SQQQ vs. SDOW

Last updated Jun 4, 2026

SQQQ (ProShares UltraPro Short QQQ) and SDOW (ProShares UltraPro Short Dow30) are both Leveraged Equities funds from ProShares - SQQQ tracks the NASDAQ-100 Index (-300%) while SDOW tracks the Dow Jones Industrial Average (-300%). Both are passively managed. Over the past 10 years, SQQQ returned -56.01%/yr vs -37.95%/yr for SDOW. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. SDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro Short Dow30 (SDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -45.27% return, which is significantly lower than SDOW's -15.72% return. Over the past 10 years, SQQQ has underperformed SDOW with an annualized return of -56.01%, while SDOW has yielded a comparatively higher -37.95% 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%

SDOW

• 1D: 3.40%
• 1M: -10.23%
• YTD: -15.72%
• 6M: -16.21%
• 1Y: -39.90%
• 3Y*: -32.27%
• 5Y*: -24.52%
• 10Y*: -37.95%

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

SQQQ vs. SDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SDOW ProShares UltraPro Short Dow30	-15.72%	-33.94%	-25.95%	-28.78%	4.00%	-49.00%	-66.48%	-49.54%	-0.30%	-52.26%

Correlation

The correlation between SQQQ and SDOW is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.75

The correlation between SQQQ and SDOW shifts across timeframes, from 0.65 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

SQQQ vs. SDOW - Sectors Allocation Comparison

Sectors	SQQQ	SDOW
Financial Services	97.1%	74.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SQQQ vs. SDOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SQQQ

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

SDOW

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

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. SDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro Short Dow30 (SDOW). 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.

	SQQQ	SDOW	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	-1.11	-0.26
Sortino ratio: Return per unit of downside risk	-2.63	-1.63	-1.00
Omega ratio: Gain probability vs. loss probability	0.72	0.82	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.92	-0.07
Martin ratio: Return relative to average drawdown	-1.82	-1.45	-0.37
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. SDOW - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.37, which is comparable to the SDOW Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of SQQQ and SDOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SQQQ	SDOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	-1.11	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	-0.56	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.85	-0.73	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	-0.78	-0.10

Drawdowns

SQQQ vs. SDOW - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum SDOW drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for SQQQ and SDOW.

Drawdown Indicators

	SQQQ	SDOW	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.96%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-65.95%	-43.45%	-22.50%
Max Drawdown (3Y) Largest decline over 3 years	-92.38%	-74.39%	-17.99%
Max Drawdown (5Y) Largest decline over 5 years	-97.23%	-82.35%	-14.88%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-99.26%	-0.72%
Current Drawdown Current decline from peak	-100.00%	-99.96%	-0.04%
Average Drawdown Average peak-to-trough decline	-92.40%	-89.43%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.73%	27.47%	+8.26%

Volatility

SQQQ vs. SDOW - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 13.75% compared to ProShares UltraPro Short Dow30 (SDOW) at 8.86%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than SDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	SDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	8.86%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	36.45%	28.01%	+8.44%
Volatility (1Y) Calculated over the trailing 1-year period	47.79%	36.20%	+11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.64%	44.29%	+22.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.11%	52.13%	+13.98%

SQQQ vs. SDOW - Expense Ratio Comparison

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

Dividends

SQQQ vs. SDOW - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 12.48%, more than SDOW's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDOW ProShares UltraPro Short Dow30	5.52%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%
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%

Frequently Asked Questions

Can I hold both SQQQ and SDOW in my portfolio?

SQQQ and SDOW have a correlation of 0.67, 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 SDOW?

SQQQ has higher volatility (13.75%) compared to SDOW (8.86%). In terms of maximum drawdown, SQQQ dropped -100.00% vs SDOW's -99.96%.

Which ETF is better, SQQQ or SDOW?

On 10-year performance, SDOW leads with -37.95% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SDOW has been the lower-risk option at 8.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or SDOW?

Over the 10-year period, SDOW has performed better with a -37.95% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or SDOW?

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

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

SQQQ has the higher dividend yield at 12.48%, compared with 5.52% for SDOW.

What is the main difference between SQQQ and SDOW?

SQQQ tracks NASDAQ-100 Index (-300%), while SDOW tracks Dow Jones Industrial Average (-300%).

Which has better risk-adjusted returns?

SDOW currently has the higher Sharpe Ratio (-1.11 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.