SQMX vs. DIG

Last updated Jul 17, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and DIG (ProShares Ultra Oil & Gas) are both exchange-traded funds - SQMX is a Defined Outcome fund tracking the S&P 500, while DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past year, SQMX returned 7.25% vs 68.08% for DIG. At a 0.09 correlation, their price movements are largely independent. SQMX charges 0.85%/yr vs 0.95%/yr for DIG.

Performance

SQMX vs. DIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) and ProShares Ultra Oil & Gas (DIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQMX achieves a 2.84% return, which is significantly lower than DIG's 57.02% return.

SQMX

• 1D: -0.15%
• 1M: 0.53%
• 6M: 2.34%
• YTD: 2.84%
• 1Y: 7.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIG

• 1D: 1.92%
• 1M: 6.49%
• 6M: 39.50%
• YTD: 57.02%
• 1Y: 68.08%
• 3Y*: 19.43%
• 5Y*: 33.20%
• 10Y*: 3.82%

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

SQMX vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.84%	8.58%	-0.27%
DIG ProShares Ultra Oil & Gas	57.02%	2.73%	5.07%

Correlation

The correlation between SQMX and DIG is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Dec 23, 2024	0.09

The correlation between SQMX and DIG shifts across timeframes, from -0.10 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SQMX vs. DIG — Risk / Return Rank

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

SQMX

SQMX Risk / Return Rank: 86
SQMX Sharpe Ratio Rank: 83
SQMX Sortino Ratio Rank: 85
SQMX Omega Ratio Rank: 92
SQMX Calmar Ratio Rank: 83
SQMX Martin Ratio Rank: 89

DIG

DIG Risk / Return Rank: 53
DIG Sharpe Ratio Rank: 62
DIG Sortino Ratio Rank: 53
DIG Omega Ratio Rank: 50
DIG Calmar Ratio Rank: 57
DIG Martin Ratio Rank: 45

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.

SQMX vs. DIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) and ProShares Ultra Oil & Gas (DIG). 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.

	SQMX	DIG	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.64	+0.51
Sortino ratio: Return per unit of downside risk	3.08	2.10	+0.98
Omega ratio: Gain probability vs. loss probability	1.49	1.26	+0.23
Calmar ratio: Return relative to maximum drawdown	3.58	2.30	+1.28
Martin ratio: Return relative to average drawdown	15.15	5.96	+9.19

SQMX vs. DIG - Sharpe Ratio Comparison

The current SQMX Sharpe Ratio is 2.15, which is higher than the DIG Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SQMX and DIG, 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

SQMX vs. DIG - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for SQMX and DIG.

Drawdown Indicators

	SQMX	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-97.04%	+89.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-29.80%	+27.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.53%	—
Current Drawdown Current decline from peak	-0.15%	-54.00%	+53.85%
Average Drawdown Average peak-to-trough decline	-0.52%	-64.31%	+63.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	11.46%	-10.98%

Volatility

SQMX vs. DIG - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) is 0.83%, while ProShares Ultra Oil & Gas (DIG) has a volatility of 12.34%. This indicates that SQMX experiences smaller price fluctuations and is considered to be less risky than DIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQMX	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	12.34%	-11.51%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	33.38%	-30.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	41.89%	-38.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.07%	51.35%	-45.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.07%	57.79%	-51.72%

SQMX vs. DIG - Expense Ratio Comparison

SQMX has a 0.85% expense ratio, which is lower than DIG's 0.95% expense ratio.

Dividends

SQMX vs. DIG - Dividend Comparison

SQMX has not paid dividends to shareholders, while DIG's dividend yield for the trailing twelve months is around 1.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.58%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQMX and DIG in my portfolio?

SQMX and DIG have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQMX or DIG?

DIG has higher volatility (12.34%) compared to SQMX (0.83%). In terms of maximum drawdown, SQMX dropped -7.40% vs DIG's -97.04%.

Which ETF is better, SQMX or DIG?

On 1-year performance, DIG leads with 68.08% vs 7.25% for SQMX. On fees, SQMX is cheaper at 0.85% per year. On volatility, SQMX has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQMX or DIG?

Over the 1-year period, DIG has performed better with a 68.08% return vs 7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQMX or DIG?

SQMX is cheaper with a 0.85% expense ratio, compared with 0.95% for DIG.

Which ETF pays a higher dividend yield, SQMX or DIG?

DIG has the higher dividend yield at 1.58%, compared with 0.00% for SQMX.

What is the main difference between SQMX and DIG?

SQMX is categorized as Defined Outcome, while DIG is Leveraged Equities. SQMX tracks S&P 500, while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: FT Vest and ProShares. Their fees differ too: 0.85% for SQMX and 0.95% for DIG.

Which has better risk-adjusted returns?

SQMX currently has the higher Sharpe Ratio (2.15 vs 1.64), 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.