SQQQ vs. IFED
SQQQ (ProShares UltraPro Short QQQ) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SQQQ returned -54.63%/yr vs 17.39%/yr for IFED. At a correlation of -0.73, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
SQQQ vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -40.98% return, which is significantly lower than IFED's -0.67% return.
SQQQ
- 1D
- -2.42%
- 1M
- 2.09%
- YTD
- -40.98%
- 6M
- -38.01%
- 1Y
- -59.41%
- 3Y*
- -54.63%
- 5Y*
- -47.03%
- 10Y*
- -56.54%
IFED
- 1D
- 4.16%
- 1M
- 5.15%
- YTD
- -0.67%
- 6M
- -1.84%
- 1Y
- 4.90%
- 3Y*
- 17.39%
- 5Y*
- —
- 10Y*
- —
SQQQ vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -40.98% | -53.05% | -49.79% | -73.61% | 82.40% | -21.84% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -0.67% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between SQQQ and IFED is -0.57, 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 | -0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | -0.73 |
The correlation between SQQQ and IFED shifts across timeframes, from -0.73 (all time) to -0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SQQQ vs. IFED — Risk / Return Rank
SQQQ
IFED
SQQQ vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.07 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.34 | -1.29 |
| Martin ratioReturn relative to average drawdown | -1.84 | 0.83 | -2.68 |
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Drawdowns
SQQQ vs. IFED - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SQQQ and IFED.
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Drawdown Indicators
| SQQQ | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -22.36% | -77.64% |
Max Drawdown (1Y)Largest decline over 1 year | -62.23% | -14.65% | -47.58% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -22.36% | -70.15% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -2.71% | -97.29% |
Average DrawdownAverage peak-to-trough decline | -92.73% | -5.83% | -86.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.76% | 5.90% | +27.86% |
Volatility
SQQQ vs. IFED - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 26.22% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 7.96%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.22% | 7.96% | +18.26% |
Volatility (6M)Calculated over the trailing 6-month period | 43.25% | 14.49% | +28.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.47% | 17.38% | +36.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.54% | 20.00% | +47.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.45% | 20.00% | +46.45% |
SQQQ vs. IFED - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
SQQQ vs. IFED - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 10.12%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index 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 | 10.12% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SQQQ and IFED have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.22%) compared to IFED (7.96%). In terms of maximum drawdown, SQQQ dropped -100.00% vs IFED's -22.36%.
On 3-year performance, IFED leads with 17.39% vs -54.63% for SQQQ. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 7.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 17.39% return vs -54.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 10.12%, compared with 0.00% for IFED.
SQQQ tracks NASDAQ-100 Index (-300%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for SQQQ and 0.45% for IFED.
IFED currently has the higher Sharpe Ratio (0.28 vs -1.11), 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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