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 -26.75%/yr vs 42.84%/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 -23.94% return, which is significantly lower than TQQQ's 38.79% return. Over the past 10 years, SDD has underperformed TQQQ with an annualized return of -26.75%, while TQQQ has yielded a comparatively higher 42.84% 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%
TQQQ
- 1D
- -14.28%
- 1M
- 2.07%
- YTD
- 38.79%
- 6M
- 30.51%
- 1Y
- 103.91%
- 3Y*
- 60.11%
- 5Y*
- 24.09%
- 10Y*
- 42.84%
SDD vs. TQQQ - 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% |
TQQQ ProShares UltraPro QQQ | 38.79% | 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 -0.60, 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 | -0.60 |
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 TQQQ has been stable across timeframes, ranging from -0.66 to -0.58 - 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.
| SDD | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.25 | ||
| Sortino ratioReturn per unit of downside risk | -4.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.33 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 2.83 | -3.78 |
| Martin ratioReturn relative to average drawdown | -1.56 | 9.20 | -10.76 |
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 | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 2.10 | -3.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | 0.36 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.65 | -1.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | 0.71 | -1.30 |
Drawdowns
SDD vs. TQQQ - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, 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 | -99.93% | -81.66% | -18.27% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -36.97% | -6.77% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -58.04% | -7.22% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | -81.66% | +13.98% |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | -81.66% | -14.55% |
Current DrawdownCurrent decline from peak | -99.93% | -16.25% | -83.68% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -18.52% | -68.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 11.33% | +15.35% |
Volatility
SDD vs. TQQQ - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.42%. 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 | 9.35% | 20.42% | -11.07% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 39.33% | -15.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 49.81% | -13.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 66.79% | -23.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 66.11% | -20.95% |
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 6.11%, more than TQQQ's 0.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | 6.11% | 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 | 0.43% | 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 -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.42%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 42.84% vs -26.75% for SDD. 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, TQQQ has performed better with a 42.84% return vs -26.75%. 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 6.11%, compared with 0.43% 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 (2.10 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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