SQQQ vs. QID

Last updated Jul 4, 2026

SQQQ (ProShares UltraPro Short QQQ) and QID (ProShares UltraShort QQQ) are both Leveraged Equities funds from ProShares - SQQQ tracks the NASDAQ-100 Index (-300%) while QID tracks the NASDAQ-100 Index (-200%). Both are passively managed. Over the past 10 years, SQQQ returned -55.74%/yr vs -38.51%/yr for QID. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. QID - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraShort QQQ (QID). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -40.27% return, which is significantly lower than QID's -26.09% return. Over the past 10 years, SQQQ has underperformed QID with an annualized return of -55.74%, while QID has yielded a comparatively higher -38.51% annualized return.

SQQQ

• 1D: 5.46%
• 1M: 9.14%
• 6M: -40.67%
• YTD: -40.27%
• 1Y: -55.55%
• 3Y*: -52.86%
• 5Y*: -46.06%
• 10Y*: -55.74%

QID

• 1D: 3.59%
• 1M: 8.74%
• 6M: -26.38%
• YTD: -26.09%
• 1Y: -38.28%
• 3Y*: -35.85%
• 5Y*: -29.43%
• 10Y*: -38.51%

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

SQQQ vs. QID - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-40.27%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
QID ProShares UltraShort QQQ	-26.09%	-34.97%	-34.06%	-57.19%	66.30%	-44.93%	-69.71%	-49.57%	-9.90%	-44.00%

Correlation

The correlation between SQQQ and QID is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	1.00

The correlation between SQQQ and QID has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SQQQ vs. QID - Sectors Allocation Comparison

Sectors	SQQQ	QID
Financial Services	105.7%	93.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SQQQ vs. QID — 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

QID

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

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. QID - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraShort QQQ (QID). 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	QID	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.08	+0.04
Sortino ratio: Return per unit of downside risk	-1.75	-1.66	-0.09
Omega ratio: Gain probability vs. loss probability	0.81	0.82	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.89	-0.05
Martin ratio: Return relative to average drawdown	-1.79	-1.81	+0.02

SQQQ vs. QID - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.04, which is comparable to the QID Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of SQQQ and QID, 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. QID - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum QID drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SQQQ and QID.

Drawdown Indicators

	SQQQ	QID	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.99%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-61.11%	-44.65%	-16.46%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-79.50%	-13.01%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-88.72%	-8.55%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	-99.29%	-0.68%
Current Drawdown Current decline from peak	-100.00%	-99.99%	-0.01%
Average Drawdown Average peak-to-trough decline	-92.74%	-87.04%	-5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.96%	22.02%	+9.94%

Volatility

SQQQ vs. QID - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 28.86% compared to ProShares UltraShort QQQ (QID) at 19.37%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than QID based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	QID	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.86%	19.37%	+9.49%
Volatility (6M) Calculated over the trailing 6-month period	44.97%	30.07%	+14.90%
Volatility (1Y) Calculated over the trailing 1-year period	54.74%	36.62%	+18.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.73%	45.50%	+22.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.48%	44.79%	+21.69%

SQQQ vs. QID - Expense Ratio Comparison

Both SQQQ and QID have an expense ratio of 0.95%.

Dividends

SQQQ vs. QID - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 10.00%, more than QID's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QID ProShares UltraShort QQQ	7.97%	6.25%	7.99%	5.63%	0.15%	0.00%	0.92%	2.54%	1.38%	0.08%
SQQQ ProShares UltraPro Short QQQ	10.00%	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 QID in my portfolio?

With a correlation of 1.00, SQQQ and QID move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SQQQ or QID?

SQQQ has higher volatility (28.86%) compared to QID (19.37%). In terms of maximum drawdown, SQQQ dropped -100.00% vs QID's -99.99%.

Which ETF is better, SQQQ or QID?

On 10-year performance, QID leads with -38.51% vs -55.74% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, QID has been the lower-risk option at 19.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or QID?

Over the 10-year period, QID has performed better with a -38.51% return vs -55.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or QID?

SQQQ and QID have the same expense ratio: 0.95% per year.

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

SQQQ has the higher dividend yield at 10.00%, compared with 7.97% for QID.

What is the main difference between SQQQ and QID?

SQQQ tracks NASDAQ-100 Index (-300%), while QID tracks NASDAQ-100 Index (-200%).

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-1.04 vs -1.08), 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.