HYHG vs. SQQQ

Last updated Jun 5, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, HYHG returned 6.12%/yr vs -55.90%/yr for SQQQ. At a correlation of -0.47, they often move in opposite directions. HYHG charges 0.50%/yr vs 0.95%/yr for SQQQ.

Performance

HYHG vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares High Yield-Interest Rate Hedged (HYHG) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYHG achieves a 3.03% return, which is significantly higher than SQQQ's -44.43% return. Over the past 10 years, HYHG has outperformed SQQQ with an annualized return of 6.12%, while SQQQ has yielded a comparatively lower -55.90% annualized return.

HYHG

• 1D: 0.12%
• 1M: 0.64%
• YTD: 3.03%
• 6M: 3.57%
• 1Y: 7.52%
• 3Y*: 9.78%
• 5Y*: 6.99%
• 10Y*: 6.12%

SQQQ

• 1D: 1.53%
• 1M: -22.29%
• YTD: -44.43%
• 6M: -42.11%
• 1Y: -64.38%
• 3Y*: -55.94%
• 5Y*: -49.01%
• 10Y*: -55.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYHG vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	11.41%	14.69%	-1.71%	5.75%	0.16%	12.02%	-1.95%	3.76%
SQQQ ProShares UltraPro Short QQQ	-44.43%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between HYHG and SQQQ is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.39
Correlation (5Y) Calculated over the trailing 5-year period	-0.52
Correlation (10Y) Calculated over the trailing 10-year period	-0.50
Correlation (All Time) Calculated using the full available price history since May 24, 2013	-0.47

The correlation between HYHG and SQQQ shifts across timeframes, from -0.52 (5 years) to -0.34 (1 year), reflecting how their relationship changes across market environments.

HYHG vs. SQQQ - Sectors Allocation Comparison

Sectors	HYHG	SQQQ
Communication Services	1.1%	-
Healthcare	0.6%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	97.1%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HYHG vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
HYHG Martin Ratio Rank: 68

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
SQQQ Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYHG vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) 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.

	HYHG	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.36	-1.35	+2.71
Sortino ratio: Return per unit of downside risk	1.98	-2.57	+4.54
Omega ratio: Gain probability vs. loss probability	1.24	0.73	+0.51
Calmar ratio: Return relative to maximum drawdown	3.74	-0.98	+4.72
Martin ratio: Return relative to average drawdown	12.28	-1.79	+14.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYHG vs. SQQQ - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.36, which is higher than the SQQQ Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of HYHG and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYHG	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	-1.35	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	-0.74	+1.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	-0.85	+1.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	-0.88	+1.34

Drawdowns

HYHG vs. SQQQ - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HYHG and SQQQ.

Drawdown Indicators

	HYHG	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-100.00%	+74.29%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-65.95%	+63.93%
Max Drawdown (3Y) Largest decline over 3 years	-7.47%	-92.38%	+84.91%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-97.23%	+88.02%
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	-99.98%	+74.27%
Current Drawdown Current decline from peak	-0.32%	-100.00%	+99.68%
Average Drawdown Average peak-to-trough decline	-3.04%	-92.40%	+89.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	35.96%	-35.35%

Volatility

HYHG vs. SQQQ - Volatility Comparison

The current volatility for ProShares High Yield-Interest Rate Hedged (HYHG) is 1.42%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.81%. This indicates that HYHG 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.

Volatility by Period

	HYHG	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	13.81%	-12.39%
Volatility (6M) Calculated over the trailing 6-month period	4.30%	36.46%	-32.16%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	47.79%	-42.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	66.61%	-58.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	66.10%	-56.95%

HYHG vs. SQQQ - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

HYHG vs. SQQQ - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.78%, less than SQQQ's 12.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.78%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
SQQQ ProShares UltraPro Short QQQ	12.29%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYHG and SQQQ in my portfolio?

HYHG and SQQQ have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYHG or SQQQ?

SQQQ has higher volatility (13.81%) compared to HYHG (1.42%). In terms of maximum drawdown, HYHG dropped -25.71% vs SQQQ's -100.00%.

Which ETF is better, HYHG or SQQQ?

On 10-year performance, HYHG leads with 6.12% vs -55.90% for SQQQ. On fees, HYHG is cheaper at 0.50% per year. On volatility, HYHG has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or SQQQ?

Over the 10-year period, HYHG has performed better with a 6.12% return vs -55.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or SQQQ?

HYHG is cheaper with a 0.50% expense ratio, compared with 0.95% for SQQQ.

Which ETF pays a higher dividend yield, HYHG or SQQQ?

SQQQ has the higher dividend yield at 12.29%, compared with 6.78% for HYHG.

What is the main difference between HYHG and SQQQ?

HYHG is categorized as High Yield Bonds, while SQQQ is Leveraged Equities. HYHG tracks Citi High Yield (Treasury Rate-Hedged) Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.50% for HYHG and 0.95% for SQQQ.

Which has better risk-adjusted returns?

HYHG currently has the higher Sharpe Ratio (1.36 vs -1.35), 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.