SDD vs. IQQQ
SDD (ProShares UltraShort SmallCap600) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SDD returned -41.53% vs 32.27% for IQQQ. At a correlation of -0.61, they often move in opposite directions. SDD charges 0.95%/yr vs 0.55%/yr for IQQQ.
Performance
SDD vs. IQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than IQQQ's 12.67% return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
IQQQ
- 1D
- -4.73%
- 1M
- 1.06%
- YTD
- 12.67%
- 6M
- 11.13%
- 1Y
- 32.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SDD vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -14.27% |
IQQQ ProShares Nasdaq-100 High Income ETF | 12.67% | 17.11% | 13.39% |
Correlation
The correlation between SDD and IQQQ is -0.59, 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 | -0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024 | -0.61 |
The correlation between SDD and IQQQ has been stable across timeframes, ranging from -0.61 to -0.59 - a consistent structural relationship.
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Return for Risk
SDD vs. IQQQ — Risk / Return Rank
SDD
IQQQ
SDD vs. IQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.
| SDD | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.16 | ||
| Sortino ratioReturn per unit of downside risk | -4.27 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.91 | -3.87 |
| Martin ratioReturn relative to average drawdown | -1.56 | 10.28 | -11.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDD | IQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 2.01 | -3.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 1.07 | -1.65 |
Drawdowns
SDD vs. IQQQ - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SDD and IQQQ.
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Drawdown Indicators
| SDD | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -20.41% | -79.52% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -11.13% | -32.61% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -5.39% | -94.54% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -3.64% | -83.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 3.15% | +23.53% |
Volatility
SDD vs. IQQQ - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.35% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 6.31%. This indicates that SDD's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 6.31% | +3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 12.55% | +11.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 16.14% | +20.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 18.82% | +24.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 18.82% | +26.34% |
SDD vs. IQQQ - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.
Dividends
SDD vs. IQQQ - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, more than IQQQ's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 4.66% | 10.34% | 7.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
Frequently Asked Questions
SDD and IQQQ have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (9.35%) compared to IQQQ (6.31%). In terms of maximum drawdown, SDD dropped -99.93% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 32.27% vs -41.53% for SDD. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 6.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IQQQ has performed better with a 32.27% return vs -41.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for SDD.
SDD has the higher dividend yield at 6.11%, compared with 4.66% for IQQQ.
SDD is categorized as Inverse Equities, while IQQQ is Nasdaq-100. SDD tracks S&P Small Cap 600 (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for SDD and 0.55% for IQQQ.
IQQQ currently has the higher Sharpe Ratio (2.01 vs -1.15), 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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