SETH vs. SQQQ

Last updated Jul 15, 2026

SETH (ProShares Short Ether Strategy ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past year, SETH returned 7.17% vs -57.13% for SQQQ. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SETH vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) and ProShares UltraPro Short QQQ (SQQQ). 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 SQQQ's -42.24% return.

SETH

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

SQQQ

• 1D: -3.30%
• 1M: -1.98%
• 6M: -38.99%
• YTD: -42.24%
• 1Y: -57.13%
• 3Y*: -52.32%
• 5Y*: -46.24%
• 10Y*: -55.43%

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

SETH vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	29.42%	-29.41%	-49.59%	-22.19%
SQQQ ProShares UltraPro Short QQQ	-42.24%	-53.05%	-49.79%	-33.24%

Correlation

The correlation between SETH and SQQQ is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	0.44

The correlation between SETH and SQQQ has been stable across timeframes, ranging from 0.44 to 0.50 - a consistent structural relationship.

Return for Risk

SETH vs. SQQQ — 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

SQQQ

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

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. SQQQ - Risk-Adjusted Trends Comparison

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

	SETH	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-1.03	+1.14
Sortino ratio: Return per unit of downside risk	0.63	-1.74	+2.37
Omega ratio: Gain probability vs. loss probability	1.08	0.81	+0.26
Calmar ratio: Return relative to maximum drawdown	0.17	-0.94	+1.11
Martin ratio: Return relative to average drawdown	0.31	-1.73	+2.05

SETH vs. SQQQ - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is 0.11, which is higher than the SQQQ Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of SETH and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SETH and SQQQ.

Drawdown Indicators

	SETH	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-100.00%	+19.26%
Max Drawdown (1Y) Largest decline over 1 year	-41.47%	-61.03%	+19.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-92.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-64.45%	-100.00%	+35.55%
Average Drawdown Average peak-to-trough decline	-54.91%	-92.75%	+37.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.16%	32.98%	-9.82%

Volatility

SETH vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short Ether Strategy ETF (SETH) is 17.32%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 24.18%. This indicates that SETH 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.

Volatility by Period

	SETH	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.32%	24.18%	-6.86%
Volatility (6M) Calculated over the trailing 6-month period	47.16%	45.91%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	68.44%	55.61%	+12.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.36%	67.89%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.36%	66.57%	+2.79%

SETH vs. SQQQ - Expense Ratio Comparison

Both SETH and SQQQ have an expense ratio of 0.95%.

Dividends

SETH vs. SQQQ - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 17.24%, more than SQQQ's 10.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SETH ProShares Short Ether Strategy ETF	17.24%	7.01%	3.44%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.34%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both SETH and SQQQ in my portfolio?

SETH and SQQQ have a correlation of 0.50, 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 SQQQ?

SQQQ has higher volatility (24.18%) compared to SETH (17.32%). In terms of maximum drawdown, SETH dropped -80.74% vs SQQQ's -100.00%.

Which ETF is better, SETH or SQQQ?

On 1-year performance, SETH leads with 7.17% vs -57.13% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SETH has been the lower-risk option at 17.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or SQQQ?

Over the 1-year period, SETH has performed better with a 7.17% return vs -57.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or SQQQ?

SETH and SQQQ have the same expense ratio: 0.95% per year.

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

SETH has the higher dividend yield at 17.24%, compared with 10.34% for SQQQ.

What is the main difference between SETH and SQQQ?

SETH is categorized as Cryptocurrency, while SQQQ is Leveraged Equities. SETH tracks Bloomberg Galaxy Ethereum (--100%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (0.11 vs -1.03), 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.