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 -26.98%/yr vs -55.56%/yr for SQQQ. A 0.63 correlation means they provide meaningful diversification when combined. 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 -32.06% return, which is significantly higher than SQQQ's -43.51% return. Over the past 10 years, SDD has outperformed SQQQ with an annualized return of -26.98%, while SQQQ has yielded a comparatively lower -55.56% annualized return.
SDD
- 1D
- 0.02%
- 1M
- -2.88%
- 6M
- -25.07%
- YTD
- -32.06%
- 1Y
- -40.76%
- 3Y*
- -24.65%
- 5Y*
- -17.22%
- 10Y*
- -26.98%
SQQQ
- 1D
- -0.84%
- 1M
- -4.14%
- 6M
- -40.16%
- YTD
- -43.51%
- 1Y
- -58.48%
- 3Y*
- -54.03%
- 5Y*
- -46.44%
- 10Y*
- -55.56%
SDD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -32.06% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
SQQQ ProShares UltraPro Short QQQ | -43.51% | -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 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.80 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.96 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.78 | +0.34 |
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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 | -86.96% | -92.75% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 32.59% | -5.30% |
Volatility
SDD vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 8.95%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.13%. 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 | 8.95% | 26.13% | -17.18% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 45.54% | -20.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 55.22% | -19.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 67.80% | -24.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 66.51% | -21.49% |
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 6.33%, less than SQQQ's 10.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.33% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.57% | 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 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.13%) compared to SDD (8.95%). In terms of maximum drawdown, SDD dropped -99.94% vs SQQQ's -100.00%.
On 10-year performance, SDD leads with -26.98% vs -55.56% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 8.95%. 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 -26.98% return vs -55.56%. 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 10.57%, compared with 6.33% 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 (-1.06 vs -1.10), 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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