SDD vs. TQQQ
SDD (ProShares UltraShort SmallCap600) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while TQQQ 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 43.22%/yr for TQQQ. At a correlation of -0.63, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SDD vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -32.06% return, which is significantly lower than TQQQ's 46.69% return. Over the past 10 years, SDD has underperformed TQQQ with an annualized return of -26.98%, while TQQQ has yielded a comparatively higher 43.22% 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%
TQQQ
- 1D
- 0.90%
- 1M
- -0.40%
- 6M
- 38.69%
- YTD
- 46.69%
- 1Y
- 85.21%
- 3Y*
- 57.92%
- 5Y*
- 20.15%
- 10Y*
- 43.22%
SDD vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 46.69% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between SDD and TQQQ 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 (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 TQQQ has been stable across timeframes, ranging from -0.66 to -0.59 - a consistent structural relationship.
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Return for Risk
SDD vs. TQQQ — Risk / Return Rank
SDD
TQQQ
SDD vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and ProShares UltraPro QQQ (TQQQ). 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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.57 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.28 | -3.11 |
| Martin ratioReturn relative to average drawdown | -1.45 | 7.02 | -8.47 |
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Drawdowns
SDD vs. TQQQ - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SDD and TQQQ.
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Drawdown Indicators
| SDD | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -81.66% | -18.28% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -36.97% | -10.74% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -58.04% | -11.06% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -81.66% | +10.40% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -81.66% | -14.45% |
Current DrawdownCurrent decline from peak | -99.94% | -11.48% | -88.46% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -18.48% | -68.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 11.97% | +15.32% |
Volatility
SDD vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 8.95%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.52%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 25.52% | -16.57% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 45.43% | -20.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 54.89% | -18.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 67.67% | -24.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 66.35% | -21.33% |
SDD vs. TQQQ - Expense Ratio Comparison
Both SDD and TQQQ have an expense ratio of 0.95%.
Dividends
SDD vs. TQQQ - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.33%, more than TQQQ's 0.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.33% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.49% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
SDD and TQQQ 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.
TQQQ has higher volatility (25.52%) compared to SDD (8.95%). In terms of maximum drawdown, SDD dropped -99.94% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 43.22% vs -26.98% for SDD. 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, TQQQ has performed better with a 43.22% return vs -26.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and TQQQ have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.33%, compared with 0.49% for TQQQ.
SDD is categorized as Inverse Equities, while TQQQ is Leveraged Equities. SDD tracks S&P Small Cap 600 (-200%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (1.53 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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