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SQQQ vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SQQQ vs. SPXS

Last updated Jun 4, 2026

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 -56.01%/yr vs -42.01%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SQQQ achieves a -45.27% return, which is significantly lower than SPXS's -25.49% return. Over the past 10 years, SQQQ has underperformed SPXS with an annualized return of -56.01%, while SPXS has yielded a comparatively higher -42.01% annualized return.

SQQQ

1D
0.76%
1M
-26.37%
YTD
-45.27%
6M
-42.79%
1Y
-65.16%
3Y*
-56.19%
5Y*
-49.17%
10Y*
-56.01%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SQQQ vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		-45.27%-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		-25.49%-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 0.94, 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

0.94

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 12, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short QQQ

Direxion Daily S&P 500 Bear 3X Shares

Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID
Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDSSPXS vs. UVXY

Return for Risk

SQQQ vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SQQQ
SQQQ Risk / Return Rank: 00
Overall Rank
SQQQ Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 00
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 00
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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. 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.

SQQQSPXSDifference
Sharpe ratioReturn per unit of total volatility
-1.37
-1.38

+0.01

Sortino ratioReturn per unit of downside risk
-2.63
-2.31

-0.32

Omega ratioGain probability vs. loss probability

0.72

0.75

-0.03

Calmar ratioReturn relative to maximum drawdown

-0.99

-0.96

-0.03

Martin ratioReturn relative to average drawdown

-1.82

-1.62

-0.20

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. SPXS - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.37, which is comparable to the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of SQQQ and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SQQQSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.37

-1.38

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.74

-0.69

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.85

-0.79

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.88

-0.83

-0.04

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

SQQQSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-100.00%

0.00%

Max Drawdown (1Y)

Largest decline over 1 year

-65.95%

-50.77%

-15.18%

Max Drawdown (3Y)

Largest decline over 3 years

-92.38%

-84.13%

-8.25%

Max Drawdown (5Y)

Largest decline over 5 years

-97.23%

-90.11%

-7.12%

Max Drawdown (10Y)

Largest decline over 10 years

-99.98%

-99.63%

-0.35%

Current Drawdown

Current decline from peak

-100.00%

-100.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-92.40%

-96.30%

+3.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.73%

30.04%

+5.69%

Volatility

SQQQ vs. SPXS - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 13.75% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. 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

SQQQSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.75%

8.51%

+5.24%

Volatility (6M)

Calculated over the trailing 6-month period

36.45%

26.82%

+9.63%

Volatility (1Y)

Calculated over the trailing 1-year period

47.79%

35.54%

+12.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

66.64%

50.39%

+16.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.11%

53.54%

+12.57%

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 12.48%, more than SPXS's 4.91% yield.

PositionTTM202520242023202220212020201920182017
SPXS
Direxion Daily S&P 500 Bear 3X Shares		4.91%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%0.00%
SQQQ
ProShares UltraPro Short QQQ		12.48%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 0.94, 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 (13.75%) compared to SPXS (8.51%). In terms of maximum drawdown, SQQQ dropped -100.00% vs SPXS's -100.00%.

On 10-year performance, SPXS leads with -42.01% vs -56.01% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 -42.01% return vs -56.01%. 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 12.48%, compared with 4.91% 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 (-1.37 vs -1.38), 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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