SQQQ vs. SOXS
SQQQ (ProShares UltraPro Short QQQ) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 10 years, SQQQ returned -54.51%/yr vs -78.02%/yr for SOXS. Their correlation of 0.83 suggests significant overlap in exposure. SQQQ charges 0.95%/yr vs 1.08%/yr for SOXS.
Performance
SQQQ vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -33.03% return, which is significantly higher than SOXS's -91.61% return. Over the past 10 years, SQQQ has outperformed SOXS with an annualized return of -54.51%, while SOXS has yielded a comparatively lower -78.02% annualized return.
SQQQ
- 1D
- 3.51%
- 1M
- 10.73%
- 6M
- -30.40%
- YTD
- -33.03%
- 1Y
- -48.05%
- 3Y*
- -49.93%
- 5Y*
- -43.89%
- 10Y*
- -54.51%
- ALL TIME*
- -52.66%
SOXS
- 1D
- 12.98%
- 1M
- 26.30%
- 6M
- -87.00%
- YTD
- -91.61%
- 1Y
- -96.48%
- 3Y*
- -85.20%
- 5Y*
- -78.99%
- 10Y*
- -78.02%
- ALL TIME*
- -70.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.07B | $2.97B | $3.16B | |
| $2.09B | $2.23B | $2.65B |
SQQQ vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -33.03% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.61% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
Correlation
The correlation between SQQQ and SOXS is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
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 SOXS has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
SQQQ vs. SOXS — Risk / Return Rank
SQQQ
SOXS
SQQQ vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.72 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.99 | +0.20 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.38 | -0.02 |
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Drawdowns
SQQQ vs. SOXS - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SQQQ and SOXS.
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Drawdown Indicators
| SQQQ | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -61.03% | -97.89% | +36.86% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -99.87% | +7.36% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -99.98% | +2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -99.97% | -100.00% | +0.03% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.77% | -92.65% | -0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.36% | 69.98% | -35.62% |
Volatility
SQQQ vs. SOXS - Volatility Comparison
The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 20.36%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 52.42%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.36% | 52.42% | -32.06% |
Volatility (6M)Calculated over the trailing 6-month period | 46.57% | 111.62% | -65.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.70% | 128.21% | -71.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.98% | 113.55% | -45.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.63% | 103.23% | -36.60% |
SQQQ vs. SOXS - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
SQQQ vs. SOXS - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 8.92%, less than SOXS's 44.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 44.06% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 8.92% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SQQQ and SOXS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (52.42%) compared to SQQQ (20.36%). In terms of maximum drawdown, SQQQ dropped -100.00% vs SOXS's -100.00%.
On 10-year performance, SQQQ leads with -54.51% vs -78.02% for SOXS. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 20.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SQQQ has performed better with a -54.51% return vs -78.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 44.06%, compared with 8.92% for SQQQ.
SQQQ is categorized as Leveraged Equities, while SOXS is Inverse Equities. SQQQ tracks NASDAQ-100 Index (-300%), while SOXS tracks PHLX Semiconductor Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.75 vs -0.85), 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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