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 -26.75%/yr vs -55.33%/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
Loading charts...
Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly higher than SQQQ's -36.44% return. Over the past 10 years, SDD has outperformed SQQQ with an annualized return of -26.75%, while SQQQ has yielded a comparatively lower -55.33% annualized 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%
SQQQ
- 1D
- 14.38%
- 1M
- -5.26%
- YTD
- -36.44%
- 6M
- -33.01%
- 1Y
- -60.16%
- 3Y*
- -53.94%
- 5Y*
- -47.62%
- 10Y*
- -55.33%
SDD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
SQQQ ProShares UltraPro Short QQQ | -36.44% | -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 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
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 12, 2010 | 0.63 |
The correlation between SDD and SQQQ has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SDD | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.77 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.92 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.68 | +0.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SDD | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -1.21 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | -0.71 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.84 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.87 | +0.28 |
Drawdowns
SDD vs. SQQQ - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, 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.
Loading charts...
Drawdown Indicators
| SDD | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -100.00% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -65.71% | +21.97% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -92.38% | +27.12% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -97.23% | +29.55% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -99.98% | +3.77% |
Current DrawdownCurrent decline from peak | -99.93% | -100.00% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -92.40% | +5.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 36.16% | -9.48% |
Volatility
SDD vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 19.18%. 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.
Loading charts...
Volatility by Period
| SDD | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 19.18% | -9.83% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 39.01% | -14.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 50.01% | -13.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 66.90% | -23.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 66.26% | -21.10% |
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 6.11%, less than SQQQ's 10.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.74% | 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 (19.18%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs SQQQ's -100.00%.
On 10-year performance, SDD leads with -26.75% vs -55.33% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SDD has been the lower-risk option at 9.35%. 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 -26.75% return vs -55.33%. 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 10.74%, compared with 6.11% 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%).
SDD currently has the higher Sharpe Ratio (-1.15 vs -1.21), 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.
Find the right allocation for SDD and SQQQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer