SQQQ vs. SPXS
SQQQ (ProShares UltraPro Short QQQ) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SQQQ returned -56.54%/yr vs -42.33%/yr for SPXS. Their correlation of 0.90 suggests significant overlap in exposure. SQQQ charges 0.95%/yr vs 1.08%/yr for SPXS.
Performance
SQQQ vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -40.98% return, which is significantly lower than SPXS's -19.79% return. Over the past 10 years, SQQQ has underperformed SPXS with an annualized return of -56.54%, while SPXS has yielded a comparatively higher -42.33% annualized return.
SQQQ
- 1D
- -2.42%
- 1M
- 2.09%
- YTD
- -40.98%
- 6M
- -38.01%
- 1Y
- -59.41%
- 3Y*
- -54.63%
- 5Y*
- -47.03%
- 10Y*
- -56.54%
SPXS
- 1D
- 0.04%
- 1M
- 6.38%
- YTD
- -19.79%
- 6M
- -16.59%
- 1Y
- -41.52%
- 3Y*
- -40.72%
- 5Y*
- -33.23%
- 10Y*
- -42.33%
SQQQ vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -40.98% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.79% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SQQQ and SPXS is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.90 |
The correlation between SQQQ and SPXS has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
SQQQ vs. SPXS — Risk / Return Rank
SQQQ
SPXS
SQQQ vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.91 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.84 | -1.60 | -0.24 |
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Drawdowns
SQQQ vs. SPXS - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SQQQ and SPXS.
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Drawdown Indicators
| SQQQ | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -62.23% | -45.74% | -16.49% |
Max Drawdown (3Y)Largest decline over 3 years | -92.51% | -84.13% | -8.38% |
Max Drawdown (5Y)Largest decline over 5 years | -97.27% | -90.11% | -7.16% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -99.61% | -0.37% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.73% | -96.29% | +3.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.76% | 27.24% | +6.52% |
Volatility
SQQQ vs. SPXS - Volatility Comparison
ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 26.22% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.10%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.22% | 14.10% | +12.12% |
Volatility (6M)Calculated over the trailing 6-month period | 43.25% | 29.36% | +13.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.47% | 37.23% | +16.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.54% | 50.68% | +16.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.45% | 53.57% | +12.88% |
SQQQ vs. SPXS - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SQQQ vs. SPXS - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 10.12%, more than SPXS's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.23% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 10.12% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
With a correlation of 0.93, SQQQ and SPXS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SQQQ has higher volatility (26.22%) compared to SPXS (14.10%). In terms of maximum drawdown, SQQQ dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.33% vs -56.54% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 14.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -42.33% return vs -56.54%. 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 SPXS.
SQQQ has the higher dividend yield at 10.12%, compared with 4.23% for SPXS.
SQQQ is categorized as Leveraged Equities, while SPXS is Inverse Equities. SQQQ tracks NASDAQ-100 Index (-300%), while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 1.08% for SPXS.
SQQQ currently has the higher Sharpe Ratio (-1.11 vs -1.12), 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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