OILU vs. SQQQ
OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - OILU is a Leveraged Commodities fund managed by BMO, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Over the past 3 years, OILU returned 3.52%/yr vs -50.96%/yr for SQQQ. At a correlation of -0.16, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
OILU vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, OILU achieves a 70.08% return, which is significantly higher than SQQQ's -38.86% return.
OILU
- 1D
- 1.95%
- 1M
- 6.32%
- 6M
- 46.10%
- YTD
- 70.08%
- 1Y
- 76.36%
- 3Y*
- 3.52%
- 5Y*
- —
- 10Y*
- —
SQQQ
- 1D
- 5.01%
- 1M
- 8.33%
- 6M
- -36.79%
- YTD
- -38.86%
- 1Y
- -54.36%
- 3Y*
- -50.96%
- 5Y*
- -45.88%
- 10Y*
- -55.08%
OILU vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 70.08% | -16.50% | -21.65% | -32.50% | 151.08% | -16.79% |
SQQQ ProShares UltraPro Short QQQ | -38.86% | -53.05% | -49.79% | -73.61% | 82.40% | -4.04% |
Correlation
The correlation between OILU and SQQQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021 | -0.16 |
The correlation between OILU and SQQQ shifts across timeframes, from -0.16 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OILU vs. SQQQ — Risk / Return Rank
OILU
SQQQ
OILU vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) 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.
| OILU | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +3.31 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | -0.89 | +2.54 |
| Martin ratioReturn relative to average drawdown | 4.22 | -1.63 | +5.85 |
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Drawdowns
OILU vs. SQQQ - Drawdown Comparison
The maximum OILU drawdown since its inception was -81.00%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for OILU and SQQQ.
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Drawdown Indicators
| OILU | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.00% | -100.00% | +19.00% |
Max Drawdown (1Y)Largest decline over 1 year | -46.49% | -61.03% | +14.54% |
Max Drawdown (3Y)Largest decline over 3 years | -69.09% | -92.51% | +23.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.27% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.97% | — |
Current DrawdownCurrent decline from peak | -54.26% | -100.00% | +45.74% |
Average DrawdownAverage peak-to-trough decline | -50.70% | -92.76% | +42.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.16% | 33.36% | -15.20% |
Volatility
OILU vs. SQQQ - Volatility Comparison
The current volatility for MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) is 19.43%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. This indicates that OILU 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.
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Volatility by Period
| OILU | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.43% | 22.32% | -2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 51.26% | 46.22% | +5.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.83% | 55.87% | +7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.94% | 67.91% | +13.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.94% | 66.57% | +14.37% |
OILU vs. SQQQ - Expense Ratio Comparison
Both OILU and SQQQ have an expense ratio of 0.95%.
Dividends
OILU vs. SQQQ - Dividend Comparison
OILU has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 9.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.77% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
OILU and SQQQ have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.32%) compared to OILU (19.43%). In terms of maximum drawdown, OILU dropped -81.00% vs SQQQ's -100.00%.
On 3-year performance, OILU leads with 3.52% vs -50.96% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, OILU has been the lower-risk option at 19.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, OILU has performed better with a 3.52% return vs -50.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OILU and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.77%, compared with 0.00% for OILU.
OILU is categorized as Leveraged Commodities, while SQQQ is Leveraged Equities. They also come from different issuers: BMO and ProShares.
OILU currently has the higher Sharpe Ratio (1.20 vs -0.98), 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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