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QLD vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLD vs. SQQQ

Last updated Jun 24, 2026

QLD (ProShares Ultra QQQ) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - QLD tracks the NASDAQ-100 Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, QLD returned 36.27%/yr vs -56.24%/yr for SQQQ. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

QLD vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLD achieves a 29.58% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, QLD has outperformed SQQQ with an annualized return of 36.27%, while SQQQ has yielded a comparatively lower -56.24% annualized return.

QLD

1D
-6.61%
1M
-2.02%
YTD
29.58%
6M
26.13%
1Y
66.80%
3Y*
43.61%
5Y*
21.41%
10Y*
36.27%

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)

QLD vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QLD
ProShares Ultra QQQ		29.58%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%
SQQQ
ProShares UltraPro Short QQQ		-40.31%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between QLD and SQQQ is -1.00, 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

-1.00

Correlation (3Y)
Calculated over the trailing 3-year period

-1.00

Correlation (5Y)
Calculated over the trailing 5-year period

-1.00

Correlation (10Y)
Calculated over the trailing 10-year period

-1.00

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-1.00

The correlation between QLD and SQQQ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

QLD vs. SQQQ - Sectors Allocation Comparison

Sectors
QLD
SQQQ

Technology

58.7%

-

Communication Services

14.3%

-

Consumer Cyclical

11.4%

-

Consumer Defensive

6.4%

-

Healthcare

3.7%

-

Industrials

2.6%

-

Utilities

1.2%

-

Basic Materials

1.0%

-

Energy

0.5%

-

Financial Services

0.2%
122.0%

Real Estate

0.1%

-

Technology

QLD
58.7%
SQQQ

-

Communication Services

QLD
14.3%
SQQQ

-

Consumer Cyclical

QLD
11.4%
SQQQ

-

Consumer Defensive

QLD
6.4%
SQQQ

-

Healthcare

QLD
3.7%
SQQQ

-

Industrials

QLD
2.6%
SQQQ

-

Utilities

QLD
1.2%
SQQQ

-

Basic Materials

QLD
1.0%
SQQQ

-

Energy

QLD
0.5%
SQQQ

-

Financial Services

QLD
0.2%
SQQQ
122.0%

Real Estate

QLD
0.1%
SQQQ

-

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ProShares Ultra QQQ

ProShares UltraPro Short QQQ

Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY

Return for Risk

QLD vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLD
QLD Risk / Return Rank: 5353
Overall Rank
QLD Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 4949
Sortino Ratio Rank
QLD Omega Ratio Rank: 5151
Omega Ratio Rank
QLD Calmar Ratio Rank: 5656
Calmar Ratio Rank
QLD Martin Ratio Rank: 5454
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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.

QLD vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.

QLDSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.88
-1.14

+3.02

Sortino ratioReturn per unit of downside risk
2.33
-2.07

+4.41

Omega ratioGain probability vs. loss probability

1.31

0.78

+0.54

Calmar ratioReturn relative to maximum drawdown

2.67

-0.96

+3.64

Martin ratioReturn relative to average drawdown

9.05

-1.81

+10.86

QLD vs. SQQQ - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 1.88, which is higher than the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of QLD 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.

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Drawdowns

QLD vs. SQQQ - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QLD and SQQQ.

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Drawdown Indicators

QLDSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-83.13%

-100.00%

+16.87%

Max Drawdown (1Y)

Largest decline over 1 year

-25.13%

-63.52%

+38.39%

Max Drawdown (3Y)

Largest decline over 3 years

-42.29%

-92.51%

+50.22%

Max Drawdown (5Y)

Largest decline over 5 years

-63.68%

-97.27%

+33.59%

Max Drawdown (10Y)

Largest decline over 10 years

-63.68%

-99.98%

+36.30%

Current Drawdown

Current decline from peak

-9.26%

-100.00%

+90.74%

Average Drawdown

Average peak-to-trough decline

-18.14%

-92.73%

+74.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.40%

36.37%

-28.97%

Volatility

QLD vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra QQQ (QLD) is 18.22%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that QLD 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

QLDSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

18.22%

26.69%

-8.47%

Volatility (6M)

Calculated over the trailing 6-month period

28.95%

43.33%

-14.38%

Volatility (1Y)

Calculated over the trailing 1-year period

35.77%

53.65%

-17.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.34%

67.53%

-22.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.80%

66.47%

-21.67%

QLD vs. SQQQ - Expense Ratio Comparison

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

Dividends

QLD vs. SQQQ - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.13%, less than SQQQ's 11.44% yield.

PositionTTM20252024202320222021202020192018201720162015
QLD
ProShares Ultra QQQ		0.13%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%
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%0.00%0.00%

Frequently Asked Questions

QLD and SQQQ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.69%) compared to QLD (18.22%). In terms of maximum drawdown, QLD dropped -83.13% vs SQQQ's -100.00%.

On 10-year performance, QLD leads with 36.27% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 18.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 36.27% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 11.44%, compared with 0.13% for QLD.

QLD tracks NASDAQ-100 Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

QLD currently has the higher Sharpe Ratio (1.88 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.

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