SQQQ vs. USD

Last updated Jul 17, 2026

SQQQ (ProShares UltraPro Short QQQ) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SQQQ tracks the NASDAQ-100 Index (-300%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SQQQ returned -55.08%/yr vs 56.23%/yr for USD. At a correlation of -0.82, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SQQQ vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, SQQQ achieves a -38.86% return, which is significantly lower than USD's 63.25% return. Over the past 10 years, SQQQ has underperformed USD with an annualized return of -55.08%, while USD has yielded a comparatively higher 56.23% annualized return.

SQQQ

• 1D: 5.01%
• 1M: 8.33%
• 6M: -36.79%
• YTD: -38.86%
• 1Y: -54.36%
• 3Y*: -50.96%
• 5Y*: -45.88%
• 10Y*: -55.08%

USD

• 1D: -7.37%
• 1M: -12.52%
• 6M: 51.62%
• YTD: 63.25%
• 1Y: 108.17%
• 3Y*: 94.08%
• 5Y*: 61.69%
• 10Y*: 56.23%

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

SQQQ vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-38.86%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
USD ProShares Ultra Semiconductors	63.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between SQQQ and USD is -0.84, 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	-0.84
Correlation (3Y) Calculated over the trailing 3-year period	-0.84
Correlation (5Y) Calculated over the trailing 5-year period	-0.87
Correlation (10Y) Calculated over the trailing 10-year period	-0.84
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.82

The correlation between SQQQ and USD has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.

SQQQ vs. USD - Sectors Allocation Comparison

Sectors	SQQQ	USD
Financial Services	109.1%	32.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	30.7%
Utilities	-	-

Return for Risk

SQQQ vs. USD — Risk / Return Rank

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

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

USD

USD Risk / Return Rank: 60
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 81
USD Martin Ratio Rank: 62

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.53	-2.51
Sortino ratio: Return per unit of downside risk	-1.58	1.99	-3.57
Omega ratio: Gain probability vs. loss probability	0.83	1.26	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.89	3.42	-4.31
Martin ratio: Return relative to average drawdown	-1.63	8.81	-10.44

SQQQ vs. USD - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.98, which is lower than the USD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SQQQ and USD, 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. USD - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SQQQ and USD.

Drawdown Indicators

	SQQQ	USD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-88.63%	-11.37%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-31.80%	-29.23%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-64.46%	-28.05%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-77.85%	-19.42%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	-77.85%	-22.12%
Current Drawdown Current decline from peak	-100.00%	-24.58%	-75.42%
Average Drawdown Average peak-to-trough decline	-92.76%	-32.25%	-60.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	12.32%	+21.04%

Volatility

SQQQ vs. USD - Volatility Comparison

The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 22.32%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.75%. This indicates that SQQQ experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.32%	30.75%	-8.43%
Volatility (6M) Calculated over the trailing 6-month period	46.22%	58.47%	-12.25%
Volatility (1Y) Calculated over the trailing 1-year period	55.87%	71.05%	-15.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.91%	78.28%	-10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.57%	70.10%	-3.53%

SQQQ vs. USD - Expense Ratio Comparison

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

Dividends

SQQQ vs. USD - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.77%, more than USD's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SQQQ ProShares UltraPro Short QQQ	9.77%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.35%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both SQQQ and USD in my portfolio?

SQQQ and USD have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQQQ or USD?

USD has higher volatility (30.75%) compared to SQQQ (22.32%). In terms of maximum drawdown, SQQQ dropped -100.00% vs USD's -88.63%.

Which ETF is better, SQQQ or USD?

On 10-year performance, USD leads with 56.23% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 22.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or USD?

Over the 10-year period, USD has performed better with a 56.23% return vs -55.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or USD?

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

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

SQQQ has the higher dividend yield at 9.77%, compared with 0.35% for USD.

What is the main difference between SQQQ and USD?

SQQQ tracks NASDAQ-100 Index (-300%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.53 vs -0.98), 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.