SDP vs. SQQQ
SDP (ProShares UltraShort Utilities) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - SDP tracks the Dow Jones U.S. Utilities Index (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SDP returned -21.14%/yr vs -56.25%/yr for SQQQ. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SDP vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -14.66% return, which is significantly higher than SQQQ's -40.47% return. Over the past 10 years, SDP has outperformed SQQQ with an annualized return of -21.14%, while SQQQ has yielded a comparatively lower -56.25% annualized return.
SDP
- 1D
- -2.70%
- 1M
- -2.87%
- YTD
- -14.66%
- 6M
- -13.95%
- 1Y
- -21.58%
- 3Y*
- -21.84%
- 5Y*
- -18.36%
- 10Y*
- -21.14%
SQQQ
- 1D
- -0.27%
- 1M
- -2.53%
- YTD
- -40.47%
- 6M
- -37.47%
- 1Y
- -59.36%
- 3Y*
- -53.90%
- 5Y*
- -46.94%
- 10Y*
- -56.25%
SDP vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -14.66% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
SQQQ ProShares UltraPro Short QQQ | -40.47% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between SDP and SQQQ is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.28 |
Over the past year, the correlation between SDP and SQQQ has dropped to 0.07 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.
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Return for Risk
SDP vs. SQQQ — Risk / Return Rank
SDP
SQQQ
SDP vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.79 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.94 | +0.17 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.77 | +0.50 |
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Drawdowns
SDP vs. SQQQ - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SDP and SQQQ.
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Drawdown Indicators
| SDP | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -100.00% | +0.44% |
Max Drawdown (1Y)Largest decline over 1 year | -28.09% | -63.25% | +35.16% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -92.51% | +26.34% |
Max Drawdown (5Y)Largest decline over 5 years | -66.55% | -97.27% | +30.72% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -99.98% | +7.55% |
Current DrawdownCurrent decline from peak | -99.53% | -100.00% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -82.15% | -92.73% | +10.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.02% | 33.97% | -16.95% |
Volatility
SDP vs. SQQQ - Volatility Comparison
The current volatility for ProShares UltraShort Utilities (SDP) is 10.80%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.67%. This indicates that SDP experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDP | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.80% | 26.67% | -15.87% |
Volatility (6M)Calculated over the trailing 6-month period | 23.44% | 43.18% | -19.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.53% | 53.58% | -24.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 67.53% | -33.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.56% | 66.46% | -28.90% |
SDP vs. SQQQ - Expense Ratio Comparison
Both SDP and SQQQ have an expense ratio of 0.95%.
Dividends
SDP vs. SQQQ - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 4.28%, less than SQQQ's 11.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | 4.28% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 11.47% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SDP and SQQQ have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.67%) compared to SDP (10.80%). In terms of maximum drawdown, SDP dropped -99.56% vs SQQQ's -100.00%.
On 10-year performance, SDP leads with -21.14% vs -56.25% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SDP has been the lower-risk option at 10.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SDP has performed better with a -21.14% return vs -56.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDP and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 11.47%, compared with 4.28% for SDP.
SDP tracks Dow Jones U.S. Utilities Index (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
SDP currently has the higher Sharpe Ratio (-0.73 vs -1.11), 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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