MVV vs. SQQQ

Last updated Aug 4, 2026

MVV (ProShares Ultra Midcap 400) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - MVV tracks the S&P MidCap 400 Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, MVV returned 12.98%/yr vs -54.51%/yr for SQQQ. Their -0.74 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

MVV vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) 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, MVV achieves a 28.19% return, which is significantly higher than SQQQ's -38.05% return. Over the past 10 years, MVV has outperformed SQQQ with an annualized return of 12.98%, while SQQQ has yielded a comparatively lower -54.51% annualized return.

MVV

• 1D: 2.04%
• 1M: -0.38%
• 6M: 17.10%
• YTD: 28.19%
• 1Y: 42.36%
• 3Y*: 17.85%
• 5Y*: 7.80%
• 10Y*: 12.98%
• ALL TIME*: 11.66%

SQQQ

• 1D: -5.26%
• 1M: 3.70%
• 6M: -34.63%
• YTD: -38.05%
• 1Y: -54.82%
• 3Y*: -52.10%
• 5Y*: -44.80%
• 10Y*: -54.51%
• ALL TIME*: -52.82%

*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)
MVV ProShares Ultra Midcap 400	$571.21K	$587.07K	$850.63K
SQQQ ProShares UltraPro Short QQQ	$2.77B	$2.43B	$2.72B

MVV vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVV ProShares Ultra Midcap 400	28.19%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%
SQQQ ProShares UltraPro Short QQQ	-38.05%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between MVV and SQQQ is -0.65, 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.	-0.65
Correlation (3Y) Balances recent behavior with more history.	-0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.72
Correlation (10Y) Provides a long-term view across more market conditions.	-0.68
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.74

The correlation between MVV and SQQQ has been stable across timeframes, ranging from -0.74 to -0.65 - a consistent structural relationship.

MVV vs. SQQQ - Sectors Allocation Comparison

Sectors	MVV	SQQQ
Industrials	25.3%	-
Technology	17.2%	-
Financial Services	13.9%	89.7%
Consumer Cyclical	10.5%	-
Healthcare	8.9%	-
Real Estate	7.3%	-
Basic Materials	4.8%	-
Energy	4.6%	-
Consumer Defensive	3.2%	-
Utilities	2.9%	-
Communication Services	1.5%	-

Return for Risk

MVV vs. SQQQ — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 58
MVV Sharpe Ratio Rank: 53
MVV Sortino Ratio Rank: 55
MVV Omega Ratio Rank: 51
MVV Calmar Ratio Rank: 66
MVV Martin Ratio Rank: 65

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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.

MVV vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

	MVV	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.35	-0.95	+2.30
Sortino ratio: Return per unit of downside risk	1.98	-1.51	+3.49
Omega ratio: Gain probability vs. loss probability	1.24	0.84	+0.40
Calmar ratio: Return relative to maximum drawdown	2.41	-0.92	+3.33
Martin ratio: Return relative to average drawdown	8.19	-1.65	+9.84

MVV vs. SQQQ - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.35, which is higher than the SQQQ Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of MVV 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

MVV vs. SQQQ - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MVV and SQQQ.

Drawdown Indicators

	MVV	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-100.00%	+14.46%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-59.62%	+41.94%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-92.51%	+47.71%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-97.27%	+51.74%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-99.97%	+30.78%
Current Drawdown Current decline from peak	-3.22%	-100.00%	+96.78%
Average Drawdown Average peak-to-trough decline	-20.40%	-92.78%	+72.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	35.25%	-30.06%

Volatility

MVV vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra Midcap 400 (MVV) is 7.32%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. This indicates that MVV 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

	MVV	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	21.07%	-13.75%
Volatility (6M) Calculated over the trailing 6-month period	23.30%	48.20%	-24.90%
Volatility (1Y) Calculated over the trailing 1-year period	31.52%	57.95%	-26.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.50%	68.24%	-28.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.28%	66.78%	-24.50%

MVV vs. SQQQ - Expense Ratio Comparison

Both MVV and SQQQ have an expense ratio of 0.95%.

Dividends

MVV vs. SQQQ - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.68%, less than SQQQ's 9.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVV ProShares Ultra Midcap 400	0.68%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%
SQQQ ProShares UltraPro Short QQQ	9.64%	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 MVV and SQQQ in my portfolio?

MVV and SQQQ have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVV or SQQQ?

SQQQ has higher volatility (21.07%) compared to MVV (7.32%). In terms of maximum drawdown, MVV dropped -85.54% vs SQQQ's -100.00%.

Which ETF is better, MVV or SQQQ?

On 10-year performance, MVV leads with 12.98% vs -54.51% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, MVV has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or SQQQ?

Over the 10-year period, MVV has performed better with a 12.98% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or SQQQ?

MVV and SQQQ have the same expense ratio: 0.95% per year.

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

SQQQ has the higher dividend yield at 9.64%, compared with 0.68% for MVV.

What is the main difference between MVV and SQQQ?

MVV tracks S&P MidCap 400 Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

MVV currently has the higher Sharpe Ratio (1.35 vs -0.95), 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.