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QQXL vs. SQQQ
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QQXL vs. SQQQ

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra QQQ Top 30 (QQXL) and ProShares UltraPro Short QQQ (SQQQ).

QQXL and SQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQXL is an actively managed fund by ProShares. It was launched on Aug 13, 2025. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010.

Performance

QQXL vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ Top 30 (QQXL) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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QQXL vs. SQQQ - Yearly Performance Comparison

2026 (YTD)2025
QQXL
ProShares Ultra QQQ Top 30		-12.08%8.66%
SQQQ
ProShares UltraPro Short QQQ		13.99%-17.57%

Returns By Period

In the year-to-date period, QQXL achieves a -12.08% return, which is significantly lower than SQQQ's 13.99% return.

QQXL

1D
2.82%
1M
-7.39%
YTD
-12.08%
6M
-10.46%
1Y
—
3Y*
—
5Y*
—
10Y*
—

SQQQ

1D
-3.78%
1M
10.61%
YTD
13.99%
6M
6.42%
1Y
-56.13%
3Y*
-49.39%
5Y*
-42.70%
10Y*
-52.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra QQQ Top 30

ProShares UltraPro Short QQQ

Often compared with QQXL:
QQXL vs. QQQQQXL vs. QQQMQQXL vs. QQUPQQXL vs. TQQQQQXL vs. BULZQQXL vs. QQQUQQXL vs. SPMO
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

QQXL vs. SQQQ - Expense Ratio Comparison

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

QQXL
ProShares Ultra QQQ Top 30
SQQQ
ProShares UltraPro Short QQQ

Return for Risk

QQXL vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQXL
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 11
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 55
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.

QQXL vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ Top 30 (QQXL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QQXL vs. SQQQ - Sharpe Ratio Comparison

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Sharpe Ratios by Period

QQXLSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

-0.84

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

-0.64

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

-0.80

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.19

-0.85

+0.65

Correlation

The correlation between QQXL and SQQQ is -0.98. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

QQXL vs. SQQQ - Dividend Comparison

QQXL's dividend yield for the trailing twelve months is around 0.73%, less than SQQQ's 5.99% yield.

TTM202520242023202220212020201920182017
QQXL
ProShares Ultra QQQ Top 30		0.73%0.08%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SQQQ
ProShares UltraPro Short QQQ		5.99%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Drawdowns

QQXL vs. SQQQ - Drawdown Comparison

The maximum QQXL drawdown since its inception was -27.34%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for QQXL and SQQQ.

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Drawdown Indicators

QQXLSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-27.34%

-100.00%

+72.66%

Max Drawdown (1Y)

Largest decline over 1 year

—

-75.23%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-95.36%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-99.96%

—

Current Drawdown

Current decline from peak

-19.73%

-100.00%

+80.27%

Average Drawdown

Average peak-to-trough decline

-7.69%

-92.32%

+84.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

65.40%

—

Volatility

QQXL vs. SQQQ - Volatility Comparison

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Volatility by Period

QQXLSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

19.98%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

38.23%

—

Volatility (1Y)

Calculated over the trailing 1-year period

36.70%

67.38%

-30.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.70%

66.65%

-29.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.70%

65.97%

-29.27%