SETH vs. IQQQ

Last updated Jul 15, 2026

SETH (ProShares Short Ether Strategy ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SETH returned 7.17% vs 26.85% for IQQQ. At a correlation of -0.49, they often move in opposite directions. SETH charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

SETH vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) 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, SETH achieves a 29.42% return, which is significantly higher than IQQQ's 14.90% return.

SETH

• 1D: -5.83%
• 1M: -13.54%
• 6M: 40.18%
• YTD: 29.42%
• 1Y: 7.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IQQQ

• 1D: 1.08%
• 1M: -0.58%
• 6M: 12.88%
• YTD: 14.90%
• 1Y: 26.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SETH vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SETH ProShares Short Ether Strategy ETF	29.42%	-29.41%	-22.58%
IQQQ ProShares Nasdaq-100 High Income ETF	14.90%	17.11%	14.82%

Correlation

The correlation between SETH and IQQQ is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.49

The correlation between SETH and IQQQ has been stable across timeframes, ranging from -0.51 to -0.49 - a consistent structural relationship.

Return for Risk

SETH vs. IQQQ — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 13
SETH Sharpe Ratio Rank: 11
SETH Sortino Ratio Rank: 15
SETH Omega Ratio Rank: 15
SETH Calmar Ratio Rank: 12
SETH Martin Ratio Rank: 11

IQQQ

IQQQ Risk / Return Rank: 56
IQQQ Sharpe Ratio Rank: 56
IQQQ Sortino Ratio Rank: 52
IQQQ Omega Ratio Rank: 52
IQQQ Calmar Ratio Rank: 61
IQQQ Martin Ratio Rank: 58

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.

SETH vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.11	1.53	-1.43
Sortino ratio: Return per unit of downside risk	0.63	2.04	-1.42
Omega ratio: Gain probability vs. loss probability	1.08	1.26	-0.19
Calmar ratio: Return relative to maximum drawdown	0.17	2.42	-2.25
Martin ratio: Return relative to average drawdown	0.31	7.99	-7.67

SETH vs. IQQQ - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is 0.11, which is lower than the IQQQ Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SETH 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

SETH vs. IQQQ - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SETH and IQQQ.

Drawdown Indicators

	SETH	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-20.41%	-60.33%
Max Drawdown (1Y) Largest decline over 1 year	-41.47%	-11.13%	-30.34%
Current Drawdown Current decline from peak	-64.45%	-3.51%	-60.94%
Average Drawdown Average peak-to-trough decline	-54.91%	-3.63%	-51.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.16%	3.37%	+19.79%

Volatility

SETH vs. IQQQ - Volatility Comparison

ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 17.32% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.33%. This indicates that SETH'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

	SETH	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.32%	7.33%	+9.99%
Volatility (6M) Calculated over the trailing 6-month period	47.16%	14.35%	+32.81%
Volatility (1Y) Calculated over the trailing 1-year period	68.44%	17.61%	+50.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.36%	19.15%	+50.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.36%	19.15%	+50.21%

SETH vs. IQQQ - Expense Ratio Comparison

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

Dividends

SETH vs. IQQQ - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 17.24%, more than IQQQ's 5.20% yield.

Position	TTM	2025	2024	2023
IQQQ ProShares Nasdaq-100 High Income ETF	5.20%	10.34%	7.27%	0.00%
SETH ProShares Short Ether Strategy ETF	17.24%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both SETH and IQQQ in my portfolio?

SETH and IQQQ have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETH or IQQQ?

SETH has higher volatility (17.32%) compared to IQQQ (7.33%). In terms of maximum drawdown, SETH dropped -80.74% vs IQQQ's -20.41%.

Which ETF is better, SETH or IQQQ?

On 1-year performance, IQQQ leads with 26.85% vs 7.17% for SETH. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or IQQQ?

Over the 1-year period, IQQQ has performed better with a 26.85% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or IQQQ?

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

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

SETH has the higher dividend yield at 17.24%, compared with 5.20% for IQQQ.

What is the main difference between SETH and IQQQ?

SETH is categorized as Cryptocurrency, while IQQQ is Nasdaq-100. SETH tracks Bloomberg Galaxy Ethereum (--100%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for SETH and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.53 vs 0.11), 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.