SDP vs. IQQQ

Last updated Aug 4, 2026

SDP (ProShares UltraShort Utilities) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SDP returned -8.08% vs 23.94% for IQQQ. Their -0.09 correlation means they have often moved in opposite directions in the past. SDP charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

SDP vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Utilities (SDP) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDP achieves a -9.06% return, which is significantly lower than IQQQ's 11.89% return.

SDP

• 1D: 0.11%
• 1M: 6.41%
• 6M: -9.83%
• YTD: -9.06%
• 1Y: -8.08%
• 3Y*: -21.20%
• 5Y*: -15.97%
• 10Y*: -20.62%
• ALL TIME*: -21.26%

IQQQ

• 1D: 1.65%
• 1M: -1.59%
• 6M: 9.64%
• YTD: 11.89%
• 1Y: 23.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.80%

*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)
IQQQ ProShares Nasdaq-100 High Income ETF	$2.03M	$2.38M	$2.95M
SDP ProShares UltraShort Utilities	$191.10K	$103.59K	$83.62K

SDP vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDP ProShares UltraShort Utilities	-9.06%	-22.59%	-28.68%
IQQQ ProShares Nasdaq-100 High Income ETF	11.89%	17.11%	14.82%

Correlation

The correlation between SDP and IQQQ is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.09

Return for Risk

SDP vs. IQQQ — Risk / Return Rank

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

SDP

SDP Risk / Return Rank: 7
SDP Sharpe Ratio Rank: 7
SDP Sortino Ratio Rank: 7
SDP Omega Ratio Rank: 8
SDP Calmar Ratio Rank: 7
SDP Martin Ratio Rank: 7

IQQQ

IQQQ Risk / Return Rank: 52
IQQQ Sharpe Ratio Rank: 53
IQQQ Sortino Ratio Rank: 49
IQQQ Omega Ratio Rank: 48
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 53

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.

SDP vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	SDP	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.30	-1.57
Sortino ratio: Return per unit of downside risk	-0.19	1.80	-2.00
Omega ratio: Gain probability vs. loss probability	0.98	1.22	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.32	2.14	-2.46
Martin ratio: Return relative to average drawdown	-0.52	6.34	-6.87

SDP vs. IQQQ - Sharpe Ratio Comparison

The current SDP Sharpe Ratio is -0.27, which is lower than the IQQQ Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of SDP and IQQQ, 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

SDP vs. IQQQ - Drawdown Comparison

The maximum SDP drawdown since its inception was -99.56%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SDP and IQQQ.

Drawdown Indicators

	SDP	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.56%	-20.41%	-79.15%
Max Drawdown (1Y) Largest decline over 1 year	-25.44%	-11.25%	-14.19%
Max Drawdown (3Y) Largest decline over 3 years	-66.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.43%	—	—
Current Drawdown Current decline from peak	-99.50%	-6.04%	-93.46%
Average Drawdown Average peak-to-trough decline	-82.25%	-3.71%	-78.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.48%	3.78%	+11.70%

Volatility

SDP vs. IQQQ - Volatility Comparison

ProShares UltraShort Utilities (SDP) has a higher volatility of 8.39% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 6.91%. This indicates that SDP's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDP	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	6.91%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	24.16%	15.14%	+9.02%
Volatility (1Y) Calculated over the trailing 1-year period	30.20%	18.47%	+11.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.44%	19.31%	+15.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.64%	19.31%	+18.33%

SDP vs. IQQQ - Expense Ratio Comparison

SDP has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

SDP vs. IQQQ - Dividend Comparison

SDP's dividend yield for the trailing twelve months is around 4.08%, less than IQQQ's 5.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IQQQ ProShares Nasdaq-100 High Income ETF	5.81%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDP ProShares UltraShort Utilities	4.08%	3.99%	4.66%	3.04%	0.56%	0.00%	0.13%	0.87%	0.05%

Frequently Asked Questions

Can I hold both SDP and IQQQ in my portfolio?

SDP and IQQQ have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDP or IQQQ?

SDP has higher volatility (8.39%) compared to IQQQ (6.91%). In terms of maximum drawdown, SDP dropped -99.56% vs IQQQ's -20.41%.

Which ETF is better, SDP or IQQQ?

On 1-year performance, IQQQ leads with 23.94% vs -8.08% for SDP. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDP or IQQQ?

Over the 1-year period, IQQQ has performed better with a 23.94% return vs -8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDP or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for SDP.

Which ETF pays a higher dividend yield, SDP or IQQQ?

IQQQ has the higher dividend yield at 5.81%, compared with 4.08% for SDP.

What is the main difference between SDP and IQQQ?

SDP is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. SDP tracks Dow Jones U.S. Utilities Index (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for SDP and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.30 vs -0.27), 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.