EWV vs. SQQQ
EWV (ProShares UltraShort MSCI Japan) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - EWV is a Japan Equities fund tracking the MSCI Japan Index (-200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, EWV returned -20.00%/yr vs -55.43%/yr for SQQQ. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EWV vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, EWV achieves a -29.93% return, which is significantly higher than SQQQ's -42.24% return. Over the past 10 years, EWV has outperformed SQQQ with an annualized return of -20.00%, while SQQQ has yielded a comparatively lower -55.43% annualized return.
EWV
- 1D
- -2.78%
- 1M
- -4.20%
- 6M
- -23.47%
- YTD
- -29.93%
- 1Y
- -47.17%
- 3Y*
- -28.49%
- 5Y*
- -18.46%
- 10Y*
- -20.00%
SQQQ
- 1D
- -3.30%
- 1M
- -1.98%
- 6M
- -38.99%
- YTD
- -42.24%
- 1Y
- -57.13%
- 3Y*
- -52.32%
- 5Y*
- -46.24%
- 10Y*
- -55.43%
EWV vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | -29.93% | -37.70% | -11.06% | -28.34% | 34.35% | -10.19% | -38.57% | -30.38% | 29.90% | -36.24% |
SQQQ ProShares UltraPro Short QQQ | -42.24% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between EWV and SQQQ is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.59 |
The correlation between EWV and SQQQ has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.
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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.
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.
| EWV | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.94 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.44 | -1.73 | +0.30 |
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Drawdowns
EWV vs. SQQQ - Drawdown Comparison
The maximum EWV drawdown since its inception was -99.20%, 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 | -99.20% | -100.00% | +0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -51.16% | -61.03% | +9.87% |
Max Drawdown (3Y)Largest decline over 3 years | -71.19% | -92.51% | +21.32% |
Max Drawdown (5Y)Largest decline over 5 years | -79.51% | -97.27% | +17.76% |
Max Drawdown (10Y)Largest decline over 10 years | -89.92% | -99.97% | +10.05% |
Current DrawdownCurrent decline from peak | -99.16% | -100.00% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -84.34% | -92.75% | +8.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.87% | 32.98% | -0.11% |
Volatility
EWV vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Japan (EWV) is 14.40%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 24.18%. This indicates that EWV 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
| EWV | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.40% | 24.18% | -9.78% |
Volatility (6M)Calculated over the trailing 6-month period | 34.86% | 45.91% | -11.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 55.61% | -13.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.25% | 67.89% | -30.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.15% | 66.57% | -31.42% |
EWV vs. SQQQ - Expense Ratio Comparison
Both EWV and SQQQ have an expense ratio of 0.95%.
Dividends
EWV vs. SQQQ - Dividend Comparison
EWV's dividend yield for the trailing twelve months is around 5.16%, less than SQQQ's 10.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EWV ProShares UltraShort MSCI Japan | 5.16% | 3.63% | 3.39% | 3.42% | 0.65% | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.34% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
EWV and SQQQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (24.18%) compared to EWV (14.40%). In terms of maximum drawdown, EWV dropped -99.20% vs SQQQ's -100.00%.
On 10-year performance, EWV leads with -20.00% vs -55.43% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, EWV has been the lower-risk option at 14.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWV has performed better with a -20.00% return vs -55.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EWV and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.34%, compared with 5.16% for EWV.
EWV is categorized as Japan Equities, while SQQQ is Leveraged Equities. EWV tracks MSCI Japan Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SQQQ currently has the higher Sharpe Ratio (-1.03 vs -1.12), 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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