SQQQ vs. MUU
SQQQ (ProShares UltraPro Short QQQ) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, SQQQ returned -54.82% vs 2844.73% for MUU. Their -0.64 correlation means they have often moved in opposite directions in the past. SQQQ charges 0.95%/yr vs 1.01%/yr for MUU.
Performance
SQQQ vs. MUU - 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 MUU's 378.90% 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%
MUU
- 1D
- 1.35%
- 1M
- -35.62%
- 6M
- 114.51%
- YTD
- 378.90%
- 1Y
- 2,844.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 419.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.54B | $1.50B | $2.29B | |
| $2.77B | $2.43B | $2.72B |
SQQQ vs. MUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -38.05% | -53.05% | -10.77% |
MUU Direxion Daily MU Bull 2X Shares | 378.90% | 599.03% | -40.91% |
Correlation
The correlation between SQQQ and MUU is -0.65, 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. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024 | -0.64 |
The correlation between SQQQ and MUU has been stable across timeframes, ranging from -0.65 to -0.64 - a consistent structural relationship.
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Return for Risk
SQQQ vs. MUU — Risk / Return Rank
SQQQ
MUU
SQQQ vs. MUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily MU Bull 2X Shares (MUU). 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 | MUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.84 | ||
| Sortino ratioReturn per unit of downside risk | -6.49 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.63 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 42.38 | -43.30 |
| Martin ratioReturn relative to average drawdown | -1.65 | 138.45 | -140.10 |
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Drawdowns
SQQQ vs. MUU - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SQQQ and MUU.
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Drawdown Indicators
| SQQQ | MUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.07% | -24.93% |
Max Drawdown (1Y)Largest decline over 1 year | -59.62% | -68.07% | +8.45% |
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% | -60.98% | -39.02% |
Average DrawdownAverage peak-to-trough decline | -92.78% | -24.42% | -68.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.25% | 20.79% | +14.46% |
Volatility
SQQQ vs. MUU - Volatility Comparison
The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 21.07%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 61.31%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | MUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.07% | 61.31% | -40.24% |
Volatility (6M)Calculated over the trailing 6-month period | 48.20% | 133.76% | -85.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.95% | 161.53% | -103.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.24% | 146.55% | -78.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.78% | 146.55% | -79.77% |
SQQQ vs. MUU - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.
Dividends
SQQQ vs. MUU - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 9.64%, more than MUU's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MUU Direxion Daily MU Bull 2X Shares | 1.42% | 4.27% | 0.31% | 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 MUU have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUU has higher volatility (61.31%) compared to SQQQ (21.07%). In terms of maximum drawdown, SQQQ dropped -100.00% vs MUU's -75.07%.
On 1-year performance, MUU leads with 2844.73% 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, MUU has performed better with a 2844.73% 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 1.01% for MUU.
SQQQ has the higher dividend yield at 9.64%, compared with 1.42% for MUU.
SQQQ tracks NASDAQ-100 Index (-300%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 1.01% for MUU.
MUU currently has the higher Sharpe Ratio (17.89 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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