PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SQQQ vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SQQQ vs. QLD

Last updated Jun 4, 2026

SQQQ (ProShares UltraPro Short QQQ) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - SQQQ tracks the NASDAQ-100 Index (-300%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, SQQQ returned -56.01%/yr vs 36.10%/yr for QLD. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. QLD - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, SQQQ achieves a -45.27% return, which is significantly lower than QLD's 42.06% return. Over the past 10 years, SQQQ has underperformed QLD with an annualized return of -56.01%, while QLD has yielded a comparatively higher 36.10% annualized return.

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%

QLD

1D
-0.53%
1M
21.54%
YTD
42.06%
6M
37.45%
1Y
85.49%
3Y*
50.15%
5Y*
25.75%
10Y*
36.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SQQQ vs. QLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		-45.27%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%
QLD
ProShares Ultra QQQ		42.06%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%

Correlation

The correlation between SQQQ and QLD is -1.00, 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

-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 12, 2010

-1.00

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

SQQQ vs. QLD - Sectors Allocation Comparison

Sectors
SQQQ
QLD

Financial Services

97.1%
0.2%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Financial Services

SQQQ
97.1%
QLD
0.2%

Basic Materials

SQQQ

-

QLD
1.1%

Communication Services

SQQQ

-

QLD
15.8%

Consumer Cyclical

SQQQ

-

QLD
12.3%

Consumer Defensive

SQQQ

-

QLD
7.7%

Energy

SQQQ

-

QLD
0.6%

Healthcare

SQQQ

-

QLD
4.2%

Industrials

SQQQ

-

QLD
2.8%

Real Estate

SQQQ

-

QLD
0.1%

Technology

SQQQ

-

QLD
53.8%

Utilities

SQQQ

-

QLD
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short QQQ

ProShares Ultra QQQ

Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

SQQQ vs. QLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 6969
Overall Rank
QLD Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 6767
Sortino Ratio Rank
QLD Omega Ratio Rank: 6767
Omega Ratio Rank
QLD Calmar Ratio Rank: 6767
Calmar Ratio Rank
QLD Martin Ratio Rank: 6464
Martin Ratio Rank
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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares Ultra QQQ (QLD). 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.

SQQQQLDDifference
Sharpe ratioReturn per unit of total volatility
-1.37
2.70

-4.07

Sortino ratioReturn per unit of downside risk
-2.63
3.16

-5.79

Omega ratioGain probability vs. loss probability

0.72

1.41

-0.69

Calmar ratioReturn relative to maximum drawdown

-0.99

3.42

-4.41

Martin ratioReturn relative to average drawdown

-1.82

11.92

-13.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQQQ vs. QLD - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.37, which is lower than the QLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of SQQQ and QLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

SQQQQLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.37

2.70

-4.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.74

0.58

-1.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.85

0.81

-1.66

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.88

0.60

-1.47

Drawdowns

SQQQ vs. QLD - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SQQQ and QLD.

Loading charts...

Drawdown Indicators

SQQQQLDDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-83.13%

-16.87%

Max Drawdown (1Y)

Largest decline over 1 year

-65.95%

-25.13%

-40.82%

Max Drawdown (3Y)

Largest decline over 3 years

-92.38%

-42.29%

-50.09%

Max Drawdown (5Y)

Largest decline over 5 years

-97.23%

-63.68%

-33.55%

Max Drawdown (10Y)

Largest decline over 10 years

-99.98%

-63.68%

-36.30%

Current Drawdown

Current decline from peak

-100.00%

-0.53%

-99.47%

Average Drawdown

Average peak-to-trough decline

-92.40%

-18.17%

-74.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.73%

7.20%

+28.53%

Volatility

SQQQ vs. QLD - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 13.75% compared to ProShares Ultra QQQ (QLD) at 8.90%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SQQQQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.75%

8.90%

+4.85%

Volatility (6M)

Calculated over the trailing 6-month period

36.45%

24.08%

+12.37%

Volatility (1Y)

Calculated over the trailing 1-year period

47.79%

31.85%

+15.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

66.64%

44.74%

+21.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.11%

44.56%

+21.55%

SQQQ vs. QLD - Expense Ratio Comparison

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

Dividends

SQQQ vs. QLD - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 12.48%, more than QLD's 0.12% yield.

PositionTTM20252024202320222021202020192018201720162015
QLD
ProShares Ultra QQQ		0.12%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%
SQQQ
ProShares UltraPro Short QQQ		12.48%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

SQQQ and QLD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (13.75%) compared to QLD (8.90%). In terms of maximum drawdown, SQQQ dropped -100.00% vs QLD's -83.13%.

On 10-year performance, QLD leads with 36.10% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, QLD has been the lower-risk option at 8.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 36.10% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 12.48%, compared with 0.12% for QLD.

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

QLD currently has the higher Sharpe Ratio (2.70 vs -1.37), 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.

Portfolio Optimizer

Find the right allocation for SQQQ and QLD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer