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EUM vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUM vs. SQQQ

Last updated Jun 26, 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 -10.61%/yr vs -56.54%/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.

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Returns By Period

In the year-to-date period, EUM achieves a -21.23% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, EUM has outperformed SQQQ with an annualized return of -10.61%, while SQQQ has yielded a comparatively lower -56.54% annualized return.

EUM

1D
-1.02%
1M
-0.61%
YTD
-21.23%
6M
-21.58%
1Y
-30.32%
3Y*
-15.89%
5Y*
-5.11%
10Y*
-10.61%

SQQQ

1D
-2.42%
1M
2.09%
YTD
-40.98%
6M
-38.01%
1Y
-59.41%
3Y*
-54.63%
5Y*
-47.03%
10Y*
-56.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUM vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUM
ProShares Short MSCI Emerging Markets		-21.23%-22.61%-0.83%-3.89%21.11%-1.32%-24.37%-15.27%14.60%-28.08%
SQQQ
ProShares UltraPro Short QQQ		-40.98%-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 0.76, 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

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

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 0.64 (5 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.

EUM vs. SQQQ - Sectors Allocation Comparison

Sectors
EUM
SQQQ

Financial Services

52.0%
122.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

EUM
52.0%
SQQQ
122.0%

Basic Materials

EUM

-

SQQQ

-

Communication Services

EUM

-

SQQQ

-

Consumer Cyclical

EUM

-

SQQQ

-

Consumer Defensive

EUM

-

SQQQ

-

Energy

EUM

-

SQQQ

-

Healthcare

EUM

-

SQQQ

-

Industrials

EUM

-

SQQQ

-

Real Estate

EUM

-

SQQQ

-

Technology

EUM

-

SQQQ

-

Utilities

EUM

-

SQQQ

-

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ProShares Short MSCI Emerging Markets

ProShares UltraPro Short QQQ

Often compared with EUM:
EUM vs. QQQEUM vs. MSFDEUM vs. SPYEUM vs. DOGEUM vs. TQQQEUM vs. CARDEUM vs. MSTZ
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. SPXUSQQQ vs. UVXY

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: 11
Overall Rank
EUM Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EUM Sortino Ratio Rank: 11
Sortino Ratio Rank
EUM Omega Ratio Rank: 11
Omega Ratio Rank
EUM Calmar Ratio Rank: 11
Calmar Ratio Rank
EUM Martin Ratio Rank: 00
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 11
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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.

EUMSQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.31
-1.11

-0.20

Sortino ratioReturn per unit of downside risk
-1.99
-1.98

-0.02

Omega ratioGain probability vs. loss probability

0.77

0.79

-0.02

Calmar ratioReturn relative to maximum drawdown

-0.92

-0.96

+0.04

Martin ratioReturn relative to average drawdown

-1.84

-1.84

+0.01

EUM vs. SQQQ - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.31, which is comparable to the SQQQ Sharpe Ratio of -1.11. 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.

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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.

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Drawdown Indicators

EUMSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-93.19%

-100.00%

+6.81%

Max Drawdown (1Y)

Largest decline over 1 year

-33.23%

-62.23%

+29.00%

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

-67.83%

-99.98%

+32.15%

Current Drawdown

Current decline from peak

-92.89%

-100.00%

+7.11%

Average Drawdown

Average peak-to-trough decline

-77.20%

-92.73%

+15.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.56%

33.76%

-17.20%

Volatility

EUM vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short MSCI Emerging Markets (EUM) is 11.91%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. 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.

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Volatility by Period

EUMSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.91%

26.22%

-14.31%

Volatility (6M)

Calculated over the trailing 6-month period

21.01%

43.25%

-22.24%

Volatility (1Y)

Calculated over the trailing 1-year period

23.14%

53.47%

-30.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.78%

67.54%

-47.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.71%

66.45%

-45.74%

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 4.28%, less than SQQQ's 10.12% yield.

PositionTTM202520242023202220212020201920182017
EUM
ProShares Short MSCI Emerging Markets		4.28%3.98%4.22%3.86%0.82%0.00%0.15%1.35%0.88%0.00%
SQQQ
ProShares UltraPro Short QQQ		10.12%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

EUM and SQQQ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.22%) compared to EUM (11.91%). In terms of maximum drawdown, EUM dropped -93.19% vs SQQQ's -100.00%.

On 10-year performance, EUM leads with -10.61% vs -56.54% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EUM has been the lower-risk option at 11.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUM has performed better with a -10.61% return vs -56.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 10.12%, compared with 4.28% for EUM.

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%).

SQQQ currently has the higher Sharpe Ratio (-1.11 vs -1.31), 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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