SDOW vs. QQQ

Last updated Aug 2, 2026

SDOW (ProShares UltraPro Short Dow30) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (-300%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SDOW returned -37.90%/yr vs 20.44%/yr for QQQ. Their -0.75 correlation means they have often moved in opposite directions in the past. SDOW charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

SDOW vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDOW achieves a -23.66% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, SDOW has underperformed QQQ with an annualized return of -37.90%, while QQQ has yielded a comparatively higher 20.44% annualized return.

SDOW

• 1D: -1.40%
• 1M: 2.39%
• 6M: -19.90%
• YTD: -23.66%
• 1Y: -42.17%
• 3Y*: -31.29%
• 5Y*: -25.49%
• 10Y*: -37.90%
• ALL TIME*: -38.23%

QQQ

• 1D: 0.65%
• 1M: -3.45%
• 6M: 10.89%
• YTD: 12.26%
• 1Y: 24.81%
• 3Y*: 22.29%
• 5Y*: 14.23%
• 10Y*: 20.44%
• ALL TIME*: 10.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQQ Invesco QQQ ETF	$30.32B	$28.40B	$31.45B
SDOW ProShares UltraPro Short Dow30	$85.35M	$79.85M	$111.34M

SDOW vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	-23.66%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%
QQQ Invesco QQQ ETF	12.26%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between SDOW and QQQ is -0.62, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.62
Correlation (3Y) Balances recent behavior with more history.	-0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.71
Correlation (10Y) Provides a long-term view across more market conditions.	-0.71
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.75

The correlation between SDOW and QQQ shifts across timeframes, from -0.75 (all time) to -0.62 (1 year), reflecting how their relationship changes across market environments.

SDOW vs. QQQ - Sectors Allocation Comparison

Sectors	SDOW	QQQ
Financial Services	78.9%	0.2%
Basic Materials	-	1.0%
Communication Services	-	13.1%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	6.3%
Energy	-	0.5%
Healthcare	-	3.6%
Industrials	-	2.7%
Real Estate	-	0.1%
Technology	-	60.9%
Utilities	-	1.1%

Return for Risk

SDOW vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SDOW

SDOW Risk / Return Rank: 1
SDOW Sharpe Ratio Rank: 1
SDOW Sortino Ratio Rank: 1
SDOW Omega Ratio Rank: 2
SDOW Calmar Ratio Rank: 1
SDOW Martin Ratio Rank: 0

QQQ

QQQ Risk / Return Rank: 49
QQQ Sharpe Ratio Rank: 47
QQQ Sortino Ratio Rank: 46
QQQ Omega Ratio Rank: 45
QQQ Calmar Ratio Rank: 53
QQQ Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDOW vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) and Invesco QQQ ETF (QQQ). 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.

	SDOW	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	1.16	-2.23
Sortino ratio: Return per unit of downside risk	-1.58	1.65	-3.23
Omega ratio: Gain probability vs. loss probability	0.82	1.21	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.90	1.88	-2.78
Martin ratio: Return relative to average drawdown	-1.48	6.00	-7.48

SDOW vs. QQQ - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.07, which is lower than the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of SDOW and QQQ, 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

SDOW vs. QQQ - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.97%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SDOW and QQQ.

Drawdown Indicators

	SDOW	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-82.97%	-17.00%
Max Drawdown (1Y) Largest decline over 1 year	-44.20%	-11.96%	-32.24%
Max Drawdown (3Y) Largest decline over 3 years	-76.85%	-22.77%	-54.08%
Max Drawdown (5Y) Largest decline over 5 years	-84.05%	-35.12%	-48.93%
Max Drawdown (10Y) Largest decline over 10 years	-99.21%	-35.12%	-64.09%
Current Drawdown Current decline from peak	-99.96%	-7.69%	-92.27%
Average Drawdown Average peak-to-trough decline	-89.65%	-32.62%	-57.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.97%	3.74%	+23.23%

Volatility

SDOW vs. QQQ - Volatility Comparison

ProShares UltraPro Short Dow30 (SDOW) has a higher volatility of 10.82% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that SDOW's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDOW	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	6.87%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	29.51%	16.08%	+13.43%
Volatility (1Y) Calculated over the trailing 1-year period	37.41%	19.38%	+18.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.40%	22.90%	+21.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	22.50%	+29.61%

SDOW vs. QQQ - Expense Ratio Comparison

SDOW has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

SDOW vs. QQQ - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.43%, more than QQQ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.44%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
SDOW ProShares UltraPro Short Dow30	5.43%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDOW and QQQ in my portfolio?

SDOW and QQQ have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDOW or QQQ?

SDOW has higher volatility (10.82%) compared to QQQ (6.87%). In terms of maximum drawdown, SDOW dropped -99.97% vs QQQ's -82.97%.

Which ETF is better, SDOW or QQQ?

On 10-year performance, QQQ leads with 20.44% vs -37.90% for SDOW. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOW or QQQ?

Over the 10-year period, QQQ has performed better with a 20.44% return vs -37.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOW or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for SDOW.

Which ETF pays a higher dividend yield, SDOW or QQQ?

SDOW has the higher dividend yield at 5.43%, compared with 0.44% for QQQ.

What is the main difference between SDOW and QQQ?

SDOW is categorized as Leveraged Equities, while QQQ is Nasdaq-100. SDOW tracks Dow Jones Industrial Average (-300%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SDOW and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.16 vs -1.07), 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.