EUO vs. SQQQ
EUO (ProShares UltraShort Euro) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EUO returned 2.41%/yr vs -56.24%/yr for SQQQ. At a 0.17 correlation, their price movements are largely independent. EUO charges 0.99%/yr vs 0.95%/yr for SQQQ.
Performance
EUO vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 9.04% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, EUO has outperformed SQQQ with an annualized return of 2.41%, while SQQQ has yielded a comparatively lower -56.24% annualized return.
EUO
- 1D
- 0.82%
- 1M
- 4.61%
- YTD
- 9.04%
- 6M
- 9.78%
- 1Y
- 8.88%
- 3Y*
- 1.93%
- 5Y*
- 5.59%
- 10Y*
- 2.41%
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%
EUO vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 9.04% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
SQQQ ProShares UltraPro Short QQQ | -40.31% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between EUO and SQQQ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.17 |
The correlation between EUO and SQQQ shifts across timeframes, from 0.15 (10 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EUO vs. SQQQ — Risk / Return Rank
EUO
SQQQ
EUO vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) 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.
| EUO | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.78 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | -0.96 | +2.07 |
| Martin ratioReturn relative to average drawdown | 2.59 | -1.81 | +4.40 |
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Drawdowns
EUO vs. SQQQ - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EUO and SQQQ.
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Drawdown Indicators
| EUO | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -100.00% | +61.42% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -63.52% | +55.47% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -92.51% | +68.05% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -97.27% | +71.99% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -99.98% | +70.37% |
Current DrawdownCurrent decline from peak | -14.93% | -100.00% | +85.07% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -92.73% | +74.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 36.37% | -32.92% |
Volatility
EUO vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 3.28%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that EUO 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
| EUO | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 26.69% | -23.41% |
Volatility (6M)Calculated over the trailing 6-month period | 9.09% | 43.33% | -34.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.71% | 53.65% | -40.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 67.53% | -51.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.79% | 66.47% | -51.68% |
EUO vs. SQQQ - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
EUO vs. SQQQ - Dividend Comparison
EUO has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 11.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 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
EUO and SQQQ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.69%) compared to EUO (3.28%). In terms of maximum drawdown, EUO dropped -38.58% vs SQQQ's -100.00%.
On 10-year performance, EUO leads with 2.41% vs -56.24% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.41% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.
SQQQ has the higher dividend yield at 11.44%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while SQQQ is Leveraged Equities. EUO tracks USD/EUR Exchange Rate (-200%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.99% for EUO and 0.95% for SQQQ.
EUO currently has the higher Sharpe Ratio (0.70 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.
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