ETHT vs. SQQQ
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, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past year, ETHT returned -85.62% vs -52.32% for SQQQ. Their -0.50 correlation means they have often moved in opposite directions in the past. ETHT charges 0.94%/yr vs 0.95%/yr for SQQQ.
Performance
ETHT vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, ETHT achieves a -73.01% return, which is significantly lower than SQQQ's -34.61% return.
ETHT
- 1D
- -6.05%
- 1M
- 16.78%
- 6M
- -64.86%
- YTD
- -73.01%
- 1Y
- -85.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -74.84%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.50M | $16.35M | $20.04M | |
| $2.40B | $2.29B | $2.66B |
ETHT vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHT ProShares Ultra Ether ETF | -73.01% | -64.86% | -45.44% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -53.05% | -28.39% |
Correlation
The correlation between ETHT and SQQQ is -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024 | -0.50 |
The correlation between ETHT and SQQQ has been stable across timeframes, ranging from -0.51 to -0.50 - a consistent structural relationship.
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Return for Risk
ETHT vs. SQQQ — Risk / Return Rank
ETHT
SQQQ
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 ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.81 | -0.12 |
| Martin ratioReturn relative to average drawdown | -1.21 | -1.41 | +0.20 |
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Drawdowns
ETHT vs. SQQQ - Drawdown Comparison
The maximum ETHT drawdown since its inception was -96.25%, 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.
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Drawdown Indicators
| ETHT | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.25% | -100.00% | +3.75% |
Max Drawdown (1Y)Largest decline over 1 year | -94.27% | -61.03% | -33.24% |
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 | — | -99.97% | — |
Current DrawdownCurrent decline from peak | -94.83% | -100.00% | +5.17% |
Average DrawdownAverage peak-to-trough decline | -69.06% | -92.78% | +23.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 72.31% | 35.08% | +37.23% |
Volatility
ETHT vs. SQQQ - Volatility Comparison
ProShares Ultra Ether ETF (ETHT) has a higher volatility of 25.98% compared to ProShares UltraPro Short QQQ (SQQQ) at 20.82%. 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.
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Volatility by Period
| ETHT | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.98% | 20.82% | +5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 92.64% | 48.09% | +44.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 134.08% | 57.98% | +76.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 141.09% | 68.18% | +72.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 141.09% | 66.74% | +74.35% |
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 17.73%, more than SQQQ's 9.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ETHT ProShares Ultra Ether ETF | 17.73% | 4.57% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.14% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
ETHT 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.
ETHT has higher volatility (25.98%) compared to SQQQ (20.82%). In terms of maximum drawdown, ETHT dropped -96.25% vs SQQQ's -100.00%.
On 1-year performance, SQQQ leads with -52.32% vs -85.62% for ETHT. On fees, ETHT is cheaper at 0.94% per year. On volatility, SQQQ has been the lower-risk option at 20.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SQQQ has performed better with a -52.32% return vs -85.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHT is cheaper with a 0.94% expense ratio, compared with 0.95% for SQQQ.
ETHT has the higher dividend yield at 17.73%, compared with 9.14% for SQQQ.
ETHT is categorized as Cryptocurrency, while SQQQ is Leveraged Equities. ETHT tracks Bloomberg Ethereum Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.94% for ETHT and 0.95% for SQQQ.
ETHT currently has the higher Sharpe Ratio (-0.65 vs -0.86), 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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