SQQQ vs. SOXL

Last updated Jun 24, 2026

SQQQ (ProShares UltraPro Short QQQ) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, SQQQ returned -56.24%/yr vs 64.56%/yr for SOXL. At a correlation of -0.83, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

SQQQ vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -40.31% return, which is significantly lower than SOXL's 450.61% return. Over the past 10 years, SQQQ has underperformed SOXL with an annualized return of -56.24%, while SOXL has yielded a comparatively higher 64.56% annualized return.

SQQQ

• 1D: 9.83%
• 1M: -2.27%
• YTD: -40.31%
• 6M: -37.80%
• 1Y: -61.11%
• 3Y*: -53.86%
• 5Y*: -46.89%
• 10Y*: -56.24%

SOXL

• 1D: -23.06%
• 1M: 21.44%
• YTD: 450.61%
• 6M: 429.57%
• 1Y: 976.09%
• 3Y*: 120.84%
• 5Y*: 42.16%
• 10Y*: 64.56%

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

SQQQ vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-40.31%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
SOXL Direxion Daily Semiconductor Bull 3X ETF	450.61%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between SQQQ and SOXL is -0.80, 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	-0.80
Correlation (3Y) Calculated over the trailing 3-year period	-0.84
Correlation (5Y) Calculated over the trailing 5-year period	-0.86
Correlation (10Y) Calculated over the trailing 10-year period	-0.84
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010	-0.83

The correlation between SQQQ and SOXL has been stable across timeframes, ranging from -0.86 to -0.80 - a consistent structural relationship.

SQQQ vs. SOXL - Sectors Allocation Comparison

Sectors	SQQQ	SOXL
Financial Services	122.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	100.0%
Utilities	-	-

Return for Risk

SQQQ vs. SOXL — 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: 0
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	8.45	-9.59
Sortino ratio: Return per unit of downside risk	-2.07	4.03	-6.11
Omega ratio: Gain probability vs. loss probability	0.78	1.58	-0.80
Calmar ratio: Return relative to maximum drawdown	-0.96	22.69	-23.65
Martin ratio: Return relative to average drawdown	-1.81	72.83	-74.64

SQQQ vs. SOXL - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.14, which is lower than the SOXL Sharpe Ratio of 8.45. The chart below compares the historical Sharpe Ratios of SQQQ and SOXL, 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. SOXL - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than SOXL's maximum drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SQQQ and SOXL.

Drawdown Indicators

	SQQQ	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-90.46%	-9.54%
Max Drawdown (1Y) Largest decline over 1 year	-63.52%	-43.47%	-20.05%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-87.88%	-4.63%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-90.46%	-6.81%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-90.46%	-9.52%
Current Drawdown Current decline from peak	-100.00%	-23.06%	-76.94%
Average Drawdown Average peak-to-trough decline	-92.73%	-34.95%	-57.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.37%	13.52%	+22.85%

Volatility

SQQQ vs. SOXL - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 26.69%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.69%	68.39%	-41.70%
Volatility (6M) Calculated over the trailing 6-month period	43.33%	99.84%	-56.51%
Volatility (1Y) Calculated over the trailing 1-year period	53.65%	116.79%	-63.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.53%	110.35%	-42.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.47%	100.62%	-34.15%

SQQQ vs. SOXL - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

SQQQ vs. SOXL - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 11.44%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%
SQQQ ProShares UltraPro Short QQQ	11.44%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%

Frequently Asked Questions

Can I hold both SQQQ and SOXL in my portfolio?

SQQQ and SOXL have a correlation of -0.80, 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 SOXL?

SOXL has higher volatility (68.39%) compared to SQQQ (26.69%). In terms of maximum drawdown, SQQQ dropped -100.00% vs SOXL's -90.46%.

Which ETF is better, SQQQ or SOXL?

On 10-year performance, SOXL leads with 64.56% vs -56.24% for SQQQ. On fees, SOXL is cheaper at 0.75% per year. On volatility, SQQQ has been the lower-risk option at 26.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or SOXL?

Over the 10-year period, SOXL has performed better with a 64.56% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 11.44%, compared with 0.03% for SOXL.

What is the main difference between SQQQ and SOXL?

SQQQ tracks NASDAQ-100 Index (-300%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (8.45 vs -1.14), 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.