SPXE vs. SQQQ

Last updated Jun 4, 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. Over the past 10 years, SPXE returned 15.72%/yr vs -56.01%/yr for SQQQ. At a correlation of -0.81, 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

In the year-to-date period, SPXE achieves a 10.29% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, SPXE has outperformed SQQQ with an annualized return of 15.72%, while SQQQ has yielded a comparatively lower -56.01% annualized return.

SPXE

• 1D: -0.72%
• 1M: 5.33%
• YTD: 10.29%
• 6M: 10.47%
• 1Y: 27.46%
• 3Y*: 22.55%
• 5Y*: 13.56%
• 10Y*: 15.72%

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)

SPXE vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	10.29%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
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 SPXE and SQQQ is -0.94, 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	-0.94
Correlation (3Y) Calculated over the trailing 3-year period	-0.94
Correlation (5Y) Calculated over the trailing 5-year period	-0.94
Correlation (10Y) Calculated over the trailing 10-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	-0.81

The correlation between SPXE and SQQQ shifts across timeframes, from -0.94 (1 year) to -0.81 (all time), reflecting how their relationship changes across market environments.

SPXE vs. SQQQ - Sectors Allocation Comparison

Sectors	SPXE	SQQQ
Technology	39.6%	-
Financial Services	11.6%	97.1%
Communication Services	11.0%	-
Consumer Cyclical	10.1%	-
Healthcare	8.6%	-
Industrials	7.9%	-
Consumer Defensive	4.7%	-
Utilities	2.7%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-
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

SPXE Risk / Return Rank: 64
SPXE Sharpe Ratio Rank: 67
SPXE Sortino Ratio Rank: 66
SPXE Omega Ratio Rank: 65
SPXE Calmar Ratio Rank: 55
SPXE Martin Ratio Rank: 68

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.

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.

	SPXE	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.22	-1.37	+3.59
Sortino ratio: Return per unit of downside risk	3.07	-2.63	+5.69
Omega ratio: Gain probability vs. loss probability	1.40	0.72	+0.67
Calmar ratio: Return relative to maximum drawdown	2.73	-0.99	+3.72
Martin ratio: Return relative to average drawdown	12.40	-1.82	+14.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXE vs. SQQQ - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 2.22, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of SPXE 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

	SPXE	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	-1.37	+3.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	-0.74	+1.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	-0.85	+1.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	-0.88	+1.78

Drawdowns

SPXE vs. SQQQ - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, 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	-32.27%	-100.00%	+67.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-65.95%	+55.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-92.38%	+73.48%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-97.23%	+70.73%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-99.98%	+67.71%
Current Drawdown Current decline from peak	-0.72%	-100.00%	+99.28%
Average Drawdown Average peak-to-trough decline	-4.47%	-92.40%	+87.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	35.73%	-33.51%

Volatility

SPXE vs. SQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 3.20%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that SPXE 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

	SPXE	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	13.75%	-10.55%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	36.45%	-26.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	47.79%	-35.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	66.64%	-49.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	66.11%	-48.69%

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's dividend yield for the trailing twelve months is around 0.91%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXE ProShares S&P 500 Ex-Energy ETF	0.91%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXE and SQQQ in my portfolio?

SPXE and SQQQ have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXE or SQQQ?

SQQQ has higher volatility (13.75%) compared to SPXE (3.20%). In terms of maximum drawdown, SPXE dropped -32.27% vs SQQQ's -100.00%.

Which ETF is better, SPXE or SQQQ?

On 10-year performance, SPXE leads with 15.72% vs -56.01% for SQQQ. On fees, SPXE is cheaper at 0.09% per year. On volatility, SPXE has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXE or SQQQ?

Over the 10-year period, SPXE has performed better with a 15.72% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 12.48%, compared with 0.91% 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.

Which has better risk-adjusted returns?

SPXE currently has the higher Sharpe Ratio (2.22 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.