SQQQ vs. NOBL

Last updated Aug 4, 2026

SQQQ (ProShares UltraPro Short QQQ) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SQQQ returned -54.51%/yr vs 9.85%/yr for NOBL. Their -0.58 correlation means they have often moved in opposite directions in the past. SQQQ charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

SQQQ vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 lower than NOBL's 11.50% return. Over the past 10 years, SQQQ has underperformed NOBL with an annualized return of -54.51%, while NOBL has yielded a comparatively higher 9.85% annualized 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%

NOBL

• 1D: 0.60%
• 1M: -0.50%
• 6M: 4.99%
• YTD: 11.50%
• 1Y: 16.10%
• 3Y*: 8.76%
• 5Y*: 6.69%
• 10Y*: 9.85%
• ALL TIME*: 10.74%

*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)
NOBL ProShares S&P 500 Dividend Aristocrats ETF	$70.34M	$67.56M	$62.19M
SQQQ ProShares UltraPro Short QQQ	$2.77B	$2.43B	$2.72B

SQQQ vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-38.05%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	11.50%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between SQQQ and NOBL is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	-0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.48
Correlation (10Y) Provides a long-term view across more market conditions.	-0.53
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	-0.58

Over the past year, the inverse relationship between SQQQ and NOBL has weakened: their correlation has moved from -0.58 to -0.06, meaning they move in opposite directions less often than they have historically.

SQQQ vs. NOBL - Sectors Allocation Comparison

Sectors	SQQQ	NOBL
Financial Services	89.7%	13.2%
Basic Materials	-	9.4%
Communication Services	-	-
Consumer Cyclical	-	5.3%
Consumer Defensive	-	23.3%
Energy	-	2.9%
Healthcare	-	10.8%
Industrials	-	20.3%
Real Estate	-	4.6%
Technology	-	4.3%
Utilities	-	5.7%

Return for Risk

SQQQ vs. NOBL — 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

NOBL

NOBL Risk / Return Rank: 51
NOBL Sharpe Ratio Rank: 56
NOBL Sortino Ratio Rank: 60
NOBL Omega Ratio Rank: 50
NOBL Calmar Ratio Rank: 48
NOBL Martin Ratio Rank: 42

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. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	-0.95	1.36	-2.31
Sortino ratio: Return per unit of downside risk	-1.51	2.07	-3.58
Omega ratio: Gain probability vs. loss probability	0.84	1.23	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.92	1.77	-2.70
Martin ratio: Return relative to average drawdown	-1.65	4.49	-6.14

SQQQ vs. NOBL - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.95, which is lower than the NOBL Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of SQQQ and NOBL, 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. NOBL - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SQQQ and NOBL.

Drawdown Indicators

	SQQQ	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-35.43%	-64.57%
Max Drawdown (1Y) Largest decline over 1 year	-59.62%	-9.11%	-50.51%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-15.36%	-77.15%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-17.92%	-79.35%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	-35.43%	-64.54%
Current Drawdown Current decline from peak	-100.00%	-1.73%	-98.27%
Average Drawdown Average peak-to-trough decline	-92.78%	-3.46%	-89.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.25%	3.59%	+31.66%

Volatility

SQQQ vs. NOBL - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.07% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.72%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.07%	4.72%	+16.35%
Volatility (6M) Calculated over the trailing 6-month period	48.20%	9.11%	+39.09%
Volatility (1Y) Calculated over the trailing 1-year period	57.95%	11.92%	+46.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.24%	14.48%	+53.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.78%	16.64%	+50.14%

SQQQ vs. NOBL - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

SQQQ vs. NOBL - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.64%, more than NOBL's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.03%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQQQ and NOBL in my portfolio?

SQQQ and NOBL have a correlation of -0.06, 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 NOBL?

SQQQ has higher volatility (21.07%) compared to NOBL (4.72%). In terms of maximum drawdown, SQQQ dropped -100.00% vs NOBL's -35.43%.

Which ETF is better, SQQQ or NOBL?

On 10-year performance, NOBL leads with 9.85% vs -54.51% for SQQQ. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or NOBL?

Over the 10-year period, NOBL has performed better with a 9.85% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or NOBL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 9.64%, compared with 2.03% for NOBL.

What is the main difference between SQQQ and NOBL?

SQQQ is categorized as Leveraged Equities, while NOBL is Dividend. SQQQ tracks NASDAQ-100 Index (-300%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SQQQ and 0.35% for NOBL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.36 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.