SJB vs. TQQQ
SJB (ProShares Short High Yield) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SJB returned -3.58%/yr vs 39.46%/yr for TQQQ. Their -0.62 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
SJB vs. TQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 1.17% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, SJB has underperformed TQQQ with an annualized return of -3.58%, while TQQQ has yielded a comparatively higher 39.46% annualized return.
SJB
- 1D
- 0.12%
- 1M
- 0.65%
- 6M
- 1.17%
- YTD
- 1.17%
- 1Y
- 0.70%
- 3Y*
- -1.64%
- 5Y*
- -0.13%
- 10Y*
- -3.58%
- ALL TIME*
- -5.06%
TQQQ
- 1D
- 2.09%
- 1M
- -11.90%
- 6M
- 20.14%
- YTD
- 23.06%
- 1Y
- 56.87%
- 3Y*
- 43.81%
- 5Y*
- 15.36%
- 10Y*
- 39.46%
- ALL TIME*
- 42.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.85M | $1.63M | $3.02M | |
| $4.37B | $4.57B | $5.33B |
SJB vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 1.17% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
TQQQ ProShares UltraPro QQQ | 23.06% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
Correlation
The correlation between SJB and TQQQ is -0.63, 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. | -0.63 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.62 |
The correlation between SJB and TQQQ has been stable across timeframes, ranging from -0.67 to -0.59 - a consistent structural relationship.
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Return for Risk
SJB vs. TQQQ — Risk / Return Rank
SJB
TQQQ
SJB vs. TQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | TQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.17 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 1.29 | -1.01 |
| Martin ratioReturn relative to average drawdown | 0.54 | 3.60 | -3.06 |
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Drawdowns
SJB vs. TQQQ - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SJB and TQQQ.
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Drawdown Indicators
| SJB | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -81.66% | +23.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -36.97% | +34.23% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -58.04% | +47.50% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -81.66% | +68.36% |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | -81.66% | +48.80% |
Current DrawdownCurrent decline from peak | -57.22% | -25.74% | -31.48% |
Average DrawdownAverage peak-to-trough decline | -42.62% | -18.49% | -24.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 13.24% | -11.81% |
Volatility
SJB vs. TQQQ - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.15%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that SJB 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
| SJB | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 20.41% | -19.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 47.79% | -44.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 57.62% | -53.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 68.04% | -60.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 66.57% | -58.13% |
SJB vs. TQQQ - Expense Ratio Comparison
Both SJB and TQQQ have an expense ratio of 0.95%.
Dividends
SJB vs. TQQQ - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.59%, more than TQQQ's 0.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.59% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.58% | 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
SJB and TQQQ have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (20.41%) compared to SJB (1.15%). In terms of maximum drawdown, SJB dropped -58.06% vs TQQQ's -81.66%.
On 10-year performance, TQQQ leads with 39.46% vs -3.58% for SJB. Both ETFs have the same 0.95% expense ratio. On volatility, SJB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 39.46% return vs -3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SJB and TQQQ have the same expense ratio: 0.95% per year.
SJB has the higher dividend yield at 3.59%, compared with 0.58% for TQQQ.
SJB is categorized as Inverse Bonds, while TQQQ is Leveraged Equities. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while TQQQ tracks NASDAQ-100 Index (300%).
TQQQ currently has the higher Sharpe Ratio (0.83 vs 0.20), 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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