EUM vs. SQQQ

Last updated Jul 17, 2026

EUM (ProShares Short MSCI Emerging Markets) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - EUM is a Inverse Equities fund tracking the MSCI Emerging Markets Index (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EUM returned -9.08%/yr vs -55.08%/yr for SQQQ. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

EUM vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -16.78% return, which is significantly higher than SQQQ's -38.86% return. Over the past 10 years, EUM has outperformed SQQQ with an annualized return of -9.08%, while SQQQ has yielded a comparatively lower -55.08% annualized return.

EUM

• 1D: 2.11%
• 1M: 6.40%
• 6M: -11.71%
• YTD: -16.78%
• 1Y: -25.07%
• 3Y*: -13.17%
• 5Y*: -4.72%
• 10Y*: -9.08%

SQQQ

• 1D: 5.01%
• 1M: 8.33%
• 6M: -36.79%
• YTD: -38.86%
• 1Y: -54.36%
• 3Y*: -50.96%
• 5Y*: -45.88%
• 10Y*: -55.08%

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

EUM vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-16.78%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
SQQQ ProShares UltraPro Short QQQ	-38.86%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between EUM and SQQQ is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
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 EUM and SQQQ shifts across timeframes, from 0.65 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.

EUM vs. SQQQ - Sectors Allocation Comparison

Sectors	EUM	SQQQ
Financial Services	31.5%	109.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EUM vs. SQQQ — Risk / Return Rank

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

EUM

EUM Risk / Return Rank: 2
EUM Sharpe Ratio Rank: 1
EUM Sortino Ratio Rank: 2
EUM Omega Ratio Rank: 2
EUM Calmar Ratio Rank: 3
EUM Martin Ratio Rank: 2

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
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.

EUM vs. SQQQ - Risk-Adjusted Trends Comparison

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

	EUM	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.98	-0.07
Sortino ratio: Return per unit of downside risk	-1.52	-1.58	+0.06
Omega ratio: Gain probability vs. loss probability	0.82	0.83	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.89	+0.14
Martin ratio: Return relative to average drawdown	-1.41	-1.63	+0.22

EUM vs. SQQQ - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.04, which is comparable to the SQQQ Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of EUM 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

EUM vs. SQQQ - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EUM and SQQQ.

Drawdown Indicators

	EUM	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-100.00%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	-33.23%	-61.03%	+27.80%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-92.51%	+44.54%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	-97.27%	+46.40%
Max Drawdown (10Y) Largest decline over 10 years	-66.12%	-99.97%	+33.85%
Current Drawdown Current decline from peak	-92.49%	-100.00%	+7.51%
Average Drawdown Average peak-to-trough decline	-77.24%	-92.76%	+15.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.85%	33.36%	-15.51%

Volatility

EUM vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 9.82%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. This indicates that EUM 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

	EUM	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.82%	22.32%	-12.50%
Volatility (6M) Calculated over the trailing 6-month period	21.92%	46.22%	-24.30%
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	55.87%	-31.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	67.91%	-47.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	66.57%	-45.82%

EUM vs. SQQQ - Expense Ratio Comparison

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

Dividends

EUM vs. SQQQ - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.06%, less than SQQQ's 9.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	4.06%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%	0.00%
SQQQ ProShares UltraPro Short QQQ	9.77%	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 EUM and SQQQ in my portfolio?

EUM and SQQQ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or SQQQ?

SQQQ has higher volatility (22.32%) compared to EUM (9.82%). In terms of maximum drawdown, EUM dropped -93.19% vs SQQQ's -100.00%.

Which ETF is better, EUM or SQQQ?

On 10-year performance, EUM leads with -9.08% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 9.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or SQQQ?

Over the 10-year period, EUM has performed better with a -9.08% return vs -55.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.77%, compared with 4.06% for EUM.

What is the main difference between EUM and SQQQ?

EUM is categorized as Inverse Equities, while SQQQ is Leveraged Equities. EUM tracks MSCI Emerging Markets Index (-100%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-0.98 vs -1.04), 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.