ION vs. SQQQ

Last updated Jul 14, 2026

ION (Proshares S&P Global Core Battery Metals ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - ION is a Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 3 years, ION returned 8.05%/yr vs -51.78%/yr for SQQQ. At a correlation of -0.42, they often move in opposite directions. ION charges 0.58%/yr vs 0.95%/yr for SQQQ.

Performance

ION vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) 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, ION achieves a -8.79% return, which is significantly higher than SQQQ's -40.27% return.

ION

• 1D: -3.05%
• 1M: -19.37%
• 6M: -21.38%
• YTD: -8.79%
• 1Y: 56.28%
• 3Y*: 8.05%
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 5.74%
• 1M: 1.37%
• 6M: -36.57%
• YTD: -40.27%
• 1Y: -56.10%
• 3Y*: -51.78%
• 5Y*: -45.66%
• 10Y*: -55.28%

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

ION vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	-8.79%	108.37%	-20.02%	-14.10%	-8.45%
SQQQ ProShares UltraPro Short QQQ	-40.27%	-53.05%	-49.79%	-73.61%	30.92%

Correlation

The correlation between ION and SQQQ is -0.44, 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	-0.44
Correlation (3Y) Calculated over the trailing 3-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	-0.42

ION vs. SQQQ - Sectors Allocation Comparison

Sectors	ION	SQQQ
Basic Materials	13.9%	-
Financial Services	9.8%	109.1%
Consumer Cyclical	3.6%	-
Energy	2.6%	-
Real Estate	2.3%	-
Healthcare	1.9%	-
Industrials	1.8%	-
Communication Services	-	-
Consumer Defensive	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ION vs. SQQQ — Risk / Return Rank

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

ION

ION Risk / Return Rank: 47
ION Sharpe Ratio Rank: 51
ION Sortino Ratio Rank: 47
ION Omega Ratio Rank: 46
ION Calmar Ratio Rank: 45
ION Martin Ratio Rank: 44

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
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.

ION vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.

	ION	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-1.01	+2.43
Sortino ratio: Return per unit of downside risk	1.91	-1.69	+3.59
Omega ratio: Gain probability vs. loss probability	1.24	0.82	+0.42
Calmar ratio: Return relative to maximum drawdown	1.81	-0.92	+2.73
Martin ratio: Return relative to average drawdown	5.71	-1.71	+7.42

ION vs. SQQQ - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 1.42, which is higher than the SQQQ Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of ION 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.

Drawdowns

ION vs. SQQQ - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ION and SQQQ.

Drawdown Indicators

	ION	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-100.00%	+47.92%
Max Drawdown (1Y) Largest decline over 1 year	-31.20%	-61.03%	+29.83%
Max Drawdown (3Y) Largest decline over 3 years	-45.77%	-92.51%	+46.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-31.20%	-100.00%	+68.80%
Average Drawdown Average peak-to-trough decline	-23.64%	-92.75%	+69.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	32.78%	-22.90%

Volatility

ION vs. SQQQ - Volatility Comparison

The current volatility for Proshares S&P Global Core Battery Metals ETF (ION) is 12.21%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. This indicates that ION 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

	ION	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	26.05%	-13.84%
Volatility (6M) Calculated over the trailing 6-month period	31.31%	45.88%	-14.57%
Volatility (1Y) Calculated over the trailing 1-year period	39.87%	55.64%	-15.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.60%	67.87%	-36.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.60%	66.56%	-34.96%

ION vs. SQQQ - Expense Ratio Comparison

ION has a 0.58% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

ION vs. SQQQ - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.63%, less than SQQQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ION Proshares S&P Global Core Battery Metals ETF	1.63%	1.63%	1.74%	2.23%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.00%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both ION and SQQQ in my portfolio?

ION 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.

Which is riskier, ION or SQQQ?

SQQQ has higher volatility (26.05%) compared to ION (12.21%). In terms of maximum drawdown, ION dropped -52.08% vs SQQQ's -100.00%.

Which ETF is better, ION or SQQQ?

On 3-year performance, ION leads with 8.05% vs -51.78% for SQQQ. On fees, ION is cheaper at 0.58% per year. On volatility, ION has been the lower-risk option at 12.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ION or SQQQ?

Over the 3-year period, ION has performed better with a 8.05% return vs -51.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ION or SQQQ?

ION is cheaper with a 0.58% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 10.00%, compared with 1.63% for ION.

What is the main difference between ION and SQQQ?

ION is categorized as Lithium & Battery Metals, while SQQQ is Leveraged Equities. ION tracks S&P Global Core Battery Metals Index - Benchmark TR Net, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.58% for ION and 0.95% for SQQQ.

Which has better risk-adjusted returns?

ION currently has the higher Sharpe Ratio (1.42 vs -1.01), 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.