SQQQ vs. IQQQ
SQQQ (ProShares UltraPro Short QQQ) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, SQQQ returned -54.82% vs 23.94% for IQQQ. Their -0.99 correlation means they have often moved in opposite directions in the past. SQQQ charges 0.95%/yr vs 0.55%/yr for IQQQ.
Performance
SQQQ vs. IQQQ - 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 IQQQ's 11.89% 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%
IQQQ
- 1D
- 1.65%
- 1M
- -1.59%
- 6M
- 9.64%
- YTD
- 11.89%
- 1Y
- 23.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.03M | $2.38M | $2.95M | |
| $2.77B | $2.43B | $2.72B |
SQQQ vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -38.05% | -53.05% | -38.44% |
IQQQ ProShares Nasdaq-100 High Income ETF | 11.89% | 17.11% | 14.82% |
Correlation
The correlation between SQQQ and IQQQ is -0.99, 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. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024 | -0.99 |
The correlation between SQQQ and IQQQ has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
SQQQ vs. IQQQ — Risk / Return Rank
SQQQ
IQQQ
SQQQ vs. IQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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 | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.14 | -3.06 |
| Martin ratioReturn relative to average drawdown | -1.65 | 6.34 | -7.99 |
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Drawdowns
SQQQ vs. IQQQ - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for SQQQ and IQQQ.
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Drawdown Indicators
| SQQQ | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -20.41% | -79.59% |
Max Drawdown (1Y)Largest decline over 1 year | -59.62% | -11.25% | -48.37% |
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% | -6.04% | -93.96% |
Average DrawdownAverage peak-to-trough decline | -92.78% | -3.71% | -89.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.25% | 3.78% | +31.47% |
Volatility
SQQQ vs. IQQQ - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.07% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 6.91%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.07% | 6.91% | +14.16% |
Volatility (6M)Calculated over the trailing 6-month period | 48.20% | 15.14% | +33.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.95% | 18.47% | +39.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.24% | 19.31% | +48.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.78% | 19.31% | +47.47% |
SQQQ vs. IQQQ - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.
Dividends
SQQQ vs. IQQQ - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.64%, more than IQQQ's 5.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 5.81% | 10.34% | 7.27% | 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 IQQQ have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (21.07%) compared to IQQQ (6.91%). In terms of maximum drawdown, SQQQ dropped -100.00% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 23.94% vs -54.82% for SQQQ. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IQQQ has performed better with a 23.94% return vs -54.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for SQQQ.
SQQQ has the higher dividend yield at 9.64%, compared with 5.81% for IQQQ.
SQQQ is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. SQQQ tracks NASDAQ-100 Index (-300%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for SQQQ and 0.55% for IQQQ.
IQQQ currently has the higher Sharpe Ratio (1.30 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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