SETH vs. SQQQ
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 27.48% vs -54.82% for SQQQ. Their 0.44 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
SETH vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SETH achieves a 29.49% return, which is significantly higher than SQQQ's -38.05% return.
SETH
- 1D
- -0.18%
- 1M
- -10.05%
- 6M
- 5.54%
- YTD
- 29.49%
- 1Y
- 27.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -31.12%
SQQQ
- 1D
- -5.26%
- 1M
- 3.70%
- 6M
- -34.63%
- YTD
- -38.05%
- 1Y
- -54.82%
- 3Y*
- -52.10%
- 5Y*
- -44.80%
- 10Y*
- -54.51%
- ALL TIME*
- -52.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.09M | $1.16M | $1.85M | |
| $2.77B | $2.43B | $2.72B |
SETH vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 29.49% | -29.41% | -49.59% | -22.19% |
SQQQ ProShares UltraPro Short QQQ | -38.05% | -53.05% | -49.79% | -33.24% |
Correlation
The correlation between SETH and SQQQ is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 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.
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Return for Risk
SETH vs. SQQQ — Risk / Return Rank
SETH
SQQQ
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 ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.84 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | -0.92 | +1.85 |
| Martin ratioReturn relative to average drawdown | 1.60 | -1.65 | +3.24 |
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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.
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Drawdown Indicators
| SETH | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -100.00% | +19.26% |
Max Drawdown (1Y)Largest decline over 1 year | -29.71% | -59.62% | +29.91% |
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 DrawdownCurrent decline from peak | -64.43% | -100.00% | +35.57% |
Average DrawdownAverage peak-to-trough decline | -55.12% | -92.78% | +37.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.71% | 35.25% | -17.54% |
Volatility
SETH vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short Ether Strategy ETF (SETH) is 12.55%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. 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.
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Volatility by Period
| SETH | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.55% | 21.07% | -8.52% |
Volatility (6M)Calculated over the trailing 6-month period | 45.56% | 48.20% | -2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.05% | 57.95% | +9.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.84% | 68.24% | +0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 66.78% | +2.06% |
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 22.11%, more than SQQQ's 9.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 22.11% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 9.64% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
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.
SQQQ has higher volatility (21.07%) compared to SETH (12.55%). In terms of maximum drawdown, SETH dropped -80.74% vs SQQQ's -100.00%.
On 1-year performance, SETH leads with 27.48% vs -54.82% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SETH has been the lower-risk option at 12.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SETH has performed better with a 27.48% return vs -54.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SETH and SQQQ have the same expense ratio: 0.95% per year.
SETH has the higher dividend yield at 22.11%, compared with 9.64% for SQQQ.
SETH is categorized as Cryptocurrency, while SQQQ is Leveraged Equities. SETH tracks Bloomberg Galaxy Ethereum (--100%), while SQQQ tracks NASDAQ-100 Index (-300%).
SETH currently has the higher Sharpe Ratio (0.41 vs -0.95), 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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