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SDOW vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SDOW vs. TQQQ

Last updated Aug 2, 2026
Documentation

SDOW (ProShares UltraPro Short Dow30) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - SDOW tracks the Dow Jones Industrial Average (-300%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SDOW returned -37.90%/yr vs 39.46%/yr for TQQQ. Their -0.75 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

SDOW vs. TQQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, SDOW achieves a -23.66% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, SDOW has underperformed TQQQ with an annualized return of -37.90%, while TQQQ has yielded a comparatively higher 39.46% 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%

TQQQ

1D
2.09%
1M
-11.90%
6M
20.14%
YTD
23.06%
1Y
56.87%
3Y*
43.81%
5Y*
15.36%
10Y*
39.46%
ALL TIME*
42.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SDOW

ProShares UltraPro Short Dow30
$85.35M$79.85M$111.34M

TQQQ

ProShares UltraPro QQQ
$4.37B$4.57B$5.33B

SDOW vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TQQQ
ProShares UltraPro QQQ		23.06%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between SDOW and TQQQ is -0.63, 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.

-0.63

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 TQQQ shifts across timeframes, from -0.75 (all time) to -0.63 (1 year), reflecting how their relationship changes across market environments.

SDOW vs. TQQQ - Sectors Allocation Comparison

Sectors
SDOW
TQQQ

Financial Services

78.9%
0.2%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Financial Services

SDOW
78.9%
TQQQ
0.2%

Basic Materials

SDOW

-

TQQQ
1.1%

Communication Services

SDOW

-

TQQQ
15.8%

Consumer Cyclical

SDOW

-

TQQQ
12.3%

Consumer Defensive

SDOW

-

TQQQ
7.7%

Energy

SDOW

-

TQQQ
0.6%

Healthcare

SDOW

-

TQQQ
4.2%

Industrials

SDOW

-

TQQQ
2.8%

Real Estate

SDOW

-

TQQQ
0.1%

Technology

SDOW

-

TQQQ
53.8%

Utilities

SDOW

-

TQQQ
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short Dow30

ProShares UltraPro QQQ

Often compared with SDOW:
SDOW vs. UDOWSDOW vs. SQQQSDOW vs. SPXUSDOW vs. ^DJISDOW vs. DIASDOW vs. QQQSDOW vs. DXD
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECL

Return for Risk

SDOW vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SDOW
SDOW Risk / Return Rank: 11
Overall Rank
SDOW Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SDOW Sortino Ratio Rank: 11
Sortino Ratio Rank
SDOW Omega Ratio Rank: 22
Omega Ratio Rank
SDOW Calmar Ratio Rank: 11
Calmar Ratio Rank
SDOW Martin Ratio Rank: 00
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 3636
Overall Rank
TQQQ Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 3737
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 3636
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 3737
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 3636
Martin Ratio Rank
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. TQQQ - Risk-Adjusted Trends Comparison

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

SDOWTQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.07
0.83

-1.90

Sortino ratioReturn per unit of downside risk
-1.58
1.38

-2.96

Omega ratioGain probability vs. loss probability

0.82

1.17

-0.35

Calmar ratioReturn relative to maximum drawdown

-0.90

1.29

-2.19

Martin ratioReturn relative to average drawdown

-1.48

3.60

-5.08

SDOW vs. TQQQ - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.07, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SDOW and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SDOW vs. TQQQ - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.97%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SDOW and TQQQ.

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Drawdown Indicators

SDOWTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-99.97%

-81.66%

-18.31%

Max Drawdown (1Y)

Largest decline over 1 year

-44.20%

-36.97%

-7.23%

Max Drawdown (3Y)

Largest decline over 3 years

-76.85%

-58.04%

-18.81%

Max Drawdown (5Y)

Largest decline over 5 years

-84.05%

-81.66%

-2.39%

Max Drawdown (10Y)

Largest decline over 10 years

-99.21%

-81.66%

-17.55%

Current Drawdown

Current decline from peak

-99.96%

-25.74%

-74.22%

Average Drawdown

Average peak-to-trough decline

-89.65%

-18.49%

-71.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

26.97%

13.24%

+13.73%

Volatility

SDOW vs. TQQQ - Volatility Comparison

The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 10.82%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that SDOW 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

SDOWTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.82%

20.41%

-9.59%

Volatility (6M)

Calculated over the trailing 6-month period

29.51%

47.79%

-18.28%

Volatility (1Y)

Calculated over the trailing 1-year period

37.41%

57.62%

-20.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

44.40%

68.04%

-23.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.11%

66.57%

-14.46%

SDOW vs. TQQQ - Expense Ratio Comparison

Both SDOW and TQQQ have an expense ratio of 0.95%.

Dividends

SDOW vs. TQQQ - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.43%, more than TQQQ's 0.58% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TQQQ
ProShares UltraPro QQQ		0.58%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

SDOW and TQQQ have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TQQQ has higher volatility (20.41%) compared to SDOW (10.82%). In terms of maximum drawdown, SDOW dropped -99.97% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 39.46% vs -37.90% for SDOW. Both ETFs have the same 0.95% expense ratio. On volatility, SDOW has been the lower-risk option at 10.82%. 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 39.46% return vs -37.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SDOW and TQQQ have the same expense ratio: 0.95% per year.

SDOW has the higher dividend yield at 5.43%, compared with 0.58% for TQQQ.

SDOW tracks Dow Jones Industrial Average (-300%), while TQQQ tracks NASDAQ-100 Index (300%).

TQQQ currently has the higher Sharpe Ratio (0.83 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.

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