SQQQ vs. VCMDX

Last updated Jul 21, 2026

SQQQ (ProShares UltraPro Short QQQ) and VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) are both funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while VCMDX is a Commodities fund actively managed by Vanguard. SQQQ is passively managed, while VCMDX is actively managed. Over the past 5 years, SQQQ returned -45.04%/yr vs 10.73%/yr for VCMDX. At a correlation of -0.17, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.16%/yr for VCMDX.

Performance

SQQQ vs. VCMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -36.18% return, which is significantly lower than VCMDX's 17.69% return.

SQQQ

• 1D: -0.26%
• 1M: 17.99%
• 6M: -34.34%
• YTD: -36.18%
• 1Y: -51.42%
• 3Y*: -51.15%
• 5Y*: -45.04%
• 10Y*: -54.75%
• ALL TIME*: -52.82%

VCMDX

• 1D: 0.92%
• 1M: 2.96%
• 6M: 13.45%
• YTD: 17.69%
• 1Y: 25.26%
• 3Y*: 12.49%
• 5Y*: 10.73%
• 10Y*: —
• ALL TIME*: 12.14%

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

SQQQ vs. VCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SQQQ ProShares UltraPro Short QQQ	-36.18%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-37.35%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	17.69%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%

Correlation

The correlation between SQQQ and VCMDX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	-0.17

The correlation between SQQQ and VCMDX shifts across timeframes, from -0.17 (all time) to -0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SQQQ vs. VCMDX — Risk / Return Rank

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

SQQQ

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

VCMDX

VCMDX Risk / Return Rank: 47
VCMDX Sharpe Ratio Rank: 59
VCMDX Sortino Ratio Rank: 50
VCMDX Omega Ratio Rank: 53
VCMDX Calmar Ratio Rank: 38
VCMDX Martin Ratio Rank: 37

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. VCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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	VCMDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	1.72	-2.64
Sortino ratio: Return per unit of downside risk	-1.42	2.28	-3.70
Omega ratio: Gain probability vs. loss probability	0.85	1.30	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.84	1.95	-2.80
Martin ratio: Return relative to average drawdown	-1.53	6.58	-8.11

SQQQ vs. VCMDX - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.92, which is lower than the VCMDX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SQQQ and VCMDX, 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. VCMDX - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for SQQQ and VCMDX.

Drawdown Indicators

	SQQQ	VCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-26.67%	-73.33%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-13.39%	-47.64%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-13.39%	-79.12%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	-25.45%	-71.82%
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	—	—
Current Drawdown Current decline from peak	-100.00%	-7.49%	-92.51%
Average Drawdown Average peak-to-trough decline	-92.76%	-10.83%	-81.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.69%	3.97%	+29.72%

Volatility

SQQQ vs. VCMDX - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 21.99% compared to Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) at 4.31%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than VCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	VCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.99%	4.31%	+17.68%
Volatility (6M) Calculated over the trailing 6-month period	46.34%	12.65%	+33.69%
Volatility (1Y) Calculated over the trailing 1-year period	56.15%	15.18%	+40.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.92%	15.88%	+52.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.60%	15.37%	+51.23%

SQQQ vs. VCMDX - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than VCMDX's 0.16% expense ratio.

Dividends

SQQQ vs. VCMDX - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.36%, less than VCMDX's 12.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	9.36%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.92%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQQQ and VCMDX in my portfolio?

SQQQ and VCMDX have a correlation of -0.05, 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 VCMDX?

SQQQ has higher volatility (21.99%) compared to VCMDX (4.31%). In terms of maximum drawdown, SQQQ dropped -100.00% vs VCMDX's -26.67%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (1.72 vs -0.92), 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.