SPXU vs. SQQQ

Last updated Jun 24, 2026

SPXU (ProShares UltraPro Short S&P500) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, SPXU returned -41.98%/yr vs -56.24%/yr for SQQQ. Their correlation of 0.90 suggests significant overlap in exposure. SPXU charges 0.90%/yr vs 0.95%/yr for SQQQ.

Performance

SPXU vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) 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, SPXU achieves a -20.19% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, SPXU has outperformed SQQQ with an annualized return of -41.98%, while SQQQ has yielded a comparatively lower -56.24% annualized return.

SPXU

• 1D: 4.24%
• 1M: 3.93%
• YTD: -20.19%
• 6M: -17.81%
• 1Y: -43.92%
• 3Y*: -40.85%
• 5Y*: -33.55%
• 10Y*: -41.98%

SQQQ

• 1D: 9.83%
• 1M: -2.27%
• YTD: -40.31%
• 6M: -37.80%
• 1Y: -61.11%
• 3Y*: -53.86%
• 5Y*: -46.89%
• 10Y*: -56.24%

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

SPXU vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	-20.19%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%
SQQQ ProShares UltraPro Short QQQ	-40.31%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between SPXU and SQQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	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	0.91
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.90

The correlation between SPXU and SQQQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SPXU vs. SQQQ - Sectors Allocation Comparison

Sectors	SPXU	SQQQ
Financial Services	82.5%	122.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPXU vs. SQQQ — Risk / Return Rank

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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 0
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.

SPXU vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.

	SPXU	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.18	-1.14	-0.04
Sortino ratio: Return per unit of downside risk	-1.90	-2.07	+0.17
Omega ratio: Gain probability vs. loss probability	0.79	0.78	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.96	+0.03
Martin ratio: Return relative to average drawdown	-1.61	-1.81	+0.20

SPXU vs. SQQQ - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.18, which is comparable to the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of SPXU 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

SPXU vs. SQQQ - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXU and SQQQ.

Drawdown Indicators

	SPXU	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-100.00%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-47.11%	-63.52%	+16.41%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	-92.51%	+8.15%
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	-97.27%	+7.04%
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	-99.98%	+0.35%
Current Drawdown Current decline from peak	-99.99%	-100.00%	+0.01%
Average Drawdown Average peak-to-trough decline	-93.33%	-92.73%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.37%	36.37%	-7.00%

Volatility

SPXU vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 14.32%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that SPXU 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

	SPXU	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	26.69%	-12.37%
Volatility (6M) Calculated over the trailing 6-month period	29.53%	43.33%	-13.80%
Volatility (1Y) Calculated over the trailing 1-year period	37.35%	53.65%	-16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	67.53%	-16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.43%	66.47%	-13.04%

SPXU vs. SQQQ - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

SPXU vs. SQQQ - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 7.35%, less than SQQQ's 11.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	7.35%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%
SQQQ ProShares UltraPro Short QQQ	11.44%	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 SPXU and SQQQ in my portfolio?

With a correlation of 0.94, SPXU and SQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPXU or SQQQ?

SQQQ has higher volatility (26.69%) compared to SPXU (14.32%). In terms of maximum drawdown, SPXU dropped -99.99% vs SQQQ's -100.00%.

Which ETF is better, SPXU or SQQQ?

On 10-year performance, SPXU leads with -41.98% vs -56.24% for SQQQ. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 14.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or SQQQ?

Over the 10-year period, SPXU has performed better with a -41.98% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or SQQQ?

SPXU is cheaper with a 0.90% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 11.44%, compared with 7.35% for SPXU.

What is the main difference between SPXU and SQQQ?

SPXU is categorized as S&P 500, while SQQQ is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.90% for SPXU and 0.95% for SQQQ.

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-1.14 vs -1.18), 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.