QQXL vs. SQQQ
QQXL (ProShares Ultra QQQ Top 30) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares. QQXL is actively managed, while SQQQ is passively managed. At a correlation of -0.98, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
QQXL vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, QQXL achieves a 41.81% return, which is significantly higher than SQQQ's -44.43% return.
QQXL
- 1D
- -1.36%
- 1M
- 16.51%
- YTD
- 41.81%
- 6M
- 39.24%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SQQQ
- 1D
- 1.53%
- 1M
- -22.29%
- YTD
- -44.43%
- 6M
- -42.11%
- 1Y
- -64.38%
- 3Y*
- -55.94%
- 5Y*
- -49.01%
- 10Y*
- -55.90%
QQXL vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQXL ProShares Ultra QQQ Top 30 | 41.81% | 8.66% |
SQQQ ProShares UltraPro Short QQQ | -44.43% | -17.57% |
Correlation
The correlation between QQXL and SQQQ is -0.98, 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 (All Time) Calculated using the full available price history since Aug 18, 2025 | -0.98 |
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Return for Risk
QQXL vs. SQQQ — Risk / Return Rank
QQXL
SQQQ
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.
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Sharpe Ratios by Period
| QQXL | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -1.35 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.85 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.95 | -0.88 | +2.83 |
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
| QQXL | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.34% | -100.00% | +72.66% |
Max Drawdown (1Y)Largest decline over 1 year | — | -65.95% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -92.38% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -1.84% | -100.00% | +98.16% |
Average DrawdownAverage peak-to-trough decline | -6.74% | -92.40% | +85.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 35.96% | — |
Volatility
QQXL vs. SQQQ - Volatility Comparison
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Volatility by Period
| QQXL | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.81% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 36.46% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 36.93% | 47.79% | -10.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.93% | 66.61% | -29.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.93% | 66.10% | -29.17% |
QQXL vs. SQQQ - Expense Ratio Comparison
Both QQXL and SQQQ have an expense ratio of 0.95%.
Dividends
QQXL vs. SQQQ - Dividend Comparison
QQXL's dividend yield for the trailing twelve months is around 0.45%, less than SQQQ's 12.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
QQXL ProShares Ultra QQQ Top 30 | 0.45% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.29% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
QQXL and SQQQ have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
QQXL and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 12.29%, compared with 0.45% for QQXL.
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