SPXE vs. SQQQ

Last updated Jul 14, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. At a correlation of -1.00, they often move in opposite directions. SPXE charges 0.09%/yr vs 0.95%/yr for SQQQ.

Performance

SPXE vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: -0.87%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 5.74%
• 1M: 1.37%
• 6M: -36.57%
• YTD: -40.27%
• 1Y: -56.10%
• 3Y*: -51.78%
• 5Y*: -45.66%
• 10Y*: -55.28%

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

SPXE vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.77%
SQQQ ProShares UltraPro Short QQQ	4.86%

Correlation

The correlation between SPXE and SQQQ is -1.00, 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 (All Time) Calculated using the full available price history since Jul 10, 2026	-1.00

SPXE vs. SQQQ - Sectors Allocation Comparison

Sectors	SPXE	SQQQ
Technology	38.6%	-
Financial Services	12.4%	109.1%
Communication Services	10.1%	-
Consumer Cyclical	9.7%	-
Healthcare	9.5%	-
Industrials	8.1%	-
Consumer Defensive	4.8%	-
Utilities	2.8%	-
Basic Materials	1.9%	-
Real Estate	1.9%	-
Energy	0.0%	-

Return for Risk

SPXE vs. SQQQ — Risk / Return Rank

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

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SPXE vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.01	—
Sortino ratio: Return per unit of downside risk	—	-1.69	—
Omega ratio: Gain probability vs. loss probability	—	0.82	—
Calmar ratio: Return relative to maximum drawdown	—	-0.92	—
Martin ratio: Return relative to average drawdown	—	-1.71	—

Drawdowns

SPXE vs. SQQQ - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.87%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXE and SQQQ.

Drawdown Indicators

	SPXE	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-100.00%	+99.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-61.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-92.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-0.87%	-100.00%	+99.13%
Average Drawdown Average peak-to-trough decline	-0.44%	-92.75%	+92.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	32.78%	—

Volatility

Volatility by Period

	SPXE	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	26.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	45.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.97%	55.64%	-44.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	67.87%	-56.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	66.56%	-55.59%

SPXE vs. SQQQ - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

SPXE vs. SQQQ - Dividend Comparison

SPXE has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 10.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	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	10.00%	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 SPXE and SQQQ in my portfolio?

SPXE and SQQQ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXE or SQQQ?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or SQQQ?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 10.00%, compared with 0.00% for SPXE.

What is the main difference between SPXE and SQQQ?

SPXE is categorized as S&P 500, while SQQQ is Leveraged Equities. SPXE tracks S&P 500 Ex-Energy Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.09% for SPXE and 0.95% for SQQQ.