REW vs. SQQQ
REW (ProShares UltraShort Technology) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - REW tracks the Dow Jones U.S. Technology Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, REW returned -43.85%/yr vs -55.08%/yr for SQQQ. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.
Performance
REW vs. SQQQ - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with REW having a -39.78% return and SQQQ slightly higher at -38.86%. Over the past 10 years, REW has outperformed SQQQ with an annualized return of -43.85%, while SQQQ has yielded a comparatively lower -55.08% annualized return.
REW
- 1D
- 4.43%
- 1M
- 8.43%
- 6M
- -38.44%
- YTD
- -39.78%
- 1Y
- -51.65%
- 3Y*
- -41.91%
- 5Y*
- -36.52%
- 10Y*
- -43.85%
SQQQ
- 1D
- 5.01%
- 1M
- 8.33%
- 6M
- -36.79%
- YTD
- -38.86%
- 1Y
- -54.36%
- 3Y*
- -50.96%
- 5Y*
- -45.88%
- 10Y*
- -55.08%
REW vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.78% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
SQQQ ProShares UltraPro Short QQQ | -38.86% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between REW and SQQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.93 |
The correlation between REW and SQQQ has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
REW vs. SQQQ — Risk / Return Rank
REW
SQQQ
REW vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.89 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.75 | -1.63 | -0.12 |
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Drawdowns
REW vs. SQQQ - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for REW and SQQQ.
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Drawdown Indicators
| REW | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -60.10% | -61.03% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -92.51% | +5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -97.27% | +3.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -99.97% | +0.23% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.94% | -92.76% | +5.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.45% | 33.36% | -3.91% |
Volatility
REW vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 19.92%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. This indicates that REW 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
| REW | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.92% | 22.32% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 42.41% | 46.22% | -3.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 55.87% | -6.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.97% | 67.91% | -14.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.45% | 66.57% | -17.12% |
REW vs. SQQQ - Expense Ratio Comparison
Both REW and SQQQ have an expense ratio of 0.95%.
Dividends
REW vs. SQQQ - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 8.27%, less than SQQQ's 9.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.27% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.77% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
With a correlation of 0.94, REW and SQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SQQQ has higher volatility (22.32%) compared to REW (19.92%). In terms of maximum drawdown, REW dropped -99.99% vs SQQQ's -100.00%.
On 10-year performance, REW leads with -43.85% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, REW has been the lower-risk option at 19.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REW has performed better with a -43.85% return vs -55.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.77%, compared with 8.27% for REW.
REW tracks Dow Jones U.S. Technology Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SQQQ currently has the higher Sharpe Ratio (-0.98 vs -1.04), 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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