SMDV vs. SQQQ

Last updated Aug 2, 2026

SMDV (ProShares Russell 2000 Dividend Growers ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SMDV is a Small Cap Blend Equities fund tracking the Russell 2000 Dividend Growth Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SMDV returned 7.53%/yr vs -54.48%/yr for SQQQ. Their -0.45 correlation means they have often moved in opposite directions in the past. SMDV charges 0.40%/yr vs 0.95%/yr for SQQQ.

Performance

SMDV vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dividend Growers ETF (SMDV) 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, SMDV achieves a 18.11% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, SMDV has outperformed SQQQ with an annualized return of 7.53%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

SMDV

• 1D: -0.18%
• 1M: 0.26%
• 6M: 10.74%
• YTD: 18.11%
• 1Y: 23.79%
• 3Y*: 10.63%
• 5Y*: 6.99%
• 10Y*: 7.53%
• ALL TIME*: 8.24%

SQQQ

• 1D: -1.99%
• 1M: 9.46%
• 6M: -32.40%
• YTD: -34.61%
• 1Y: -52.32%
• 3Y*: -49.83%
• 5Y*: -44.46%
• 10Y*: -54.48%
• ALL TIME*: -52.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMDV ProShares Russell 2000 Dividend Growers ETF	$4.61M	$5.90M	$3.47M
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B

SMDV vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMDV ProShares Russell 2000 Dividend Growers ETF	18.11%	0.26%	7.03%	8.99%	-5.90%	18.98%	-4.74%	17.23%	-0.58%	4.63%
SQQQ ProShares UltraPro Short QQQ	-34.61%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SMDV and SQQQ is -0.22, 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.	-0.22
Correlation (3Y) Balances recent behavior with more history.	-0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.45
Correlation (10Y) Provides a long-term view across more market conditions.	-0.44
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015	-0.45

Over the past year, the inverse relationship between SMDV and SQQQ has weakened: their correlation has moved from -0.45 to -0.22, meaning they move in opposite directions less often than they have historically.

SMDV vs. SQQQ - Sectors Allocation Comparison

Sectors	SMDV	SQQQ
Financial Services	31.5%	89.7%
Industrials	21.8%	-
Utilities	17.3%	-
Basic Materials	10.5%	-
Real Estate	6.0%	-
Consumer Cyclical	5.1%	-
Consumer Defensive	3.9%	-
Healthcare	1.9%	-
Communication Services	1.1%	-
Technology	0.8%	-
Energy	-	-

Return for Risk

SMDV vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMDV

SMDV Risk / Return Rank: 64
SMDV Sharpe Ratio Rank: 62
SMDV Sortino Ratio Rank: 71
SMDV Omega Ratio Rank: 61
SMDV Calmar Ratio Rank: 66
SMDV Martin Ratio Rank: 61

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMDV vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dividend Growers ETF (SMDV) 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.

	SMDV	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.46	-0.86	+2.31
Sortino ratio: Return per unit of downside risk	2.30	-1.25	+3.55
Omega ratio: Gain probability vs. loss probability	1.26	0.86	+0.40
Calmar ratio: Return relative to maximum drawdown	2.30	-0.81	+3.11
Martin ratio: Return relative to average drawdown	7.27	-1.41	+8.68

SMDV vs. SQQQ - Sharpe Ratio Comparison

The current SMDV Sharpe Ratio is 1.46, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of SMDV 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

SMDV vs. SQQQ - Drawdown Comparison

The maximum SMDV drawdown since its inception was -34.12%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SMDV and SQQQ.

Drawdown Indicators

	SMDV	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.12%	-100.00%	+65.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-61.03%	+51.24%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-92.51%	+71.28%
Max Drawdown (5Y) Largest decline over 5 years	-21.23%	-97.27%	+76.04%
Max Drawdown (10Y) Largest decline over 10 years	-34.12%	-99.97%	+65.85%
Current Drawdown Current decline from peak	-2.36%	-100.00%	+97.64%
Average Drawdown Average peak-to-trough decline	-5.87%	-92.78%	+86.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	35.08%	-31.99%

Volatility

SMDV vs. SQQQ - Volatility Comparison

The current volatility for ProShares Russell 2000 Dividend Growers ETF (SMDV) is 4.40%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that SMDV 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

	SMDV	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	20.82%	-16.42%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	48.09%	-37.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	57.98%	-42.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.56%	68.18%	-49.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	66.74%	-45.99%

SMDV vs. SQQQ - Expense Ratio Comparison

SMDV has a 0.40% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

SMDV vs. SQQQ - Dividend Comparison

SMDV's dividend yield for the trailing twelve months is around 2.29%, less than SQQQ's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMDV ProShares Russell 2000 Dividend Growers ETF	2.29%	2.67%	2.68%	2.69%	2.51%	2.02%	2.13%	2.03%	1.97%	1.84%	1.35%	1.81%
SQQQ ProShares UltraPro Short QQQ	9.14%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMDV and SQQQ in my portfolio?

SMDV and SQQQ have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDV or SQQQ?

SQQQ has higher volatility (20.82%) compared to SMDV (4.40%). In terms of maximum drawdown, SMDV dropped -34.12% vs SQQQ's -100.00%.

Which ETF is better, SMDV or SQQQ?

On 10-year performance, SMDV leads with 7.53% vs -54.48% for SQQQ. On fees, SMDV is cheaper at 0.40% per year. On volatility, SMDV has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDV or SQQQ?

Over the 10-year period, SMDV has performed better with a 7.53% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDV or SQQQ?

SMDV is cheaper with a 0.40% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 9.14%, compared with 2.29% for SMDV.

What is the main difference between SMDV and SQQQ?

SMDV is categorized as Small Cap Blend Equities, while SQQQ is Leveraged Equities. SMDV tracks Russell 2000 Dividend Growth Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.40% for SMDV and 0.95% for SQQQ.

Which has better risk-adjusted returns?

SMDV currently has the higher Sharpe Ratio (1.46 vs -0.86), 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.