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 -23.04%/yr vs -56.01%/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 13.64% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, FXP has outperformed SQQQ with an annualized return of -23.04%, while SQQQ has yielded a comparatively lower -56.01% annualized return.
FXP
- 1D
- 4.65%
- 1M
- 5.53%
- YTD
- 13.64%
- 6M
- 16.82%
- 1Y
- -6.43%
- 3Y*
- -30.22%
- 5Y*
- -16.52%
- 10Y*
- -23.04%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
FXP vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 13.64% | -45.32% | -52.46% | 12.74% | -11.73% | 23.56% | -39.47% | -29.01% | 12.45% | -49.76% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -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 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
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 12, 2010 | 0.54 |
The correlation between FXP and SQQQ shifts across timeframes, from 0.37 (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.
| FXP | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.72 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | -0.99 | +0.75 |
| Martin ratioReturn relative to average drawdown | -0.40 | -1.82 | +1.43 |
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
| FXP | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | -1.37 | +1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | -0.74 | +0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | -0.85 | +0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | -0.88 | +0.44 |
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 | -27.21% | -65.95% | +38.74% |
Max Drawdown (3Y)Largest decline over 3 years | -82.34% | -92.38% | +10.04% |
Max Drawdown (5Y)Largest decline over 5 years | -87.85% | -97.23% | +9.38% |
Max Drawdown (10Y)Largest decline over 10 years | -94.71% | -99.98% | +5.27% |
Current DrawdownCurrent decline from peak | -99.92% | -100.00% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -94.15% | -92.40% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.66% | 35.73% | -18.07% |
Volatility
FXP vs. SQQQ - Volatility Comparison
ProShares UltraShort FTSE China 50 (FXP) has a higher volatility of 15.06% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that FXP's price experiences larger fluctuations and is considered to be riskier 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 | 15.06% | 13.75% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 28.87% | 36.45% | -7.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.29% | 47.79% | -8.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.12% | 66.64% | -3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.91% | 66.11% | -11.20% |
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 4.12%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FXP ProShares UltraShort FTSE China 50 | 4.12% | 9.57% | 3.55% | 2.20% | 0.06% | 0.00% | 0.06% | 1.20% | 0.16% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.48% | 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 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FXP has higher volatility (15.06%) compared to SQQQ (13.75%). In terms of maximum drawdown, FXP dropped -99.94% vs SQQQ's -100.00%.
On 10-year performance, FXP leads with -23.04% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 13.75%. 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 -23.04% return vs -56.01%. 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 12.48%, compared with 4.12% 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 (-0.16 vs -1.37), 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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