FXP vs. SQQQ
FXP (ProShares UltraShort FTSE China 50) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - FXP tracks the FTSE China 50 Net Tax USD (TR) (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, FXP returned -22.28%/yr vs -56.24%/yr for SQQQ. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
FXP vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, FXP achieves a 30.56% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, FXP has outperformed SQQQ with an annualized return of -22.28%, while SQQQ has yielded a comparatively lower -56.24% annualized return.
FXP
- 1D
- 4.04%
- 1M
- 14.69%
- YTD
- 30.56%
- 6M
- 32.48%
- 1Y
- 12.48%
- 3Y*
- -27.51%
- 5Y*
- -14.41%
- 10Y*
- -22.28%
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%
FXP vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 30.56% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
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 FXP and SQQQ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.54 |
The correlation between FXP and SQQQ shifts across timeframes, from 0.36 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FXP vs. SQQQ — Risk / Return Rank
FXP
SQQQ
FXP vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE China 50 (FXP) 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.
| FXP | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.78 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | -0.96 | +1.47 |
| Martin ratioReturn relative to average drawdown | 0.89 | -1.81 | +2.70 |
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Drawdowns
FXP vs. SQQQ - Drawdown Comparison
The maximum FXP drawdown since its inception was -99.94%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for FXP and SQQQ.
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Drawdown Indicators
| FXP | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -100.00% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -24.73% | -63.52% | +38.79% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -92.51% | +10.17% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -97.27% | +9.42% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -99.98% | +5.27% |
Current DrawdownCurrent decline from peak | -99.91% | -100.00% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -92.73% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.56% | 36.37% | -21.81% |
Volatility
FXP vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort FTSE China 50 (FXP) is 12.22%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that FXP 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
| FXP | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.22% | 26.69% | -14.47% |
Volatility (6M)Calculated over the trailing 6-month period | 29.48% | 43.33% | -13.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.65% | 53.65% | -14.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.21% | 67.53% | -4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.78% | 66.47% | -11.69% |
FXP vs. SQQQ - Expense Ratio Comparison
Both FXP and SQQQ have an expense ratio of 0.95%.
Dividends
FXP vs. SQQQ - Dividend Comparison
FXP's dividend yield for the trailing twelve months is around 3.58%, less than SQQQ's 11.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 3.58% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 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
FXP and SQQQ have a correlation of 0.44, 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 FXP (12.22%). In terms of maximum drawdown, FXP dropped -99.94% vs SQQQ's -100.00%.
On 10-year performance, FXP leads with -22.28% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, FXP has been the lower-risk option at 12.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXP has performed better with a -22.28% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXP and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 11.44%, compared with 3.58% for FXP.
FXP tracks FTSE China 50 Net Tax USD (TR) (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
FXP currently has the higher Sharpe Ratio (0.32 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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