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 27.48% vs 64.98% for TQQQ. Their -0.44 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SETH vs. TQQQ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SETH having a 29.49% return and TQQQ slightly lower at 29.42%.
SETH
- 1D
- -0.18%
- 1M
- -10.05%
- 6M
- 5.54%
- YTD
- 29.49%
- 1Y
- 27.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -31.12%
TQQQ
- 1D
- 5.17%
- 1M
- -7.35%
- 6M
- 23.83%
- YTD
- 29.42%
- 1Y
- 64.98%
- 3Y*
- 50.64%
- 5Y*
- 16.02%
- 10Y*
- 39.51%
- ALL TIME*
- 42.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.09M | $1.16M | $1.85M | |
| $4.46B | $4.47B | $5.36B |
SETH vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 29.49% | -29.41% | -49.59% | -22.19% |
TQQQ ProShares UltraPro QQQ | 29.42% | 34.35% | 58.27% | 47.73% |
Correlation
The correlation between SETH and TQQQ is -0.50, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| 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 TQQQ has been stable across timeframes, ranging from -0.50 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.
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 | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.21 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 1.77 | -0.84 |
| Martin ratioReturn relative to average drawdown | 1.60 | 4.90 | -3.30 |
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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 | -29.71% | -36.97% | +7.26% |
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 | -64.43% | -21.90% | -42.53% |
Average DrawdownAverage peak-to-trough decline | -55.12% | -18.50% | -36.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.71% | 13.31% | +4.40% |
Volatility
SETH vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short Ether Strategy ETF (SETH) is 12.55%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.63%. 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 | 12.55% | 20.63% | -8.08% |
Volatility (6M)Calculated over the trailing 6-month period | 45.56% | 47.88% | -2.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.05% | 57.57% | +9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.84% | 68.10% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 66.61% | +2.23% |
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 22.11%, more than TQQQ's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.56% | 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 -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.63%) compared to SETH (12.55%). In terms of maximum drawdown, SETH dropped -80.74% vs TQQQ's -81.66%.
On 1-year performance, TQQQ leads with 64.98% vs 27.48% for SETH. 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, TQQQ has performed better with a 64.98% return vs 27.48%. 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 22.11%, compared with 0.56% 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 (1.14 vs 0.41), 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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