SPXN vs. SQQQ

Last updated Jun 25, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SPXN returned 15.79%/yr vs -56.25%/yr for SQQQ. At a correlation of -0.79, they often move in opposite directions. SPXN charges 0.09%/yr vs 0.95%/yr for SQQQ.

Performance

SPXN vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) 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, SPXN achieves a 8.93% return, which is significantly higher than SQQQ's -40.47% return. Over the past 10 years, SPXN has outperformed SQQQ with an annualized return of 15.79%, while SQQQ has yielded a comparatively lower -56.25% annualized return.

SPXN

• 1D: -0.53%
• 1M: -2.48%
• YTD: 8.93%
• 6M: 7.76%
• 1Y: 24.75%
• 3Y*: 20.84%
• 5Y*: 13.53%
• 10Y*: 15.79%

SQQQ

• 1D: -0.27%
• 1M: -2.53%
• YTD: -40.47%
• 6M: -37.47%
• 1Y: -59.36%
• 3Y*: -53.90%
• 5Y*: -46.94%
• 10Y*: -56.25%

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

SPXN vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXN ProShares S&P 500 Ex-Financials ETF	8.93%	18.74%	24.35%	28.57%	-18.87%	27.04%	22.15%	31.50%	-3.85%	20.84%
SQQQ ProShares UltraPro Short QQQ	-40.47%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SPXN and SQQQ is -0.96, 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	-0.96
Correlation (3Y) Calculated over the trailing 3-year period	-0.96
Correlation (5Y) Calculated over the trailing 5-year period	-0.96
Correlation (10Y) Calculated over the trailing 10-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	-0.79

The correlation between SPXN and SQQQ shifts across timeframes, from -0.96 (3 years) to -0.79 (all time), reflecting how their relationship changes across market environments.

SPXN vs. SQQQ - Sectors Allocation Comparison

Sectors	SPXN	SQQQ
Technology	44.8%	-
Communication Services	11.6%	-
Consumer Cyclical	10.9%	-
Healthcare	9.6%	-
Industrials	9.1%	-
Consumer Defensive	5.2%	-
Energy	3.5%	-
Utilities	3.0%	-
Basic Materials	1.9%	-
Financial Services	-	122.0%
Real Estate	-	-

Return for Risk

SPXN vs. SQQQ — Risk / Return Rank

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

SPXN

SPXN Risk / Return Rank: 63
SPXN Sharpe Ratio Rank: 63
SPXN Sortino Ratio Rank: 60
SPXN Omega Ratio Rank: 62
SPXN Calmar Ratio Rank: 61
SPXN Martin Ratio Rank: 70

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.

SPXN vs. SQQQ - Risk-Adjusted Trends Comparison

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

	SPXN	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.85	-1.11	+2.96
Sortino ratio: Return per unit of downside risk	2.49	-1.98	+4.47
Omega ratio: Gain probability vs. loss probability	1.33	0.79	+0.55
Calmar ratio: Return relative to maximum drawdown	2.69	-0.94	+3.63
Martin ratio: Return relative to average drawdown	11.51	-1.77	+13.28

SPXN vs. SQQQ - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 1.85, which is higher than the SQQQ Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of SPXN 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

SPXN vs. SQQQ - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXN and SQQQ.

Drawdown Indicators

	SPXN	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-100.00%	+67.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-63.25%	+53.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-92.51%	+72.95%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	-97.27%	+72.80%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-99.98%	+67.88%
Current Drawdown Current decline from peak	-4.65%	-100.00%	+95.35%
Average Drawdown Average peak-to-trough decline	-3.99%	-92.73%	+88.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	33.97%	-31.81%

Volatility

SPXN vs. SQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 5.37%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.67%. This indicates that SPXN 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

	SPXN	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	26.67%	-21.30%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	43.18%	-32.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	53.58%	-40.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.30%	67.53%	-50.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	66.46%	-48.74%

SPXN vs. SQQQ - Expense Ratio Comparison

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

Dividends

SPXN vs. SQQQ - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.91%, less than SQQQ's 11.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXN ProShares S&P 500 Ex-Financials ETF	0.91%	0.98%	1.12%	1.19%	1.35%	0.94%	1.09%	1.41%	1.76%	1.54%	2.60%	0.52%
SQQQ ProShares UltraPro Short QQQ	11.47%	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 SPXN and SQQQ in my portfolio?

SPXN and SQQQ have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXN or SQQQ?

SQQQ has higher volatility (26.67%) compared to SPXN (5.37%). In terms of maximum drawdown, SPXN dropped -32.10% vs SQQQ's -100.00%.

Which ETF is better, SPXN or SQQQ?

On 10-year performance, SPXN leads with 15.79% vs -56.25% for SQQQ. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or SQQQ?

Over the 10-year period, SPXN has performed better with a 15.79% return vs -56.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or SQQQ?

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

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

SQQQ has the higher dividend yield at 11.47%, compared with 0.91% for SPXN.

What is the main difference between SPXN and SQQQ?

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

Which has better risk-adjusted returns?

SPXN currently has the higher Sharpe Ratio (1.85 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.