ONLN vs. SQQQ

Last updated Jun 24, 2026

ONLN (ProShares Online Retail ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - ONLN is a Consumer Discretionary Equities fund tracking the ProShares Online Retail Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, ONLN returned -7.66%/yr vs -46.89%/yr for SQQQ. At a correlation of -0.75, they often move in opposite directions. ONLN charges 0.58%/yr vs 0.95%/yr for SQQQ.

Performance

ONLN vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Online Retail ETF (ONLN) 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, ONLN achieves a -8.58% return, which is significantly higher than SQQQ's -40.31% return.

ONLN

• 1D: 0.99%
• 1M: -5.60%
• YTD: -8.58%
• 6M: -9.03%
• 1Y: 10.27%
• 3Y*: 19.82%
• 5Y*: -7.66%
• 10Y*: —

SQQQ

• 1D: 9.83%
• 1M: -2.27%
• YTD: -40.31%
• 6M: -37.80%
• 1Y: -61.11%
• 3Y*: -53.86%
• 5Y*: -46.89%
• 10Y*: -56.24%

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

ONLN vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ONLN ProShares Online Retail ETF	-8.58%	33.03%	24.85%	27.37%	-50.07%	-25.22%	111.82%	19.93%	-24.66%
SQQQ ProShares UltraPro Short QQQ	-40.31%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	35.62%

Correlation

The correlation between ONLN and SQQQ is -0.62, 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	-0.62
Correlation (3Y) Calculated over the trailing 3-year period	-0.67
Correlation (5Y) Calculated over the trailing 5-year period	-0.73
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018	-0.75

The correlation between ONLN and SQQQ shifts across timeframes, from -0.75 (all time) to -0.62 (1 year), reflecting how their relationship changes across market environments.

ONLN vs. SQQQ - Sectors Allocation Comparison

Sectors	ONLN	SQQQ
Consumer Cyclical	95.1%	-
Technology	3.3%	-
Consumer Defensive	1.6%	-
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Financial Services	-	122.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ONLN vs. SQQQ — Risk / Return Rank

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

ONLN

ONLN Risk / Return Rank: 15
ONLN Sharpe Ratio Rank: 15
ONLN Sortino Ratio Rank: 15
ONLN Omega Ratio Rank: 14
ONLN Calmar Ratio Rank: 15
ONLN Martin Ratio Rank: 15

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 0
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.

ONLN vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Online Retail ETF (ONLN) 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.

	ONLN	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-1.14	+1.57
Sortino ratio: Return per unit of downside risk	0.74	-2.07	+2.81
Omega ratio: Gain probability vs. loss probability	1.09	0.78	+0.31
Calmar ratio: Return relative to maximum drawdown	0.52	-0.96	+1.49
Martin ratio: Return relative to average drawdown	1.23	-1.81	+3.04

ONLN vs. SQQQ - Sharpe Ratio Comparison

The current ONLN Sharpe Ratio is 0.42, which is higher than the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of ONLN 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

ONLN vs. SQQQ - Drawdown Comparison

The maximum ONLN drawdown since its inception was -71.77%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ONLN and SQQQ.

Drawdown Indicators

	ONLN	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-71.77%	-100.00%	+28.23%
Max Drawdown (1Y) Largest decline over 1 year	-19.75%	-63.52%	+43.77%
Max Drawdown (3Y) Largest decline over 3 years	-27.97%	-92.51%	+64.54%
Max Drawdown (5Y) Largest decline over 5 years	-69.19%	-97.27%	+28.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-40.80%	-100.00%	+59.20%
Average Drawdown Average peak-to-trough decline	-35.45%	-92.73%	+57.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	36.37%	-28.02%

Volatility

ONLN vs. SQQQ - Volatility Comparison

The current volatility for ProShares Online Retail ETF (ONLN) is 7.48%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that ONLN 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

	ONLN	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	26.69%	-19.21%
Volatility (6M) Calculated over the trailing 6-month period	18.30%	43.33%	-25.03%
Volatility (1Y) Calculated over the trailing 1-year period	24.36%	53.65%	-29.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.15%	67.53%	-34.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.08%	66.47%	-34.39%

ONLN vs. SQQQ - Expense Ratio Comparison

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

Dividends

ONLN vs. SQQQ - Dividend Comparison

ONLN's dividend yield for the trailing twelve months is around 0.36%, less than SQQQ's 11.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ONLN ProShares Online Retail ETF	0.36%	0.30%	0.75%	0.00%	0.00%	0.00%	1.24%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	11.44%	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 ONLN and SQQQ in my portfolio?

ONLN and SQQQ have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONLN or SQQQ?

SQQQ has higher volatility (26.69%) compared to ONLN (7.48%). In terms of maximum drawdown, ONLN dropped -71.77% vs SQQQ's -100.00%.

Which ETF is better, ONLN or SQQQ?

On 5-year performance, ONLN leads with -7.66% vs -46.89% for SQQQ. On fees, ONLN is cheaper at 0.58% per year. On volatility, ONLN has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONLN or SQQQ?

Over the 5-year period, ONLN has performed better with a -7.66% return vs -46.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONLN or SQQQ?

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

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

SQQQ has the higher dividend yield at 11.44%, compared with 0.36% for ONLN.

What is the main difference between ONLN and SQQQ?

ONLN is categorized as Consumer Discretionary Equities, while SQQQ is Leveraged Equities. ONLN tracks ProShares Online Retail Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.58% for ONLN and 0.95% for SQQQ.

Which has better risk-adjusted returns?

ONLN currently has the higher Sharpe Ratio (0.42 vs -1.14), 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.