SDD vs. SQQQ
SDD (ProShares UltraShort SmallCap600) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SDD returned -27.11%/yr vs -54.48%/yr for SQQQ. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
SDD vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -31.77% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, SDD has outperformed SQQQ with an annualized return of -27.11%, while SQQQ has yielded a comparatively lower -54.48% annualized return.
SDD
- 1D
- 0.18%
- 1M
- 1.55%
- 6M
- -23.81%
- YTD
- -31.77%
- 1Y
- -45.35%
- 3Y*
- -22.64%
- 5Y*
- -17.41%
- 10Y*
- -27.11%
- ALL TIME*
- -28.05%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.13K | $20.77K | $17.96K | |
| $2.40B | $2.29B | $2.66B |
SDD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -31.77% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SDD and SQQQ is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.63 |
The correlation between SDD and SQQQ has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
SDD vs. SQQQ — Risk / Return Rank
SDD
SQQQ
SDD vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.86 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.81 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.41 | -0.06 |
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Drawdowns
SDD vs. SQQQ - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDD and SQQQ.
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Drawdown Indicators
| SDD | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -100.00% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -61.03% | +13.32% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -92.51% | +23.41% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -97.27% | +26.01% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -99.97% | +3.86% |
Current DrawdownCurrent decline from peak | -99.94% | -100.00% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -87.00% | -92.78% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.46% | 35.08% | -5.62% |
Volatility
SDD vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 7.32%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that SDD 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
| SDD | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 20.82% | -13.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 48.09% | -24.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.53% | 57.98% | -22.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.90% | 68.18% | -25.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.04% | 66.74% | -21.70% |
SDD vs. SQQQ - Expense Ratio Comparison
Both SDD and SQQQ have an expense ratio of 0.95%.
Dividends
SDD vs. SQQQ - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.30%, less than SQQQ's 9.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.30% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.14% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SDD and SQQQ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (20.82%) compared to SDD (7.32%). In terms of maximum drawdown, SDD dropped -99.94% vs SQQQ's -100.00%.
On 10-year performance, SDD leads with -27.11% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDD has performed better with a -27.11% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.14%, compared with 6.30% for SDD.
SDD is categorized as Inverse Equities, while SQQQ is Leveraged Equities. SDD tracks S&P Small Cap 600 (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SQQQ currently has the higher Sharpe Ratio (-0.86 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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