SQQQ vs. SOXS

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Semiconductor Bear 3x Shares (SOXS).

SQQQ and SOXS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. SOXS is a passively managed fund by Direxion that tracks the performance of the PHLX Semiconductor Index (-300%). It was launched on Mar 11, 2010. Both SQQQ and SOXS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SQQQ vs. SOXS - Performance Comparison

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

SQQQ vs. SOXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	18.46%	-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	-35.85%	-85.53%	-59.55%	-84.56%	15.76%	-80.94%	-92.90%	-83.81%	-19.39%	-69.39%

Returns By Period

In the year-to-date period, SQQQ achieves a 18.46% return, which is significantly higher than SOXS's -35.85% return. Over the past 10 years, SQQQ has outperformed SOXS with an annualized return of -52.52%, while SOXS has yielded a comparatively lower -74.41% annualized return.

SQQQ

• 1D: -9.99%
• 1M: 14.53%
• YTD: 18.46%
• 6M: 9.00%
• 1Y: -55.48%
• 3Y*: -48.73%
• 5Y*: -42.26%
• 10Y*: -52.52%

SOXS

• 1D: -18.22%
• 1M: 12.17%
• YTD: -35.85%
• 6M: -60.64%
• 1Y: -92.86%
• 3Y*: -75.94%
• 5Y*: -69.51%
• 10Y*: -74.41%

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

SQQQ vs. SOXS - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is lower than SOXS's 1.08% expense ratio.

SOXS

Direxion Daily Semiconductor Bear 3x Shares

SQQQ

ProShares UltraPro Short QQQ

Return for Risk

SQQQ vs. SOXS — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 6

SOXS

SOXS Risk / Return Rank: 1
SOXS Sharpe Ratio Rank: 2
SOXS Sortino Ratio Rank: 0
SOXS Omega Ratio Rank: 0
SOXS Calmar Ratio Rank: 0
SOXS Martin Ratio Rank: 4

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. 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.

	SQQQ	SOXS	Difference
Sharpe ratio Return per unit of total volatility	-0.83	-0.78	-0.05
Sortino ratio Return per unit of downside risk	-1.11	-1.97	+0.86
Omega ratio Gain probability vs. loss probability	0.85	0.75	+0.10
Calmar ratio Return relative to maximum drawdown	-0.74	-0.96	+0.22
Martin ratio Return relative to average drawdown	-0.85	-1.09	+0.24
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. SOXS - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.83, which is comparable to the SOXS Sharpe Ratio of -0.78. The chart below compares the historical Sharpe Ratios of SQQQ and SOXS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SQQQ	SOXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.78	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.64	-0.66	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.80	-0.75	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.84	-0.75	-0.09

Correlation

The correlation between SQQQ and SOXS is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SQQQ vs. SOXS - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 5.77%, less than SOXS's 8.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	5.77%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
SOXS Direxion Daily Semiconductor Bear 3x Shares	8.42%	10.79%	5.45%	9.22%	0.19%	0.00%	3.58%	2.30%	0.76%	0.00%

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.

Drawdown Indicators

	SQQQ	SOXS	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-100.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-75.23%	-96.52%	+21.29%
Max Drawdown (5Y) Largest decline over 5 years	-95.36%	-99.85%	+4.49%
Max Drawdown (10Y) Largest decline over 10 years	-99.96%	-100.00%	+0.04%
Current Drawdown Current decline from peak	-100.00%	-100.00%	0.00%
Average Drawdown Average peak-to-trough decline	-92.32%	-92.52%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.25%	85.40%	-20.15%

Volatility

SQQQ vs. SOXS - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 19.67%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 40.43%. 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.

Volatility by Period

	SQQQ	SOXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.67%	40.43%	-20.76%
Volatility (6M) Calculated over the trailing 6-month period	38.04%	78.54%	-40.50%
Volatility (1Y) Calculated over the trailing 1-year period	67.28%	119.87%	-52.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.67%	106.45%	-39.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.97%	99.17%	-33.20%