SQQQ vs. FNGD

Last updated Aug 4, 2026

SQQQ (ProShares UltraPro Short QQQ) and FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while FNGD tracks the NYSE FANG+ Index (Gross Total Return, -300% Daily). Both are passively managed. Over the past 5 years, SQQQ returned -44.80%/yr vs -63.58%/yr for FNGD. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. FNGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -38.05% return, which is significantly higher than FNGD's -40.15% 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%

FNGD

• 1D: -8.21%
• 1M: -12.51%
• 6M: -44.86%
• YTD: -40.15%
• 1Y: -52.57%
• 3Y*: -66.65%
• 5Y*: -63.58%
• 10Y*: —
• ALL TIME*: -70.21%

*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)
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	$12.93M	$14.38M	$20.19M
SQQQ ProShares UltraPro Short QQQ	$2.77B	$2.43B	$2.72B

SQQQ vs. FNGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SQQQ ProShares UltraPro Short QQQ	-38.05%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-0.24%
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-40.15%	-61.42%	-76.57%	-90.14%	52.21%	-60.04%	-95.60%	-72.46%	-16.61%

Correlation

The correlation between SQQQ and FNGD is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 23, 2018	0.91

The correlation between SQQQ and FNGD has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

SQQQ vs. FNGD - Sectors Allocation Comparison

Sectors	SQQQ	FNGD
Financial Services	89.7%	10.0%
Basic Materials	-	-
Communication Services	-	30.0%
Consumer Cyclical	-	10.4%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	59.6%
Utilities	-	-

Return for Risk

SQQQ vs. FNGD — Risk / Return Rank

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

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

FNGD

FNGD Risk / Return Rank: 3
FNGD Sharpe Ratio Rank: 3
FNGD Sortino Ratio Rank: 3
FNGD Omega Ratio Rank: 3
FNGD Calmar Ratio Rank: 3
FNGD Martin Ratio Rank: 1

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.

SQQQ vs. FNGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD). 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	FNGD	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	-0.79	-0.16
Sortino ratio: Return per unit of downside risk	-1.51	-1.08	-0.43
Omega ratio: Gain probability vs. loss probability	0.84	0.88	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.92	-0.80	-0.12
Martin ratio: Return relative to average drawdown	-1.65	-1.50	-0.14

SQQQ vs. FNGD - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.95, which is comparable to the FNGD Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of SQQQ and FNGD, 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

SQQQ vs. FNGD - Drawdown Comparison

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

Drawdown Indicators

	SQQQ	FNGD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-59.62%	-65.92%	+6.30%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-97.35%	+4.84%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-99.67%	+2.40%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	—	—
Current Drawdown Current decline from peak	-100.00%	-100.00%	0.00%
Average Drawdown Average peak-to-trough decline	-92.78%	-87.46%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.25%	35.49%	-0.24%

Volatility

SQQQ vs. FNGD - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.07% compared to MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) at 19.94%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than FNGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	FNGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.07%	19.94%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	48.20%	55.19%	-6.99%
Volatility (1Y) Calculated over the trailing 1-year period	57.95%	66.98%	-9.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.24%	89.87%	-21.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.78%	90.97%	-24.19%

SQQQ vs. FNGD - Expense Ratio Comparison

Both SQQQ and FNGD have an expense ratio of 0.95%.

Dividends

SQQQ vs. FNGD - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.64%, while FNGD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	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

Can I hold both SQQQ and FNGD in my portfolio?

SQQQ and FNGD have a correlation of 0.87, 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 FNGD?

SQQQ has higher volatility (21.07%) compared to FNGD (19.94%). In terms of maximum drawdown, SQQQ dropped -100.00% vs FNGD's -100.00%.

Which ETF is better, SQQQ or FNGD?

On 5-year performance, SQQQ leads with -44.80% vs -63.58% for FNGD. Both ETFs have the same 0.95% expense ratio. On volatility, FNGD has been the lower-risk option at 19.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or FNGD?

Over the 5-year period, SQQQ has performed better with a -44.80% return vs -63.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or FNGD?

SQQQ and FNGD have the same expense ratio: 0.95% per year.

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

SQQQ has the higher dividend yield at 9.64%, compared with 0.00% for FNGD.

What is the main difference between SQQQ and FNGD?

SQQQ tracks NASDAQ-100 Index (-300%), while FNGD tracks NYSE FANG+ Index (Gross Total Return, -300% Daily). They also come from different issuers: ProShares and BMO.

Which has better risk-adjusted returns?

FNGD currently has the higher Sharpe Ratio (-0.79 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.