SQQQ vs. DLLL
SQQQ (ProShares UltraPro Short QQQ) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, SQQQ returned -54.82% vs 599.95% for DLLL. Their -0.55 correlation means they have often moved in opposite directions in the past. SQQQ charges 0.95%/yr vs 1.50%/yr for DLLL.
Performance
SQQQ vs. DLLL - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -38.05% return, which is significantly lower than DLLL's 699.96% return.
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%
DLLL
- 1D
- 11.79%
- 1M
- 11.20%
- 6M
- 802.44%
- YTD
- 699.96%
- 1Y
- 599.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 301.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.82M | $34.65M | $52.12M | |
| $2.77B | $2.43B | $2.72B |
SQQQ vs. DLLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -38.05% | -47.89% |
DLLL GraniteShares 2x Long DELL Daily ETF | 699.96% | -3.72% |
Correlation
The correlation between SQQQ and DLLL is -0.50, 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. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025 | -0.55 |
The correlation between SQQQ and DLLL has been stable across timeframes, ranging from -0.55 to -0.50 - a consistent structural relationship.
SQQQ vs. DLLL - Sectors Allocation Comparison
Sectors
SQQQ
DLLL
Financial Services
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Financial Services
SQQQ
DLLL
-
Basic Materials
SQQQ
-
DLLL
-
Communication Services
SQQQ
-
DLLL
-
Consumer Cyclical
SQQQ
-
DLLL
-
Consumer Defensive
SQQQ
-
DLLL
-
Energy
SQQQ
-
DLLL
-
Healthcare
SQQQ
-
DLLL
-
Industrials
SQQQ
-
DLLL
-
Real Estate
SQQQ
-
DLLL
-
Technology
SQQQ
-
DLLL
Utilities
SQQQ
-
DLLL
-
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Return for Risk
SQQQ vs. DLLL — Risk / Return Rank
SQQQ
DLLL
SQQQ vs. DLLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.
| SQQQ | DLLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.25 | ||
| Sortino ratioReturn per unit of downside risk | -5.37 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.47 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 10.59 | -11.51 |
| Martin ratioReturn relative to average drawdown | -1.65 | 20.58 | -22.23 |
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Drawdowns
SQQQ vs. DLLL - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for SQQQ and DLLL.
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Drawdown Indicators
| SQQQ | DLLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -68.58% | -31.42% |
Max Drawdown (1Y)Largest decline over 1 year | -59.62% | -57.19% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -24.33% | -75.67% |
Average DrawdownAverage peak-to-trough decline | -92.78% | -25.80% | -66.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.25% | 29.35% | +5.90% |
Volatility
SQQQ vs. DLLL - Volatility Comparison
The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 21.07%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 50.69%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | DLLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.07% | 50.69% | -29.62% |
Volatility (6M)Calculated over the trailing 6-month period | 48.20% | 114.42% | -66.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.95% | 140.93% | -82.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.24% | 132.81% | -64.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.78% | 132.81% | -66.03% |
SQQQ vs. DLLL - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.
Dividends
SQQQ vs. DLLL - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.64%, while DLLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DLLL GraniteShares 2x Long DELL Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
SQQQ and DLLL have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLLL has higher volatility (50.69%) compared to SQQQ (21.07%). In terms of maximum drawdown, SQQQ dropped -100.00% vs DLLL's -68.58%.
On 1-year performance, DLLL leads with 599.95% vs -54.82% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 21.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DLLL has performed better with a 599.95% return vs -54.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.
SQQQ has the higher dividend yield at 9.64%, compared with 0.00% for DLLL.
SQQQ tracks NASDAQ-100 Index (-300%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for SQQQ and 1.50% for DLLL.
DLLL currently has the higher Sharpe Ratio (4.30 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.
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