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SQQQ vs. TNA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SQQQ vs. TNA

Last updated Jun 26, 2026

SQQQ (ProShares UltraPro Short QQQ) and TNA (Direxion Daily Small Cap Bull 3X Shares) are both Leveraged Equities funds - SQQQ tracks the NASDAQ-100 Index (-300%) while TNA tracks the Russell 2000 Index (300% Daily). Both are passively managed. Over the past 10 years, SQQQ returned -56.54%/yr vs 11.26%/yr for TNA. At a correlation of -0.74, they often move in opposite directions. SQQQ charges 0.95%/yr vs 1.05%/yr for TNA.

Performance

SQQQ vs. TNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Small Cap Bull 3X Shares (TNA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SQQQ achieves a -40.98% return, which is significantly lower than TNA's 62.61% return. Over the past 10 years, SQQQ has underperformed TNA with an annualized return of -56.54%, while TNA has yielded a comparatively higher 11.26% 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%

TNA

1D
2.01%
1M
7.44%
YTD
62.61%
6M
50.12%
1Y
132.71%
3Y*
33.59%
5Y*
-5.29%
10Y*
11.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SQQQ vs. TNA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
TNA
Direxion Daily Small Cap Bull 3X Shares		62.61%9.82%7.21%26.24%-62.48%27.88%-7.82%71.88%-39.89%39.15%

Correlation

The correlation between SQQQ and TNA is -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.69

Correlation (3Y)
Calculated over the trailing 3-year period

-0.66

Correlation (5Y)
Calculated over the trailing 5-year period

-0.72

Correlation (10Y)
Calculated over the trailing 10-year period

-0.69

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-0.74

The correlation between SQQQ and TNA has been stable across timeframes, ranging from -0.74 to -0.66 - a consistent structural relationship.

SQQQ vs. TNA - Sectors Allocation Comparison

Sectors
SQQQ
TNA

Financial Services

122.0%
15.3%

Basic Materials

-

4.7%

Communication Services

-

2.4%

Consumer Cyclical

-

8.0%

Consumer Defensive

-

2.3%

Energy

-

5.4%

Healthcare

-

16.3%

Industrials

-

18.0%

Real Estate

-

5.9%

Technology

-

19.1%

Utilities

-

2.7%

Financial Services

SQQQ
122.0%
TNA
15.3%

Basic Materials

SQQQ

-

TNA
4.7%

Communication Services

SQQQ

-

TNA
2.4%

Consumer Cyclical

SQQQ

-

TNA
8.0%

Consumer Defensive

SQQQ

-

TNA
2.3%

Energy

SQQQ

-

TNA
5.4%

Healthcare

SQQQ

-

TNA
16.3%

Industrials

SQQQ

-

TNA
18.0%

Real Estate

SQQQ

-

TNA
5.9%

Technology

SQQQ

-

TNA
19.1%

Utilities

SQQQ

-

TNA
2.7%

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 Small Cap Bull 3X Shares

Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. SPXUSQQQ vs. UVXY
Often compared with TNA:
TNA vs. IWMTNA vs. TZATNA vs. URTYTNA vs. TQQQTNA vs. UWMTNA vs. SPXLTNA vs. MIDU

Return for Risk

SQQQ vs. TNA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 11
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
TNA
TNA Risk / Return Rank: 7575
Overall Rank
TNA Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
TNA Sortino Ratio Rank: 6868
Sortino Ratio Rank
TNA Omega Ratio Rank: 6060
Omega Ratio Rank
TNA Calmar Ratio Rank: 8585
Calmar Ratio Rank
TNA Martin Ratio Rank: 8080
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. TNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Direxion Daily Small Cap Bull 3X Shares (TNA). 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.

SQQQTNADifference
Sharpe ratioReturn per unit of total volatility
-1.11
2.28

-3.40

Sortino ratioReturn per unit of downside risk
-1.98
2.68

-4.66

Omega ratioGain probability vs. loss probability

0.79

1.32

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.96

4.10

-5.06

Martin ratioReturn relative to average drawdown

-1.84

13.47

-15.31

SQQQ vs. TNA - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.11, which is lower than the TNA Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SQQQ and TNA, 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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Drawdowns

SQQQ vs. TNA - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than TNA's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for SQQQ and TNA.

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Drawdown Indicators

SQQQTNADifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-88.09%

-11.91%

Max Drawdown (1Y)

Largest decline over 1 year

-62.23%

-32.53%

-29.70%

Max Drawdown (3Y)

Largest decline over 3 years

-92.51%

-65.78%

-26.73%

Max Drawdown (5Y)

Largest decline over 5 years

-97.27%

-82.36%

-14.91%

Max Drawdown (10Y)

Largest decline over 10 years

-99.98%

-88.09%

-11.89%

Current Drawdown

Current decline from peak

-100.00%

-31.23%

-68.77%

Average Drawdown

Average peak-to-trough decline

-92.73%

-33.92%

-58.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

33.76%

9.89%

+23.87%

Volatility

SQQQ vs. TNA - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 26.22% compared to Direxion Daily Small Cap Bull 3X Shares (TNA) at 19.06%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than TNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SQQQTNADifference

Volatility (1M)

Calculated over the trailing 1-month period

26.22%

19.06%

+7.16%

Volatility (6M)

Calculated over the trailing 6-month period

43.25%

42.58%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

53.47%

58.61%

-5.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.54%

67.55%

-0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.45%

68.48%

-2.03%

SQQQ vs. TNA - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is lower than TNA's 1.05% expense ratio.

Dividends

SQQQ vs. TNA - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 10.12%, more than TNA's 0.28% yield.

PositionTTM202520242023202220212020201920182017
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%
TNA
Direxion Daily Small Cap Bull 3X Shares		0.28%0.78%0.93%1.27%0.31%0.06%0.03%0.44%0.36%0.15%

Frequently Asked Questions

SQQQ and TNA have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.22%) compared to TNA (19.06%). In terms of maximum drawdown, SQQQ dropped -100.00% vs TNA's -88.09%.

On 10-year performance, TNA leads with 11.26% vs -56.54% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, TNA has been the lower-risk option at 19.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TNA has performed better with a 11.26% 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 1.05% for TNA.

SQQQ has the higher dividend yield at 10.12%, compared with 0.28% for TNA.

SQQQ tracks NASDAQ-100 Index (-300%), while TNA tracks Russell 2000 Index (300% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 1.05% for TNA.

TNA currently has the higher Sharpe Ratio (2.28 vs -1.11), 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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