank

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

ETHT

ETHT Risk / Return Rank: 4
ETHT Sharpe Ratio Rank: 5
ETHT Sortino Ratio Rank: 5
ETHT Omega Ratio Rank: 5
ETHT Calmar Ratio Rank: 2
ETHT Martin Ratio Rank: 3

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.

ETHT vs. SQQQ - Risk-Adjusted Trends Comparison

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

	ETHT	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-1.14	+0.60
Sortino ratio: Return per unit of downside risk	-0.43	-2.07	+1.64
Omega ratio: Gain probability vs. loss probability	0.95	0.78	+0.17
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.96	+0.17
Martin ratio: Return relative to average drawdown	-1.14	-1.81	+0.68

ETHT vs. SQQQ - Sharpe Ratio Comparison

The current ETHT Sharpe Ratio is -0.54, which is higher than the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of ETHT 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

ETHT vs. SQQQ - Drawdown Comparison

The maximum ETHT drawdown since its inception was -96.02%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ETHT and SQQQ.

Drawdown Indicators

	ETHT	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-96.02%	-100.00%	+3.98%
Max Drawdown (1Y) Largest decline over 1 year	-93.92%	-63.52%	-30.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-92.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-95.71%	-100.00%	+4.29%
Average Drawdown Average peak-to-trough decline	-67.69%	-92.73%	+25.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.67%	36.37%	+29.30%

Volatility

ETHT vs. SQQQ - Volatility Comparison

ProShares Ultra Ether ETF (ETHT) has a higher volatility of 39.94% compared to ProShares UltraPro Short QQQ (SQQQ) at 26.69%. This indicates that ETHT'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

	ETHT	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.94%	26.69%	+13.25%
Volatility (6M) Calculated over the trailing 6-month period	94.89%	43.33%	+51.56%
Volatility (1Y) Calculated over the trailing 1-year period	137.89%	53.65%	+84.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.20%	67.53%	+75.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.20%	66.47%	+76.73%

ETHT vs. SQQQ - Expense Ratio Comparison

ETHT has a 0.94% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

ETHT vs. SQQQ - Dividend Comparison

ETHT's dividend yield for the trailing twelve months is around 21.23%, more than SQQQ's 11.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHT ProShares Ultra Ether ETF	21.23%	4.57%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 ETHT and SQQQ in my portfolio?

ETHT and SQQQ have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHT or SQQQ?

ETHT has higher volatility (39.94%) compared to SQQQ (26.69%). In terms of maximum drawdown, ETHT dropped -96.02% vs SQQQ's -100.00%.

Which ETF is better, ETHT or SQQQ?

On 1-year performance, SQQQ leads with -61.11% vs -74.55% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, SQQQ has been the lower-risk option at 26.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHT or SQQQ?

Over the 1-year period, SQQQ has performed better with a -61.11% return vs -74.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHT or SQQQ?

ETHT is cheaper with a 0.94% expense ratio, compared with 0.95% for SQQQ.

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

ETHT has the higher dividend yield at 21.23%, compared with 11.44% for SQQQ.

What is the main difference between ETHT and SQQQ?

ETHT is categorized as Cryptocurrency, while SQQQ is Leveraged Equities. ETHT tracks Bloomberg Ethereum Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.94% for ETHT and 0.95% for SQQQ.

Which has better risk-adjusted returns?

ETHT currently has the higher Sharpe Ratio (-0.54 vs -1.14), 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.