EWV vs. SQQQ
Compare and contrast key facts about ProShares UltraShort MSCI Japan (EWV) and ProShares UltraPro Short QQQ (SQQQ).
EWV and SQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EWV is a passively managed fund by ProShares that tracks the performance of the MSCI Japan Index (-200%). It was launched on Nov 6, 2007. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. Both EWV and SQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EWV vs. SQQQ - Performance Comparison
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EWV vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -15.06% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
SQQQ ProShares UltraPro Short QQQ | 13.99% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Returns By Period
In the year-to-date period, EWV achieves a -15.06% return, which is significantly lower than SQQQ's 13.99% return. Over the past 10 years, EWV has outperformed SQQQ with an annualized return of -19.92%, while SQQQ has yielded a comparatively lower -52.71% annualized return.
EWV
- 1D
- -5.13%
- 1M
- 6.61%
- YTD
- -15.06%
- 6M
- -21.77%
- 1Y
- -45.71%
- 3Y*
- -27.01%
- 5Y*
- -15.32%
- 10Y*
- -19.92%
SQQQ
- 1D
- -3.78%
- 1M
- 10.61%
- YTD
- 13.99%
- 6M
- 6.42%
- 1Y
- -56.13%
- 3Y*
- -49.39%
- 5Y*
- -42.70%
- 10Y*
- -52.71%
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EWV vs. SQQQ - Expense Ratio Comparison
Both EWV and SQQQ have an expense ratio of 0.95%.
Return for Risk
EWV vs. SQQQ — Risk / Return Rank
EWV
SQQQ
EWV vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Japan (EWV) 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.
| EWV | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.03 | -0.84 | -0.19 |
Sortino ratioReturn per unit of downside risk | -1.54 | -1.14 | -0.41 |
Omega ratioGain probability vs. loss probability | 0.81 | 0.84 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.76 | +0.03 |
Martin ratioReturn relative to average drawdown | -1.05 | -0.87 | -0.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EWV | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.03 | -0.84 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.42 | -0.64 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | -0.80 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | -0.85 | +0.39 |
Correlation
The correlation between EWV and SQQQ is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
EWV vs. SQQQ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 4.22%, less than SQQQ's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 4.22% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 5.99% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Drawdowns
EWV vs. SQQQ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.12%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EWV and SQQQ.
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Drawdown Indicators
| EWV | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.12% | -100.00% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -61.39% | -75.23% | +13.84% |
Max Drawdown (5Y)Largest decline over 5 years | -77.29% | -95.36% | +18.07% |
Max Drawdown (10Y)Largest decline over 10 years | -91.03% | -99.96% | +8.93% |
Current DrawdownCurrent decline from peak | -98.98% | -100.00% | +1.02% |
Average DrawdownAverage peak-to-trough decline | -84.14% | -92.32% | +8.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.88% | 65.40% | -22.52% |
Volatility
EWV vs. SQQQ - Volatility Comparison
ProShares UltraShort MSCI Japan (EWV) and ProShares UltraPro Short QQQ (SQQQ) have volatilities of 19.59% and 19.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWV | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.59% | 19.98% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 30.79% | 38.23% | -7.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.59% | 67.38% | -22.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.36% | 66.65% | -30.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.99% | 65.97% | -30.98% |