SQQQ vs. SPUU

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily S&P 500 Bull 2x Shares (SPUU).

SQQQ and SPUU 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. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014. Both SQQQ and SPUU 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. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

SQQQ vs. SPUU - 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%
SPUU Direxion Daily S&P 500 Bull 2x Shares	-10.01%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Returns By Period

In the year-to-date period, SQQQ achieves a 18.46% return, which is significantly higher than SPUU's -10.01% return. Over the past 10 years, SQQQ has underperformed SPUU with an annualized return of -52.52%, while SPUU has yielded a comparatively higher 21.67% 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%

SPUU

• 1D: 5.86%
• 1M: -10.17%
• YTD: -10.01%
• 6M: -6.87%
• 1Y: 27.13%
• 3Y*: 28.85%
• 5Y*: 15.86%
• 10Y*: 21.67%

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

SQQQ vs. SPUU - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

SQQQ

ProShares UltraPro Short QQQ

SPUU

Direxion Daily S&P 500 Bull 2x Shares

Return for Risk

SQQQ vs. SPUU — 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

SPUU

SPUU Risk / Return Rank: 52
SPUU Sharpe Ratio Rank: 44
SPUU Sortino Ratio Rank: 50
SPUU Omega Ratio Rank: 53
SPUU Calmar Ratio Rank: 53
SPUU Martin Ratio Rank: 59

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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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	SPUU	Difference
Sharpe ratio Return per unit of total volatility	-0.83	0.75	-1.58
Sortino ratio Return per unit of downside risk	-1.11	1.26	-2.37
Omega ratio Gain probability vs. loss probability	0.85	1.19	-0.34
Calmar ratio Return relative to maximum drawdown	-0.74	1.24	-1.98
Martin ratio Return relative to average drawdown	-0.85	5.35	-6.20
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. SPUU - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.83, which is lower than the SPUU Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of SQQQ and SPUU, 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	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	0.75	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.64	0.48	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.80	0.61	-1.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.84	0.56	-1.40

Correlation

The correlation between SQQQ and SPUU is -0.88. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SQQQ vs. SPUU - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 5.77%, more than SPUU's 1.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.78%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Drawdowns

SQQQ vs. SPUU - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SQQQ and SPUU.

Drawdown Indicators

	SQQQ	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-59.35%	-40.65%
Max Drawdown (1Y) Largest decline over 1 year	-75.23%	-23.10%	-52.13%
Max Drawdown (5Y) Largest decline over 5 years	-95.36%	-46.59%	-48.77%
Max Drawdown (10Y) Largest decline over 10 years	-99.96%	-59.35%	-40.61%
Current Drawdown Current decline from peak	-100.00%	-13.39%	-86.61%
Average Drawdown Average peak-to-trough decline	-92.32%	-9.62%	-82.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	65.25%	5.35%	+59.90%

Volatility

SQQQ vs. SPUU - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 19.67% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 10.70%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.67%	10.70%	+8.97%
Volatility (6M) Calculated over the trailing 6-month period	38.04%	19.17%	+18.87%
Volatility (1Y) Calculated over the trailing 1-year period	67.28%	36.23%	+31.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.67%	33.47%	+33.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.97%	35.73%	+30.24%