SDD vs. YQQQ

Last updated Jul 12, 2026

SDD (ProShares UltraShort SmallCap600) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while YQQQ is a Derivative Income fund actively managed by YieldMax. SDD is passively managed, while YQQQ is actively managed. Over the past year, SDD returned -40.76% vs -9.22% for YQQQ. A 0.59 correlation means they provide meaningful diversification when combined. SDD charges 0.95%/yr vs 0.99%/yr for YQQQ.

Performance

SDD vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort SmallCap600 (SDD) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDD achieves a -32.06% return, which is significantly lower than YQQQ's -6.58% 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%

YQQQ

• 1D: -0.16%
• 1M: 1.19%
• 6M: -5.53%
• YTD: -6.58%
• 1Y: -9.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDD vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDD ProShares UltraShort SmallCap600	-32.06%	-14.69%	-11.18%
YQQQ YieldMax Short N100 Option Income Strategy ETF	-6.58%	-9.97%	-5.17%

Correlation

The correlation between SDD and YQQQ is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.59

The correlation between SDD and YQQQ has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

Return for Risk

SDD vs. YQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDD

SDD Risk / Return Rank: 1
SDD Sharpe Ratio Rank: 1
SDD Sortino Ratio Rank: 1
SDD Omega Ratio Rank: 1
SDD Calmar Ratio Rank: 2
SDD Martin Ratio Rank: 1

YQQQ

YQQQ Risk / Return Rank: 5
YQQQ Sharpe Ratio Rank: 4
YQQQ Sortino Ratio Rank: 4
YQQQ Omega Ratio Rank: 4
YQQQ Calmar Ratio Rank: 6
YQQQ Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SDD vs. YQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.66	-0.44
Sortino ratio: Return per unit of downside risk	-1.58	-0.84	-0.73
Omega ratio: Gain probability vs. loss probability	0.82	0.90	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.42	-0.41
Martin ratio: Return relative to average drawdown	-1.45	-0.98	-0.46

SDD vs. YQQQ - Sharpe Ratio Comparison

The current SDD Sharpe Ratio is -1.10, which is lower than the YQQQ Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of SDD and YQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SDD vs. YQQQ - Drawdown Comparison

The maximum SDD drawdown since its inception was -99.94%, which is greater than YQQQ's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for SDD and YQQQ.

Drawdown Indicators

	SDD	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-29.10%	-70.84%
Max Drawdown (1Y) Largest decline over 1 year	-47.71%	-21.80%	-25.91%
Max Drawdown (3Y) Largest decline over 3 years	-69.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-71.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.11%	—	—
Current Drawdown Current decline from peak	-99.94%	-26.31%	-73.63%
Average Drawdown Average peak-to-trough decline	-86.96%	-14.87%	-72.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.29%	9.25%	+18.04%

Volatility

SDD vs. YQQQ - Volatility Comparison

ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 8.95% compared to YieldMax Short N100 Option Income Strategy ETF (YQQQ) at 6.33%. This indicates that SDD's price experiences larger fluctuations and is considered to be riskier than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDD	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.95%	6.33%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	24.79%	11.58%	+13.21%
Volatility (1Y) Calculated over the trailing 1-year period	35.96%	13.82%	+22.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.10%	16.56%	+26.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.02%	16.56%	+28.46%

SDD vs. YQQQ - Expense Ratio Comparison

SDD has a 0.95% expense ratio, which is lower than YQQQ's 0.99% expense ratio.

Dividends

SDD vs. YQQQ - Dividend Comparison

SDD's dividend yield for the trailing twelve months is around 6.33%, less than YQQQ's 29.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SDD ProShares UltraShort SmallCap600	6.33%	5.07%	4.34%	3.84%	0.33%	0.00%	0.00%	1.20%	0.52%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.59%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDD and YQQQ in my portfolio?

SDD and YQQQ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDD or YQQQ?

SDD has higher volatility (8.95%) compared to YQQQ (6.33%). In terms of maximum drawdown, SDD dropped -99.94% vs YQQQ's -29.10%.

Which ETF is better, SDD or YQQQ?

On 1-year performance, YQQQ leads with -9.22% vs -40.76% for SDD. On fees, SDD is cheaper at 0.95% per year. On volatility, YQQQ has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDD or YQQQ?

Over the 1-year period, YQQQ has performed better with a -9.22% return vs -40.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDD or YQQQ?

SDD is cheaper with a 0.95% expense ratio, compared with 0.99% for YQQQ.

Which ETF pays a higher dividend yield, SDD or YQQQ?

YQQQ has the higher dividend yield at 29.59%, compared with 6.33% for SDD.

What is the main difference between SDD and YQQQ?

SDD is categorized as Inverse Equities, while YQQQ is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for SDD and 0.99% for YQQQ.

Which has better risk-adjusted returns?

YQQQ currently has the higher Sharpe Ratio (-0.66 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.