SQQQ vs. SPXU

Last updated Jul 25, 2026

SQQQ (ProShares UltraPro Short QQQ) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SQQQ returned -54.51%/yr vs -40.89%/yr for SPXU. Their correlation of 0.90 suggests significant overlap in exposure. SQQQ charges 0.95%/yr vs 0.90%/yr for SPXU.

Performance

SQQQ vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -33.03% return, which is significantly lower than SPXU's -21.17% return. Over the past 10 years, SQQQ has underperformed SPXU with an annualized return of -54.51%, while SPXU has yielded a comparatively higher -40.89% 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%

SPXU

• 1D: -0.13%
• 1M: -1.46%
• 6M: -18.99%
• YTD: -21.17%
• 1Y: -35.28%
• 3Y*: -38.35%
• 5Y*: -32.26%
• 10Y*: -40.89%
• ALL TIME*: -42.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPXU ProShares UltraPro Short S&P500	$274.78M	$288.15M	$364.75M
SQQQ ProShares UltraPro Short QQQ	$2.09B	$2.23B	$2.65B

SQQQ vs. SPXU - 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%
SPXU ProShares UltraPro Short S&P500	-21.17%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Correlation

The correlation between SQQQ and SPXU 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	0.93
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 SPXU has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SQQQ vs. SPXU - Sectors Allocation Comparison

Sectors	SQQQ	SPXU
Financial Services	113.3%	78.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SQQQ vs. SPXU — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 3
SQQQ Sharpe Ratio Rank: 3
SQQQ Sortino Ratio Rank: 3
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 3
SQQQ Martin Ratio Rank: 1

SPXU

SPXU Risk / Return Rank: 3
SPXU Sharpe Ratio Rank: 2
SPXU Sortino Ratio Rank: 3
SPXU Omega Ratio Rank: 3
SPXU Calmar Ratio Rank: 3
SPXU Martin Ratio Rank: 2

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. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro Short S&P500 (SPXU). 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	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.94	+0.09
Sortino ratio: Return per unit of downside risk	-1.24	-1.35	+0.12
Omega ratio: Gain probability vs. loss probability	0.87	0.85	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.81	+0.02
Martin ratio: Return relative to average drawdown	-1.40	-1.34	-0.06

SQQQ vs. SPXU - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.85, which is comparable to the SPXU Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of SQQQ and SPXU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SQQQ vs. SPXU - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SQQQ and SPXU.

Drawdown Indicators

	SQQQ	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.99%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-43.83%	-17.20%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-84.36%	-8.15%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-90.23%	-7.04%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	-99.56%	-0.41%
Current Drawdown Current decline from peak	-100.00%	-99.99%	-0.01%
Average Drawdown Average peak-to-trough decline	-92.77%	-93.37%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.36%	26.33%	+8.03%

Volatility

SQQQ vs. SPXU - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 20.36% compared to ProShares UltraPro Short S&P500 (SPXU) at 9.63%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.36%	9.63%	+10.73%
Volatility (6M) Calculated over the trailing 6-month period	46.57%	29.62%	+16.95%
Volatility (1Y) Calculated over the trailing 1-year period	56.70%	37.82%	+18.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.98%	50.60%	+17.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.63%	53.36%	+13.27%

SQQQ vs. SPXU - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than SPXU's 0.90% expense ratio.

Dividends

SQQQ vs. SPXU - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 8.92%, more than SPXU's 6.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU ProShares UltraPro Short S&P500	6.58%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%
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

Can I hold both SQQQ and SPXU in my portfolio?

With a correlation of 0.93, SQQQ and SPXU 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.

Which is riskier, SQQQ or SPXU?

SQQQ has higher volatility (20.36%) compared to SPXU (9.63%). In terms of maximum drawdown, SQQQ dropped -100.00% vs SPXU's -99.99%.

Which ETF is better, SQQQ or SPXU?

On 10-year performance, SPXU leads with -40.89% vs -54.51% for SQQQ. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 9.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or SPXU?

Over the 10-year period, SPXU has performed better with a -40.89% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or SPXU?

SPXU is cheaper with a 0.90% expense ratio, compared with 0.95% for SQQQ.

Which ETF pays a higher dividend yield, SQQQ or SPXU?

SQQQ has the higher dividend yield at 8.92%, compared with 6.58% for SPXU.

What is the main difference between SQQQ and SPXU?

SQQQ is categorized as Leveraged Equities, while SPXU is S&P 500. SQQQ tracks NASDAQ-100 Index (-300%), while SPXU tracks S&P 500 Index (-300%). Their fees differ too: 0.95% for SQQQ and 0.90% for SPXU.

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-0.85 vs -0.94), 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.