SLV vs. SQQQ

Last updated Jun 4, 2026

SLV (iShares Silver Trust) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SLV returned 15.55%/yr vs -56.01%/yr for SQQQ. At a correlation of -0.17, they often move in opposite directions. SLV charges 0.50%/yr vs 0.95%/yr for SQQQ.

Performance

SLV vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) 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, SLV achieves a 2.78% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SLV has outperformed SQQQ with an annualized return of 15.55%, while SQQQ has yielded a comparatively lower -56.01% annualized return.

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

SQQQ

• 1D: 0.76%
• 1M: -26.37%
• YTD: -45.27%
• 6M: -42.79%
• 1Y: -65.16%
• 3Y*: -56.19%
• 5Y*: -49.17%
• 10Y*: -56.01%

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

SLV vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	2.78%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SLV and SQQQ is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (5Y) Calculated over the trailing 5-year period	-0.21
Correlation (10Y) Calculated over the trailing 10-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.17

The correlation between SLV and SQQQ shifts across timeframes, from -0.27 (1 year) to -0.17 (all time), reflecting how their relationship changes across market environments.

SLV vs. SQQQ - Sectors Allocation Comparison

Sectors	SLV	SQQQ
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	97.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SLV vs. SQQQ — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
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.

SLV vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.

	SLV	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.89	-1.37	+3.26
Sortino ratio: Return per unit of downside risk	2.07	-2.63	+4.69
Omega ratio: Gain probability vs. loss probability	1.35	0.72	+0.63
Calmar ratio: Return relative to maximum drawdown	2.62	-0.99	+3.61
Martin ratio: Return relative to average drawdown	5.64	-1.82	+7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLV vs. SQQQ - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.89, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of SLV 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.

Sharpe Ratios by Period

	SLV	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	-1.37	+3.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	-0.74	+1.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	-0.85	+1.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.88	+1.12

Drawdowns

SLV vs. SQQQ - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SLV and SQQQ.

Drawdown Indicators

	SLV	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-100.00%	+23.72%
Max Drawdown (1Y) Largest decline over 1 year	-42.45%	-65.95%	+23.50%
Max Drawdown (3Y) Largest decline over 3 years	-42.45%	-92.38%	+49.93%
Max Drawdown (5Y) Largest decline over 5 years	-42.45%	-97.23%	+54.78%
Max Drawdown (10Y) Largest decline over 10 years	-42.81%	-99.98%	+57.17%
Current Drawdown Current decline from peak	-37.30%	-100.00%	+62.70%
Average Drawdown Average peak-to-trough decline	-44.67%	-92.40%	+47.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.67%	35.73%	-16.06%

Volatility

SLV vs. SQQQ - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.30% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that SLV's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLV	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.30%	13.75%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	58.31%	36.45%	+21.86%
Volatility (1Y) Calculated over the trailing 1-year period	58.90%	47.79%	+11.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	66.64%	-30.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.84%	66.11%	-34.27%

SLV vs. SQQQ - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

SLV vs. SQQQ - Dividend Comparison

SLV has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	12.48%	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 SLV and SQQQ in my portfolio?

SLV and SQQQ have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLV or SQQQ?

SLV has higher volatility (16.30%) compared to SQQQ (13.75%). In terms of maximum drawdown, SLV dropped -76.28% vs SQQQ's -100.00%.

Which ETF is better, SLV or SQQQ?

On 10-year performance, SLV leads with 15.55% vs -56.01% for SQQQ. On fees, SLV is cheaper at 0.50% per year. On volatility, SQQQ has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLV or SQQQ?

Over the 10-year period, SLV has performed better with a 15.55% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or SQQQ?

SLV is cheaper with a 0.50% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for SLV.

What is the main difference between SLV and SQQQ?

SLV is categorized as Silver, while SQQQ is Leveraged Equities. SLV tracks LBMA Silver Price, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.50% for SLV and 0.95% for SQQQ.

Which has better risk-adjusted returns?

SLV currently has the higher Sharpe Ratio (1.89 vs -1.37), 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.