SPXT vs. SQQQ

Last updated Aug 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SPXT returned 11.71%/yr vs -54.51%/yr for SQQQ. Their -0.63 correlation means they have often moved in opposite directions in the past. SPXT charges 0.09%/yr vs 0.95%/yr for SQQQ.

Performance

SPXT vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) 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, SPXT achieves a 8.41% return, which is significantly higher than SQQQ's -38.05% return. Over the past 10 years, SPXT has outperformed SQQQ with an annualized return of 11.71%, while SQQQ has yielded a comparatively lower -54.51% annualized return.

SPXT

• 1D: 1.21%
• 1M: 1.71%
• 6M: 4.60%
• YTD: 8.41%
• 1Y: 19.10%
• 3Y*: 16.39%
• 5Y*: 9.86%
• 10Y*: 11.71%
• ALL TIME*: 11.95%

SQQQ

• 1D: -5.26%
• 1M: 3.70%
• 6M: -34.63%
• YTD: -38.05%
• 1Y: -54.82%
• 3Y*: -52.10%
• 5Y*: -44.80%
• 10Y*: -54.51%
• ALL TIME*: -52.82%

*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)
SPXT ProShares S&P 500 Ex-Technology ETF	$2.24M	$2.32M	$1.68M
SQQQ ProShares UltraPro Short QQQ	$2.77B	$2.43B	$2.72B

SPXT vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXT ProShares S&P 500 Ex-Technology ETF	8.41%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
SQQQ ProShares UltraPro Short QQQ	-38.05%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SPXT and SQQQ is -0.53, 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.	-0.53
Correlation (3Y) Balances recent behavior with more history.	-0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.75
Correlation (10Y) Provides a long-term view across more market conditions.	-0.66
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	-0.63

The correlation between SPXT and SQQQ shifts across timeframes, from -0.75 (5 years) to -0.53 (1 year), reflecting how their relationship changes across market environments.

SPXT vs. SQQQ - Sectors Allocation Comparison

Sectors	SPXT	SQQQ
Financial Services	18.6%	89.7%
Communication Services	15.6%	-
Consumer Cyclical	15.3%	-
Healthcare	14.3%	-
Industrials	13.6%	-
Consumer Defensive	7.3%	-
Energy	4.8%	-
Utilities	3.5%	-
Real Estate	3.0%	-
Basic Materials	2.7%	-
Technology	1.2%	-

Return for Risk

SPXT vs. SQQQ — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 74
SPXT Sharpe Ratio Rank: 76
SPXT Sortino Ratio Rank: 76
SPXT Omega Ratio Rank: 73
SPXT Calmar Ratio Rank: 68
SPXT Martin Ratio Rank: 79

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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.

SPXT vs. SQQQ - Risk-Adjusted Trends Comparison

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

	SPXT	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	-0.95	+2.73
Sortino ratio: Return per unit of downside risk	2.52	-1.51	+4.03
Omega ratio: Gain probability vs. loss probability	1.31	0.84	+0.47
Calmar ratio: Return relative to maximum drawdown	2.43	-0.92	+3.35
Martin ratio: Return relative to average drawdown	10.39	-1.65	+12.03

SPXT vs. SQQQ - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.78, which is higher than the SQQQ Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of SPXT 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

SPXT vs. SQQQ - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXT and SQQQ.

Drawdown Indicators

	SPXT	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-100.00%	+65.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-59.62%	+51.72%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-92.51%	+76.93%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-97.27%	+75.80%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-99.97%	+65.59%
Current Drawdown Current decline from peak	0.00%	-100.00%	+100.00%
Average Drawdown Average peak-to-trough decline	-4.09%	-92.78%	+88.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	35.25%	-33.41%

Volatility

SPXT vs. SQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 3.70%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. This indicates that SPXT 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

	SPXT	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	21.07%	-17.37%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	48.20%	-39.92%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	57.95%	-47.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.76%	68.24%	-53.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	66.78%	-50.55%

SPXT vs. SQQQ - Expense Ratio Comparison

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

Dividends

SPXT vs. SQQQ - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.32%, less than SQQQ's 9.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXT ProShares S&P 500 Ex-Technology ETF	1.32%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%
SQQQ ProShares UltraPro Short QQQ	9.64%	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 SPXT and SQQQ in my portfolio?

SPXT and SQQQ have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or SQQQ?

SQQQ has higher volatility (21.07%) compared to SPXT (3.70%). In terms of maximum drawdown, SPXT dropped -34.38% vs SQQQ's -100.00%.

Which ETF is better, SPXT or SQQQ?

On 10-year performance, SPXT leads with 11.71% vs -54.51% for SQQQ. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or SQQQ?

Over the 10-year period, SPXT has performed better with a 11.71% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.64%, compared with 1.32% for SPXT.

What is the main difference between SPXT and SQQQ?

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

Which has better risk-adjusted returns?

SPXT currently has the higher Sharpe Ratio (1.78 vs -0.95), 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.