SQQQ vs. ARMG

Last updated Jun 4, 2026

SQQQ (ProShares UltraPro Short QQQ) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. SQQQ is passively managed, while ARMG is actively managed. Over the past year, SQQQ returned -65.16% vs 510.84% for ARMG. At a correlation of -0.62, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.75%/yr for ARMG.

Performance

SQQQ vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -45.27% return, which is significantly lower than ARMG's 936.32% return.

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%

ARMG

• 1D: 4.85%
• 1M: 261.28%
• YTD: 936.32%
• 6M: 526.62%
• 1Y: 510.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQQQ vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
SQQQ ProShares UltraPro Short QQQ	-45.27%	-54.68%
ARMG Leverage Shares 2X Long ARM Daily ETF	936.32%	-61.80%

Correlation

The correlation between SQQQ and ARMG is -0.56, 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	-0.56
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.62

The correlation between SQQQ and ARMG has been stable across timeframes, ranging from -0.62 to -0.56 - a consistent structural relationship.

Return for Risk

SQQQ vs. ARMG — Risk / Return Rank

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

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

ARMG

ARMG Risk / Return Rank: 84
ARMG Sharpe Ratio Rank: 95
ARMG Sortino Ratio Rank: 80
ARMG Omega Ratio Rank: 77
ARMG Calmar Ratio Rank: 94
ARMG Martin Ratio Rank: 71

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.

SQQQ vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	SQQQ	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	3.96	-5.32
Sortino ratio: Return per unit of downside risk	-2.63	3.63	-6.26
Omega ratio: Gain probability vs. loss probability	0.72	1.46	-0.74
Calmar ratio: Return relative to maximum drawdown	-0.99	7.56	-8.55
Martin ratio: Return relative to average drawdown	-1.82	13.34	-15.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQQQ vs. ARMG - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.37, which is lower than the ARMG Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of SQQQ and ARMG, 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

	SQQQ	ARMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	3.96	-5.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	1.24	-2.12

Drawdowns

SQQQ vs. ARMG - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than ARMG's maximum drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for SQQQ and ARMG.

Drawdown Indicators

	SQQQ	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-80.28%	-19.72%
Max Drawdown (1Y) Largest decline over 1 year	-65.95%	-68.13%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-92.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-97.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-92.40%	-53.04%	-39.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.73%	38.55%	-2.82%

Volatility

SQQQ vs. ARMG - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 13.75%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 64.57%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	64.57%	-50.82%
Volatility (6M) Calculated over the trailing 6-month period	36.45%	103.90%	-67.45%
Volatility (1Y) Calculated over the trailing 1-year period	47.79%	130.31%	-82.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.64%	138.30%	-71.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.11%	138.30%	-72.19%

SQQQ vs. ARMG - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

SQQQ vs. ARMG - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 12.48%, more than ARMG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARMG Leverage Shares 2X Long ARM Daily ETF	0.47%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SQQQ and ARMG in my portfolio?

SQQQ and ARMG have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQQQ or ARMG?

ARMG has higher volatility (64.57%) compared to SQQQ (13.75%). In terms of maximum drawdown, SQQQ dropped -100.00% vs ARMG's -80.28%.

Which ETF is better, SQQQ or ARMG?

On 1-year performance, ARMG leads with 510.84% vs -65.16% for SQQQ. On fees, ARMG is cheaper at 0.75% per year. On volatility, SQQQ has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or ARMG?

Over the 1-year period, ARMG has performed better with a 510.84% return vs -65.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 12.48%, compared with 0.47% for ARMG.

What is the main difference between SQQQ and ARMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for SQQQ and 0.75% for ARMG.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (3.96 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.