SQQQ vs. TECS
SQQQ (ProShares UltraPro Short QQQ) and TECS (Direxion Daily Technology Bear 3X Shares) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while TECS tracks the Technology Select Sector Index (-300%). Both are passively managed. Over the past 10 years, SQQQ returned -55.90%/yr vs -62.30%/yr for TECS. With a 0.96 correlation, they move nearly in lockstep. SQQQ charges 0.95%/yr vs 1.08%/yr for TECS.
Performance
SQQQ vs. TECS - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -44.43% return, which is significantly higher than TECS's -62.68% return. Over the past 10 years, SQQQ has outperformed TECS with an annualized return of -55.90%, while TECS has yielded a comparatively lower -62.30% annualized return.
SQQQ
- 1D
- 1.53%
- 1M
- -22.29%
- YTD
- -44.43%
- 6M
- -42.11%
- 1Y
- -64.38%
- 3Y*
- -55.94%
- 5Y*
- -49.01%
- 10Y*
- -55.90%
TECS
- 1D
- 4.57%
- 1M
- -38.78%
- YTD
- -62.68%
- 6M
- -61.81%
- 1Y
- -79.89%
- 3Y*
- -64.46%
- 5Y*
- -58.69%
- 10Y*
- -62.30%
SQQQ vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -44.43% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
TECS Direxion Daily Technology Bear 3X Shares | -62.68% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
Correlation
The correlation between SQQQ and TECS 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 | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010 | 0.96 |
The correlation between SQQQ and TECS has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
SQQQ vs. TECS — Risk / Return Rank
SQQQ
TECS
SQQQ vs. TECS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Technology Bear 3X Shares (TECS). 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 | TECS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.69 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.98 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.79 | -1.78 | -0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SQQQ | TECS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.35 | -1.28 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.79 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.85 | -0.86 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.88 | -0.89 | +0.01 |
Drawdowns
SQQQ vs. TECS - Drawdown Comparison
The maximum SQQQ drawdown since its inception was -100.00%, roughly equal to the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SQQQ and TECS.
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Drawdown Indicators
| SQQQ | TECS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -65.95% | -81.50% | +15.55% |
Max Drawdown (3Y)Largest decline over 3 years | -92.38% | -96.22% | +3.84% |
Max Drawdown (5Y)Largest decline over 5 years | -97.23% | -98.88% | +1.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -100.00% | +0.02% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.40% | -96.76% | +4.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.96% | 44.95% | -8.99% |
Volatility
SQQQ vs. TECS - Volatility Comparison
The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 13.81%, while Direxion Daily Technology Bear 3X Shares (TECS) has a volatility of 22.21%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than TECS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SQQQ | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.81% | 22.21% | -8.40% |
Volatility (6M)Calculated over the trailing 6-month period | 36.46% | 50.75% | -14.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.79% | 62.38% | -14.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.61% | 74.24% | -7.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.10% | 72.17% | -6.07% |
SQQQ vs. TECS - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is lower than TECS's 1.08% expense ratio.
Dividends
SQQQ vs. TECS - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 12.29%, more than TECS's 10.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.29% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
TECS Direxion Daily Technology Bear 3X Shares | 10.43% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, SQQQ and TECS 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.
TECS has higher volatility (22.21%) compared to SQQQ (13.81%). In terms of maximum drawdown, SQQQ dropped -100.00% vs TECS's -100.00%.
On 10-year performance, SQQQ leads with -55.90% vs -62.30% for TECS. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SQQQ has performed better with a -55.90% return vs -62.30%. 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 TECS.
SQQQ has the higher dividend yield at 12.29%, compared with 10.43% for TECS.
SQQQ tracks NASDAQ-100 Index (-300%), while TECS tracks Technology Select Sector Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 1.08% for TECS.
TECS currently has the higher Sharpe Ratio (-1.28 vs -1.35), 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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