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QQQ vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. SQQQ

Last updated Jun 9, 2026

QQQ (Invesco QQQ ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, QQQ returned 21.59%/yr vs -55.68%/yr for SQQQ. At a correlation of -1.00, they often move in opposite directions. QQQ charges 0.18%/yr vs 0.95%/yr for SQQQ.

Performance

QQQ vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) 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, QQQ achieves a 16.71% return, which is significantly higher than SQQQ's -39.28% return. Over the past 10 years, QQQ has outperformed SQQQ with an annualized return of 21.59%, while SQQQ has yielded a comparatively lower -55.68% annualized return.

QQQ

1D
1.56%
1M
0.68%
YTD
16.71%
6M
15.00%
1Y
35.78%
3Y*
27.15%
5Y*
16.98%
10Y*
21.59%

SQQQ

1D
-4.47%
1M
-3.08%
YTD
-39.28%
6M
-36.43%
1Y
-60.85%
3Y*
-54.68%
5Y*
-47.98%
10Y*
-55.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		16.71%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
SQQQ
ProShares UltraPro Short QQQ		-39.28%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between QQQ 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 12, 2010

-1.00

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

QQQ vs. SQQQ - Sectors Allocation Comparison

Sectors
QQQ
SQQQ

Technology

53.8%

-

Communication Services

15.8%

-

Consumer Cyclical

12.3%

-

Consumer Defensive

7.7%

-

Healthcare

4.2%

-

Industrials

2.8%

-

Utilities

1.4%

-

Basic Materials

1.1%

-

Energy

0.6%

-

Financial Services

0.2%
103.4%

Real Estate

0.1%

-

Technology

QQQ
53.8%
SQQQ

-

Communication Services

QQQ
15.8%
SQQQ

-

Consumer Cyclical

QQQ
12.3%
SQQQ

-

Consumer Defensive

QQQ
7.7%
SQQQ

-

Healthcare

QQQ
4.2%
SQQQ

-

Industrials

QQQ
2.8%
SQQQ

-

Utilities

QQQ
1.4%
SQQQ

-

Basic Materials

QQQ
1.1%
SQQQ

-

Energy

QQQ
0.6%
SQQQ

-

Financial Services

QQQ
0.2%
SQQQ
103.4%

Real Estate

QQQ
0.1%
SQQQ

-

Compare stocks, funds, or ETFs

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Invesco QQQ ETF

ProShares UltraPro Short QQQ

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Often compared with SQQQ:
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Return for Risk

QQQ vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 6969
Overall Rank
QQQ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 6767
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7070
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6666
Calmar Ratio Rank
QQQ Martin Ratio Rank: 6868
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
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.

QQQ vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

QQQSQQQDifference
Sharpe ratioReturn per unit of total volatility
2.15
-1.22

+3.37

Sortino ratioReturn per unit of downside risk
2.77
-2.26

+5.04

Omega ratioGain probability vs. loss probability

1.38

0.76

+0.62

Calmar ratioReturn relative to maximum drawdown

3.00

-0.93

+3.93

Martin ratioReturn relative to average drawdown

11.43

-1.69

+13.13

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ vs. SQQQ - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.15, which is higher than the SQQQ Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of QQQ 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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Sharpe Ratios by Period

QQQSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

-1.22

+3.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.76

-0.72

+1.48

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

-0.84

+1.81

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

-0.87

+1.27

Drawdowns

QQQ vs. SQQQ - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQQ and SQQQ.

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Drawdown Indicators

QQQSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-100.00%

+17.03%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-65.71%

+53.75%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-92.38%

+69.61%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-97.23%

+62.11%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-99.98%

+64.86%

Current Drawdown

Current decline from peak

-4.03%

-100.00%

+95.97%

Average Drawdown

Average peak-to-trough decline

-32.77%

-92.40%

+59.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.14%

35.98%

-32.84%

Volatility

QQQ vs. SQQQ - Volatility Comparison

The current volatility for Invesco QQQ ETF (QQQ) is 6.84%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 19.65%. This indicates that QQQ 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

QQQSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.84%

19.65%

-12.81%

Volatility (6M)

Calculated over the trailing 6-month period

13.20%

39.23%

-26.03%

Volatility (1Y)

Calculated over the trailing 1-year period

16.74%

50.16%

-33.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.49%

66.95%

-44.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.36%

66.30%

-43.94%

QQQ vs. SQQQ - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

QQQ vs. SQQQ - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, less than SQQQ's 11.25% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
SQQQ
ProShares UltraPro Short QQQ		11.25%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

QQQ 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 (19.65%) compared to QQQ (6.84%). In terms of maximum drawdown, QQQ dropped -82.97% vs SQQQ's -100.00%.

On 10-year performance, QQQ leads with 21.59% vs -55.68% for SQQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 21.59% return vs -55.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for SQQQ.

SQQQ has the higher dividend yield at 11.25%, compared with 0.39% for QQQ.

QQQ is categorized as Nasdaq-100, while SQQQ is Leveraged Equities. QQQ tracks NASDAQ-100 Index, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.18% for QQQ and 0.95% for SQQQ.

QQQ currently has the higher Sharpe Ratio (2.15 vs -1.22), 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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