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SQQQ vs. QQQM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SQQQ vs. QQQM

Last updated Aug 4, 2026
Documentation

SQQQ (ProShares UltraPro Short QQQ) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, SQQQ returned -44.80%/yr vs 14.53%/yr for QQQM. Their -1.00 correlation means they have often moved in opposite directions in the past. SQQQ charges 0.95%/yr vs 0.15%/yr for QQQM.

Performance

SQQQ vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Invesco NASDAQ 100 ETF (QQQM). 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 -38.05% return, which is significantly lower than QQQM's 14.26% 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%

QQQM

1D
1.76%
1M
-1.76%
6M
12.09%
YTD
14.26%
1Y
27.06%
3Y*
24.26%
5Y*
14.53%
10Y*
—
ALL TIME*
16.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QQQM

Invesco NASDAQ 100 ETF
$1.05B$933.44M$1.20B

SQQQ

ProShares UltraPro Short QQQ
$2.77B$2.43B$2.72B

SQQQ vs. QQQM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
SQQQ
ProShares UltraPro Short QQQ		-38.05%-53.05%-49.79%-73.61%82.40%-60.87%-22.63%
QQQM
Invesco NASDAQ 100 ETF		14.26%20.85%25.68%55.01%-32.52%27.45%6.64%

Correlation

The correlation between SQQQ and QQQM is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-1.00

Correlation (3Y)
Balances recent behavior with more history.

-1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

-1.00

Correlation (All Time)
Calculated using the full available price history since Oct 13, 2020

-1.00

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

SQQQ vs. QQQM - Sectors Allocation Comparison

Sectors
SQQQ
QQQM

Financial Services

89.7%
0.2%

Basic Materials

-

1.0%

Communication Services

-

13.1%

Consumer Cyclical

-

10.7%

Consumer Defensive

-

6.3%

Energy

-

0.5%

Healthcare

-

3.6%

Industrials

-

2.7%

Real Estate

-

0.1%

Technology

-

60.9%

Utilities

-

1.1%

Financial Services

SQQQ
89.7%
QQQM
0.2%

Basic Materials

SQQQ

-

QQQM
1.0%

Communication Services

SQQQ

-

QQQM
13.1%

Consumer Cyclical

SQQQ

-

QQQM
10.7%

Consumer Defensive

SQQQ

-

QQQM
6.3%

Energy

SQQQ

-

QQQM
0.5%

Healthcare

SQQQ

-

QQQM
3.6%

Industrials

SQQQ

-

QQQM
2.7%

Real Estate

SQQQ

-

QQQM
0.1%

Technology

SQQQ

-

QQQM
60.9%

Utilities

SQQQ

-

QQQM
1.1%

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 NASDAQ 100 ETF

Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY
Often compared with QQQM:
QQQM vs. QQQQQQM vs. VOOQQQM vs. SCHGQQQM vs. VGTQQQM vs. SCHDQQQM vs. FTECQQQM vs. JEPQ

Return for Risk

SQQQ vs. QQQM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 22
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
QQQM
QQQM Risk / Return Rank: 5959
Overall Rank
QQQM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QQQM Sortino Ratio Rank: 5555
Sortino Ratio Rank
QQQM Omega Ratio Rank: 5555
Omega Ratio Rank
QQQM Calmar Ratio Rank: 6464
Calmar Ratio Rank
QQQM Martin Ratio Rank: 5959
Martin Ratio Rank
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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Invesco NASDAQ 100 ETF (QQQM). 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.

SQQQQQQMDifference
Sharpe ratioReturn per unit of total volatility
-0.95
1.42

-2.37

Sortino ratioReturn per unit of downside risk
-1.51
1.96

-3.47

Omega ratioGain probability vs. loss probability

0.84

1.25

-0.41

Calmar ratioReturn relative to maximum drawdown

-0.92

2.27

-3.19

Martin ratioReturn relative to average drawdown

-1.65

7.22

-8.86

SQQQ vs. QQQM - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.95, which is lower than the QQQM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of SQQQ and QQQM, 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. QQQM - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for SQQQ and QQQM.

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Drawdown Indicators

SQQQQQQMDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-35.04%

-64.96%

Max Drawdown (1Y)

Largest decline over 1 year

-59.62%

-11.96%

-47.66%

Max Drawdown (3Y)

Largest decline over 3 years

-92.51%

-22.70%

-69.81%

Max Drawdown (5Y)

Largest decline over 5 years

-97.27%

-35.04%

-62.23%

Max Drawdown (10Y)

Largest decline over 10 years

-99.97%

—

—

Current Drawdown

Current decline from peak

-100.00%

-6.06%

-93.94%

Average Drawdown

Average peak-to-trough decline

-92.78%

-8.14%

-84.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.25%

3.76%

+31.49%

Volatility

SQQQ vs. QQQM - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.07% compared to Invesco NASDAQ 100 ETF (QQQM) at 6.91%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SQQQQQQMDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.07%

6.91%

+14.16%

Volatility (6M)

Calculated over the trailing 6-month period

48.20%

15.95%

+32.25%

Volatility (1Y)

Calculated over the trailing 1-year period

57.95%

19.23%

+38.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

68.24%

22.76%

+45.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.78%

22.33%

+44.45%

SQQQ vs. QQQM - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

SQQQ vs. QQQM - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.64%, more than QQQM's 0.45% yield.

PositionTTM202520242023202220212020201920182017
QQQM
Invesco NASDAQ 100 ETF		0.45%0.50%0.61%0.65%0.83%0.40%0.16%0.00%0.00%0.00%
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%

Frequently Asked Questions

SQQQ and QQQM 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 (21.07%) compared to QQQM (6.91%). In terms of maximum drawdown, SQQQ dropped -100.00% vs QQQM's -35.04%.

On 5-year performance, QQQM leads with 14.53% vs -44.80% for SQQQ. On fees, QQQM is cheaper at 0.15% per year. On volatility, QQQM has been the lower-risk option at 6.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QQQM has performed better with a 14.53% return vs -44.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQM is cheaper with a 0.15% expense ratio, compared with 0.95% for SQQQ.

SQQQ has the higher dividend yield at 9.64%, compared with 0.45% for QQQM.

SQQQ is categorized as Leveraged Equities, while QQQM is Nasdaq-100. SQQQ tracks NASDAQ-100 Index (-300%), while QQQM tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SQQQ and 0.15% for QQQM.

QQQM currently has the higher Sharpe Ratio (1.42 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.

Portfolio Optimizer

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