MAKX vs. SQQQ

Last updated Aug 2, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 3 years, MAKX returned 20.16%/yr vs -49.83%/yr for SQQQ. Their -0.79 correlation means they have often moved in opposite directions in the past. MAKX charges 0.58%/yr vs 0.95%/yr for SQQQ.

Performance

MAKX vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) 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, MAKX achieves a 30.73% return, which is significantly higher than SQQQ's -34.61% return.

MAKX

• 1D: 2.03%
• 1M: -4.52%
• 6M: 21.32%
• YTD: 30.73%
• 1Y: 39.25%
• 3Y*: 20.16%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.87%

SQQQ

• 1D: -1.99%
• 1M: 9.46%
• 6M: -32.40%
• YTD: -34.61%
• 1Y: -52.32%
• 3Y*: -49.83%
• 5Y*: -44.46%
• 10Y*: -54.48%
• ALL TIME*: -52.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MAKX ProShares S&P Kensho Smart Factories ETF	$87.07K	$94.68K	$155.23K
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B

MAKX vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MAKX ProShares S&P Kensho Smart Factories ETF	30.73%	21.63%	8.27%	26.03%	-26.41%	3.10%
SQQQ ProShares UltraPro Short QQQ	-34.61%	-53.05%	-49.79%	-73.61%	82.40%	-30.44%

Correlation

The correlation between MAKX and SQQQ is -0.77, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.77
Correlation (3Y) Balances recent behavior with more history.	-0.73
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	-0.79

The correlation between MAKX and SQQQ has been stable across timeframes, ranging from -0.79 to -0.73 - a consistent structural relationship.

MAKX vs. SQQQ - Sectors Allocation Comparison

Sectors	MAKX	SQQQ
Technology	62.8%	-
Industrials	26.2%	-
Communication Services	8.9%	-
Basic Materials	2.0%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	89.7%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MAKX vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MAKX

MAKX Risk / Return Rank: 45
MAKX Sharpe Ratio Rank: 43
MAKX Sortino Ratio Rank: 43
MAKX Omega Ratio Rank: 41
MAKX Calmar Ratio Rank: 52
MAKX Martin Ratio Rank: 47

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MAKX vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) 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.

	MAKX	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.07	-0.86	+1.93
Sortino ratio: Return per unit of downside risk	1.60	-1.25	+2.85
Omega ratio: Gain probability vs. loss probability	1.19	0.86	+0.33
Calmar ratio: Return relative to maximum drawdown	1.86	-0.81	+2.67
Martin ratio: Return relative to average drawdown	5.49	-1.41	+6.90

MAKX vs. SQQQ - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 1.07, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of MAKX 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

MAKX vs. SQQQ - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MAKX and SQQQ.

Drawdown Indicators

	MAKX	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-100.00%	+59.73%
Max Drawdown (1Y) Largest decline over 1 year	-19.36%	-61.03%	+41.67%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-92.51%	+62.75%
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	-12.67%	-100.00%	+87.33%
Average Drawdown Average peak-to-trough decline	-16.34%	-92.78%	+76.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.54%	35.08%	-28.54%

Volatility

MAKX vs. SQQQ - Volatility Comparison

The current volatility for ProShares S&P Kensho Smart Factories ETF (MAKX) is 13.58%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that MAKX 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

	MAKX	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.58%	20.82%	-7.24%
Volatility (6M) Calculated over the trailing 6-month period	26.57%	48.09%	-21.52%
Volatility (1Y) Calculated over the trailing 1-year period	33.62%	57.98%	-24.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.06%	68.18%	-39.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.06%	66.74%	-37.68%

MAKX vs. SQQQ - Expense Ratio Comparison

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

Dividends

MAKX vs. SQQQ - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.14%, less than SQQQ's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAKX ProShares S&P Kensho Smart Factories ETF	0.14%	0.15%	0.24%	0.52%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	9.14%	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 MAKX and SQQQ in my portfolio?

MAKX and SQQQ have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or SQQQ?

SQQQ has higher volatility (20.82%) compared to MAKX (13.58%). In terms of maximum drawdown, MAKX dropped -40.27% vs SQQQ's -100.00%.

Which ETF is better, MAKX or SQQQ?

On 3-year performance, MAKX leads with 20.16% vs -49.83% for SQQQ. On fees, MAKX is cheaper at 0.58% per year. On volatility, MAKX has been the lower-risk option at 13.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or SQQQ?

Over the 3-year period, MAKX has performed better with a 20.16% return vs -49.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.14%, compared with 0.14% for MAKX.

What is the main difference between MAKX and SQQQ?

MAKX is categorized as Technology Equities, while SQQQ is Leveraged Equities. MAKX tracks S&P Kensho Smart Factories Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.58% for MAKX and 0.95% for SQQQ.

Which has better risk-adjusted returns?

MAKX currently has the higher Sharpe Ratio (1.07 vs -0.86), 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.