SETH vs. TQQQ
SETH (ProShares Short Ether Strategy ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past year, SETH returned -1.33% vs 137.89% for TQQQ. At a correlation of -0.44, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SETH vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SETH achieves a 40.93% return, which is significantly lower than TQQQ's 64.46% return.
SETH
- 1D
- 5.62%
- 1M
- 29.74%
- YTD
- 40.93%
- 6M
- 46.51%
- 1Y
- -1.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TQQQ
- 1D
- -0.76%
- 1M
- 33.35%
- YTD
- 64.46%
- 6M
- 55.93%
- 1Y
- 137.89%
- 3Y*
- 69.49%
- 5Y*
- 28.37%
- 10Y*
- 45.33%
SETH vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 40.93% | -29.41% | -49.59% | -22.80% |
TQQQ ProShares UltraPro QQQ | 64.46% | 34.35% | 58.27% | 40.28% |
Correlation
The correlation between SETH and TQQQ 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 Nov 3, 2023 | -0.44 |
The correlation between SETH and TQQQ has been stable across timeframes, ranging from -0.51 to -0.44 - a consistent structural relationship.
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Return for Risk
SETH vs. TQQQ — Risk / Return Rank
SETH
TQQQ
SETH vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) and ProShares UltraPro QQQ (TQQQ). 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.
| SETH | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.40 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 3.75 | -3.78 |
| Martin ratioReturn relative to average drawdown | -0.04 | 12.27 | -12.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SETH | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.02 | 2.92 | -2.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.43 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.74 | -1.18 |
Drawdowns
SETH vs. TQQQ - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, roughly equal to the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SETH and TQQQ.
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Drawdown Indicators
| SETH | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -81.66% | +0.92% |
Max Drawdown (1Y)Largest decline over 1 year | -56.01% | -36.97% | -19.04% |
Max Drawdown (3Y)Largest decline over 3 years | — | -58.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -81.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.66% | — |
Current DrawdownCurrent decline from peak | -61.29% | -0.76% | -60.53% |
Average DrawdownAverage peak-to-trough decline | -54.79% | -18.52% | -36.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.77% | 11.28% | +24.49% |
Volatility
SETH vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short Ether Strategy ETF (SETH) is 9.81%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.29%. This indicates that SETH experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SETH | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.81% | 13.29% | -3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 46.07% | 36.04% | +10.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.54% | 47.60% | +20.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.53% | 66.53% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.53% | 65.96% | +3.57% |
SETH vs. TQQQ - Expense Ratio Comparison
Both SETH and TQQQ have an expense ratio of 0.95%.
Dividends
SETH vs. TQQQ - Dividend Comparison
SETH's dividend yield for the trailing twelve months is around 10.91%, more than TQQQ's 0.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 10.91% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.36% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
SETH and TQQQ 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.
TQQQ has higher volatility (13.29%) compared to SETH (9.81%). In terms of maximum drawdown, SETH dropped -80.74% vs TQQQ's -81.66%.
On 1-year performance, TQQQ leads with 137.89% vs -1.33% for SETH. Both ETFs have the same 0.95% expense ratio. On volatility, SETH has been the lower-risk option at 9.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TQQQ has performed better with a 137.89% return vs -1.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SETH and TQQQ have the same expense ratio: 0.95% per year.
SETH has the higher dividend yield at 10.91%, compared with 0.36% for TQQQ.
SETH is categorized as Cryptocurrency, while TQQQ is Leveraged Equities. SETH tracks Bloomberg Galaxy Ethereum (--100%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (2.92 vs -0.02), 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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