PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SQQQ vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SQQQ vs. TQQQ

Last updated Aug 2, 2026
Documentation

SQQQ (ProShares UltraPro Short QQQ) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - SQQQ tracks the NASDAQ-100 Index (-300%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SQQQ returned -54.48%/yr vs 39.46%/yr for TQQQ. Their -1.00 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro QQQ (TQQQ). 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 -34.61% return, which is significantly lower than TQQQ's 23.06% return. Over the past 10 years, SQQQ has underperformed TQQQ with an annualized return of -54.48%, while TQQQ has yielded a comparatively higher 39.46% annualized return.

SQQQ

1D
-1.99%
1M
9.46%
6M
-32.40%
YTD
-34.61%
1Y
-52.32%
3Y*
-49.83%
5Y*
-44.46%
10Y*
-54.48%
ALL TIME*
-52.68%

TQQQ

1D
2.09%
1M
-11.90%
6M
20.14%
YTD
23.06%
1Y
56.87%
3Y*
43.81%
5Y*
15.36%
10Y*
39.46%
ALL TIME*
42.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SQQQ

ProShares UltraPro Short QQQ
$2.40B$2.29B$2.66B

TQQQ

ProShares UltraPro QQQ
$4.37B$4.57B$5.33B

SQQQ vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		-34.61%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%
TQQQ
ProShares UltraPro QQQ		23.06%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between SQQQ and TQQQ is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-1.00

Correlation (3Y)
Balances recent behavior with more history.

-1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

-1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

-1.00

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

-1.00

The correlation between SQQQ and TQQQ has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

SQQQ vs. TQQQ - Sectors Allocation Comparison

Sectors
SQQQ
TQQQ

Financial Services

89.7%
0.2%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Financial Services

SQQQ
89.7%
TQQQ
0.2%

Basic Materials

SQQQ

-

TQQQ
1.1%

Communication Services

SQQQ

-

TQQQ
15.8%

Consumer Cyclical

SQQQ

-

TQQQ
12.3%

Consumer Defensive

SQQQ

-

TQQQ
7.7%

Energy

SQQQ

-

TQQQ
0.6%

Healthcare

SQQQ

-

TQQQ
4.2%

Industrials

SQQQ

-

TQQQ
2.8%

Real Estate

SQQQ

-

TQQQ
0.1%

Technology

SQQQ

-

TQQQ
53.8%

Utilities

SQQQ

-

TQQQ
1.4%

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

ProShares UltraPro QQQ

Often compared with SQQQ:
SQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXYSQQQ vs. UVIX
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECLTQQQ vs. SPY

Return for Risk

SQQQ vs. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 33
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 22
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 11
Martin Ratio Rank
TQQQ
TQQQ Risk / Return Rank: 3636
Overall Rank
TQQQ Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 3737
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 3636
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 3737
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 3636
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SQQQ vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro QQQ (TQQQ). 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.

SQQQTQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.86
0.83

-1.68

Sortino ratioReturn per unit of downside risk
-1.25
1.38

-2.63

Omega ratioGain probability vs. loss probability

0.86

1.17

-0.31

Calmar ratioReturn relative to maximum drawdown

-0.81

1.29

-2.10

Martin ratioReturn relative to average drawdown

-1.41

3.60

-5.01

SQQQ vs. TQQQ - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.86, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of SQQQ and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SQQQ vs. TQQQ - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SQQQ and TQQQ.

Loading charts...

Drawdown Indicators

SQQQTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-81.66%

-18.34%

Max Drawdown (1Y)

Largest decline over 1 year

-61.03%

-36.97%

-24.06%

Max Drawdown (3Y)

Largest decline over 3 years

-92.51%

-58.04%

-34.47%

Max Drawdown (5Y)

Largest decline over 5 years

-97.27%

-81.66%

-15.61%

Max Drawdown (10Y)

Largest decline over 10 years

-99.97%

-81.66%

-18.31%

Current Drawdown

Current decline from peak

-100.00%

-25.74%

-74.26%

Average Drawdown

Average peak-to-trough decline

-92.78%

-18.49%

-74.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.08%

13.24%

+21.84%

Volatility

SQQQ vs. TQQQ - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) and ProShares UltraPro QQQ (TQQQ) have volatilities of 20.82% and 20.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SQQQTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

20.82%

20.41%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

48.09%

47.79%

+0.30%

Volatility (1Y)

Calculated over the trailing 1-year period

57.98%

57.62%

+0.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

68.18%

68.04%

+0.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

66.74%

66.57%

+0.17%

SQQQ vs. TQQQ - Expense Ratio Comparison

Both SQQQ and TQQQ have an expense ratio of 0.95%.

Dividends

SQQQ vs. TQQQ - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.14%, more than TQQQ's 0.58% yield.

PositionTTM20252024202320222021202020192018201720162015
SQQQ
ProShares UltraPro Short QQQ		9.14%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%0.00%0.00%
TQQQ
ProShares UltraPro QQQ		0.58%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%

Frequently Asked Questions

SQQQ and TQQQ have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (20.82%) compared to TQQQ (20.41%). In terms of maximum drawdown, SQQQ dropped -100.00% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 39.46% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, TQQQ has been the lower-risk option at 20.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TQQQ has performed better with a 39.46% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SQQQ and TQQQ have the same expense ratio: 0.95% per year.

SQQQ has the higher dividend yield at 9.14%, compared with 0.58% for TQQQ.

SQQQ tracks NASDAQ-100 Index (-300%), while TQQQ tracks NASDAQ-100 Index (300%).

TQQQ currently has the higher Sharpe Ratio (0.83 vs -0.86), 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.

Portfolio Optimizer

Find the right allocation for SQQQ and TQQQ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer