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SQQQ vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SQQQ vs. QQQ

Last updated Jun 14, 2026

SQQQ (ProShares UltraPro Short QQQ) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SQQQ returned -55.92%/yr vs 21.79%/yr for QQQ. At a correlation of -1.00, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

SQQQ vs. QQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, SQQQ achieves a -41.07% return, which is significantly lower than QQQ's 17.57% return. Over the past 10 years, SQQQ has underperformed QQQ with an annualized return of -55.92%, while QQQ has yielded a comparatively higher 21.79% annualized return.

SQQQ

1D
-1.93%
1M
-2.51%
YTD
-41.07%
6M
-41.43%
1Y
-62.69%
3Y*
-54.00%
5Y*
-47.88%
10Y*
-55.92%

QQQ

1D
0.59%
1M
0.22%
YTD
17.57%
6M
17.85%
1Y
37.55%
3Y*
26.43%
5Y*
16.85%
10Y*
21.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SQQQ vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		-41.07%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%
QQQ
Invesco QQQ ETF		17.57%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between SQQQ and QQQ 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 11, 2010

-1.00

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

SQQQ vs. QQQ - Sectors Allocation Comparison

Sectors
SQQQ
QQQ

Financial Services

99.9%
0.2%

Basic Materials

-

1.0%

Communication Services

-

14.3%

Consumer Cyclical

-

11.4%

Consumer Defensive

-

6.4%

Energy

-

0.5%

Healthcare

-

3.7%

Industrials

-

2.6%

Real Estate

-

0.1%

Technology

-

58.7%

Utilities

-

1.2%

Financial Services

SQQQ
99.9%
QQQ
0.2%

Basic Materials

SQQQ

-

QQQ
1.0%

Communication Services

SQQQ

-

QQQ
14.3%

Consumer Cyclical

SQQQ

-

QQQ
11.4%

Consumer Defensive

SQQQ

-

QQQ
6.4%

Energy

SQQQ

-

QQQ
0.5%

Healthcare

SQQQ

-

QQQ
3.7%

Industrials

SQQQ

-

QQQ
2.6%

Real Estate

SQQQ

-

QQQ
0.1%

Technology

SQQQ

-

QQQ
58.7%

Utilities

SQQQ

-

QQQ
1.2%

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

Invesco QQQ ETF

Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. UVIX
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. QQQI

Return for Risk

SQQQ vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 11
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 7171
Overall Rank
QQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7373
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7070
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. QQQ - Risk-Adjusted Trends Comparison

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

SQQQQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.19
2.09

-3.29

Sortino ratioReturn per unit of downside risk
-2.19
2.73

-4.93

Omega ratioGain probability vs. loss probability

0.77

1.37

-0.60

Calmar ratioReturn relative to maximum drawdown

-0.93

3.01

-3.94

Martin ratioReturn relative to average drawdown

-1.67

11.22

-12.89

SQQQ vs. QQQ - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.19, which is lower than the QQQ Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of SQQQ and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SQQQ vs. QQQ - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SQQQ and QQQ.

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Drawdown Indicators

SQQQQQQDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-82.97%

-17.03%

Max Drawdown (1Y)

Largest decline over 1 year

-65.71%

-11.96%

-53.75%

Max Drawdown (3Y)

Largest decline over 3 years

-92.38%

-22.77%

-69.61%

Max Drawdown (5Y)

Largest decline over 5 years

-97.23%

-35.12%

-62.11%

Max Drawdown (10Y)

Largest decline over 10 years

-99.98%

-35.12%

-64.86%

Current Drawdown

Current decline from peak

-100.00%

-3.33%

-96.67%

Average Drawdown

Average peak-to-trough decline

-92.72%

-32.75%

-59.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

36.79%

3.20%

+33.59%

Volatility

SQQQ vs. QQQ - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.95% compared to Invesco QQQ ETF (QQQ) at 7.56%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SQQQQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.95%

7.56%

+14.39%

Volatility (6M)

Calculated over the trailing 6-month period

41.13%

13.81%

+27.32%

Volatility (1Y)

Calculated over the trailing 1-year period

51.45%

17.19%

+34.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.13%

22.55%

+44.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.37%

22.38%

+43.99%

SQQQ vs. QQQ - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

SQQQ vs. QQQ - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 11.59%, more than QQQ's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
SQQQ
ProShares UltraPro Short QQQ		11.59%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 QQQ 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 (21.95%) compared to QQQ (7.56%). In terms of maximum drawdown, SQQQ dropped -100.00% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 21.79% vs -55.92% for SQQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 21.79% return vs -55.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for SQQQ.

SQQQ has the higher dividend yield at 11.59%, compared with 0.39% for QQQ.

SQQQ is categorized as Leveraged Equities, while QQQ is Nasdaq-100. SQQQ tracks NASDAQ-100 Index (-300%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SQQQ and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (2.09 vs -1.19), 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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