SQQQ vs. QQQM

Last updated Jul 15, 2026

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 -46.24%/yr vs 15.60%/yr for QQQM. At a correlation of -1.00, they often move in opposite directions. 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.

Returns By Period

In the year-to-date period, SQQQ achieves a -42.24% return, which is significantly lower than QQQM's 17.45% return.

SQQQ

• 1D: -3.30%
• 1M: -1.98%
• 6M: -38.99%
• YTD: -42.24%
• 1Y: -57.13%
• 3Y*: -52.32%
• 5Y*: -46.24%
• 10Y*: -55.43%

QQQM

• 1D: 1.11%
• 1M: -0.12%
• 6M: 15.21%
• YTD: 17.45%
• 1Y: 30.08%
• 3Y*: 24.62%
• 5Y*: 15.60%
• 10Y*: —

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

SQQQ vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SQQQ ProShares UltraPro Short QQQ	-42.24%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-22.63%
QQQM Invesco NASDAQ 100 ETF	17.45%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between SQQQ and QQQM 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 (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	109.1%	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%

Return for Risk

SQQQ vs. QQQM — 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

QQQM

QQQM Risk / Return Rank: 61
QQQM Sharpe Ratio Rank: 62
QQQM Sortino Ratio Rank: 58
QQQM Omega Ratio Rank: 59
QQQM Calmar Ratio Rank: 63
QQQM Martin Ratio Rank: 64

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. 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.

	SQQQ	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	1.64	-2.67
Sortino ratio: Return per unit of downside risk	-1.74	2.20	-3.94
Omega ratio: Gain probability vs. loss probability	0.81	1.29	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.94	2.53	-3.46
Martin ratio: Return relative to average drawdown	-1.73	9.02	-10.75

SQQQ vs. QQQM - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.03, which is lower than the QQQM Sharpe Ratio of 1.64. 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.

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.

Drawdown Indicators

	SQQQ	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-35.04%	-64.96%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-11.96%	-49.07%
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%	-3.44%	-96.56%
Average Drawdown Average peak-to-trough decline	-92.75%	-8.15%	-84.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.98%	3.34%	+29.64%

Volatility

SQQQ vs. QQQM - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 24.18% compared to Invesco NASDAQ 100 ETF (QQQM) at 7.95%. 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.

Volatility by Period

	SQQQ	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.18%	7.95%	+16.23%
Volatility (6M) Calculated over the trailing 6-month period	45.91%	15.24%	+30.67%
Volatility (1Y) Calculated over the trailing 1-year period	55.61%	18.46%	+37.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.89%	22.65%	+45.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.57%	22.31%	+44.26%

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 10.34%, more than QQQM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQM Invesco NASDAQ 100 ETF	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.34%	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 QQQM in my portfolio?

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.

Which is riskier, SQQQ or QQQM?

SQQQ has higher volatility (24.18%) compared to QQQM (7.95%). In terms of maximum drawdown, SQQQ dropped -100.00% vs QQQM's -35.04%.

Which ETF is better, SQQQ or QQQM?

On 5-year performance, QQQM leads with 15.60% vs -46.24% for SQQQ. On fees, QQQM is cheaper at 0.15% per year. On volatility, QQQM has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or QQQM?

Over the 5-year period, QQQM has performed better with a 15.60% return vs -46.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or QQQM?

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

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

SQQQ has the higher dividend yield at 10.34%, compared with 0.44% for QQQM.

What is the main difference between SQQQ and 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.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (1.64 vs -1.03), 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.