SQQQ vs. MUU

Last updated Jul 15, 2026

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 -57.13% vs 3397.63% for MUU. At a correlation of -0.61, they often move in opposite directions. SQQQ charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

SQQQ vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -42.24% return, which is significantly lower than MUU's 640.02% return.

SQQQ

• 1D: -3.30%
• 1M: -1.98%
• 6M: -38.99%
• YTD: -42.24%
• 1Y: -57.13%
• 3Y*: -52.32%
• 5Y*: -46.24%
• 10Y*: -55.43%

MUU

• 1D: 9.50%
• 1M: -10.60%
• 6M: 441.55%
• YTD: 640.02%
• 1Y: 3,397.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SQQQ vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SQQQ ProShares UltraPro Short QQQ	-42.24%	-53.05%	-10.77%
MUU Direxion Daily MU Bull 2X Shares	640.02%	599.03%	-40.91%

Correlation

The correlation between SQQQ and MUU is -0.58, 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	-0.58
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.61

The correlation between SQQQ and MUU has been stable across timeframes, ranging from -0.61 to -0.58 - a consistent structural relationship.

Return for Risk

SQQQ vs. MUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	-1.03	29.47	-30.50
Sortino ratio: Return per unit of downside risk	-1.74	5.90	-7.64
Omega ratio: Gain probability vs. loss probability	0.81	1.73	-0.92
Calmar ratio: Return relative to maximum drawdown	-0.94	81.19	-82.13
Martin ratio: Return relative to average drawdown	-1.73	269.76	-271.49

SQQQ vs. MUU - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.03, which is lower than the MUU Sharpe Ratio of 29.47. The chart below compares the historical Sharpe Ratios of SQQQ and MUU, 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. 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.

Drawdown Indicators

	SQQQ	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-75.07%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-52.72%	-8.31%
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 Drawdown Current decline from peak	-100.00%	-30.27%	-69.73%
Average Drawdown Average peak-to-trough decline	-92.75%	-23.44%	-69.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.98%	16.68%	+16.30%

Volatility

SQQQ vs. MUU - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 24.18%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.96%. 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.

Volatility by Period

	SQQQ	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.18%	67.96%	-43.78%
Volatility (6M) Calculated over the trailing 6-month period	45.91%	115.39%	-69.48%
Volatility (1Y) Calculated over the trailing 1-year period	55.61%	145.68%	-90.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.89%	138.08%	-70.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.57%	138.08%	-71.51%

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 10.34%, more than MUU's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.34%	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 MUU in my portfolio?

SQQQ and MUU have a correlation of -0.58, 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 MUU?

MUU has higher volatility (67.96%) compared to SQQQ (24.18%). In terms of maximum drawdown, SQQQ dropped -100.00% vs MUU's -75.07%.

Which ETF is better, SQQQ or MUU?

On 1-year performance, MUU leads with 3397.63% vs -57.13% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 24.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or MUU?

Over the 1-year period, MUU has performed better with a 3397.63% return vs -57.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or MUU?

SQQQ is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

SQQQ has the higher dividend yield at 10.34%, compared with 0.64% for MUU.

What is the main difference between SQQQ and 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.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (29.47 vs -1.03), 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.