SKF vs. SQQQ

Last updated Jun 26, 2026

SKF (ProShares UltraShort Financials) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - SKF tracks the DJ Global United States (All) / Financials -IND (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SKF returned -27.76%/yr vs -56.54%/yr for SQQQ. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SKF vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Financials (SKF) 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, SKF achieves a 4.43% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, SKF has outperformed SQQQ with an annualized return of -27.76%, while SQQQ has yielded a comparatively lower -56.54% annualized return.

SKF

• 1D: 1.12%
• 1M: -5.97%
• YTD: 4.43%
• 6M: 8.34%
• 1Y: -6.38%
• 3Y*: -27.01%
• 5Y*: -17.29%
• 10Y*: -27.76%

SQQQ

• 1D: -2.42%
• 1M: 2.09%
• YTD: -40.98%
• 6M: -38.01%
• 1Y: -59.41%
• 3Y*: -54.63%
• 5Y*: -47.03%
• 10Y*: -56.54%

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

SKF vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKF ProShares UltraShort Financials	4.43%	-23.99%	-36.29%	-21.78%	17.63%	-47.66%	-42.40%	-42.97%	16.42%	-31.70%
SQQQ ProShares UltraPro Short QQQ	-40.98%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SKF and SQQQ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.64

Over the past year, the correlation between SKF and SQQQ has dropped to 0.36 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

SKF vs. SQQQ - Sectors Allocation Comparison

Sectors	SKF	SQQQ
Financial Services	59.3%	122.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SKF vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SKF

SKF Risk / Return Rank: 7
SKF Sharpe Ratio Rank: 7
SKF Sortino Ratio Rank: 7
SKF Omega Ratio Rank: 7
SKF Calmar Ratio Rank: 7
SKF Martin Ratio Rank: 6

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.

SKF vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Financials (SKF) 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.

	SKF	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	-1.11	+0.89
Sortino ratio: Return per unit of downside risk	-0.13	-1.98	+1.85
Omega ratio: Gain probability vs. loss probability	0.99	0.79	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.29	-0.96	+0.67
Martin ratio: Return relative to average drawdown	-0.66	-1.84	+1.19

SKF vs. SQQQ - Sharpe Ratio Comparison

The current SKF Sharpe Ratio is -0.22, which is higher than the SQQQ Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of SKF 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

SKF vs. SQQQ - Drawdown Comparison

The maximum SKF drawdown since its inception was -99.96%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SKF and SQQQ.

Drawdown Indicators

	SKF	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-100.00%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-22.02%	-62.23%	+40.21%
Max Drawdown (3Y) Largest decline over 3 years	-68.09%	-92.51%	+24.42%
Max Drawdown (5Y) Largest decline over 5 years	-72.40%	-97.27%	+24.87%
Max Drawdown (10Y) Largest decline over 10 years	-96.33%	-99.98%	+3.65%
Current Drawdown Current decline from peak	-99.95%	-100.00%	+0.05%
Average Drawdown Average peak-to-trough decline	-89.28%	-92.73%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.79%	33.76%	-23.97%

Volatility

SKF vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Financials (SKF) is 8.50%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. This indicates that SKF 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

	SKF	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	26.22%	-17.72%
Volatility (6M) Calculated over the trailing 6-month period	22.34%	43.25%	-20.91%
Volatility (1Y) Calculated over the trailing 1-year period	28.98%	53.47%	-24.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.02%	67.54%	-31.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.81%	66.45%	-25.64%

SKF vs. SQQQ - Expense Ratio Comparison

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

Dividends

SKF vs. SQQQ - Dividend Comparison

SKF's dividend yield for the trailing twelve months is around 4.10%, less than SQQQ's 10.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKF ProShares UltraShort Financials	4.10%	5.61%	7.94%	3.93%	0.03%	0.00%	0.11%	1.29%	0.06%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.12%	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 SKF and SQQQ in my portfolio?

SKF and SQQQ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKF or SQQQ?

SQQQ has higher volatility (26.22%) compared to SKF (8.50%). In terms of maximum drawdown, SKF dropped -99.96% vs SQQQ's -100.00%.

Which ETF is better, SKF or SQQQ?

On 10-year performance, SKF leads with -27.76% vs -56.54% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SKF has been the lower-risk option at 8.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKF or SQQQ?

Over the 10-year period, SKF has performed better with a -27.76% return vs -56.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKF or SQQQ?

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

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

SQQQ has the higher dividend yield at 10.12%, compared with 4.10% for SKF.

What is the main difference between SKF and SQQQ?

SKF tracks DJ Global United States (All) / Financials -IND (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SKF currently has the higher Sharpe Ratio (-0.22 vs -1.11), 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.