SQQQ vs. VNO

Last updated Jun 9, 2026

SQQQ (ProShares UltraPro Short QQQ) is Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while VNO (Vornado Realty Trust) is a stock. Over the past 10 years, SQQQ returned -55.68%/yr vs -3.63%/yr for VNO. At a correlation of -0.41, they often move in opposite directions.

Performance

SQQQ vs. VNO - Performance Comparison

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

Returns By Period

In the year-to-date period, SQQQ achieves a -39.28% return, which is significantly lower than VNO's 8.77% return. Over the past 10 years, SQQQ has underperformed VNO with an annualized return of -55.68%, while VNO has yielded a comparatively higher -3.63% annualized return.

SQQQ

• 1D: -4.47%
• 1M: -3.08%
• YTD: -39.28%
• 6M: -36.43%
• 1Y: -60.85%
• 3Y*: -54.68%
• 5Y*: -47.98%
• 10Y*: -55.68%

VNO

• 1D: 2.81%
• 1M: 12.56%
• YTD: 8.77%
• 6M: 8.57%
• 1Y: -8.07%
• 3Y*: 35.06%
• 5Y*: -3.27%
• 10Y*: -3.63%

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

SQQQ vs. VNO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	-39.28%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%
VNO Vornado Realty Trust	8.77%	-19.09%	51.32%	39.50%	-46.66%	17.78%	-40.43%	14.93%	-17.75%	-4.53%

Correlation

The correlation between SQQQ and VNO is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (5Y) Calculated over the trailing 5-year period	-0.41
Correlation (10Y) Calculated over the trailing 10-year period	-0.33
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.41

The correlation between SQQQ and VNO shifts across timeframes, from -0.41 (5 years) to -0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SQQQ vs. VNO — Risk / Return Rank

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

SQQQ

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

VNO

VNO Risk / Return Rank: 32
VNO Sharpe Ratio Rank: 32
VNO Sortino Ratio Rank: 28
VNO Omega Ratio Rank: 29
VNO Calmar Ratio Rank: 36
VNO Martin Ratio Rank: 35

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. VNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Vornado Realty Trust (VNO). 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	VNO	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	-0.25	-0.97
Sortino ratio: Return per unit of downside risk	-2.26	-0.13	-2.13
Omega ratio: Gain probability vs. loss probability	0.76	0.99	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.20	-0.73
Martin ratio: Return relative to average drawdown	-1.69	-0.38	-1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQQQ vs. VNO - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.22, which is lower than the VNO Sharpe Ratio of -0.25. The chart below compares the historical Sharpe Ratios of SQQQ and VNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SQQQ	VNO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	-0.25	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.72	-0.08	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.84	-0.09	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.29	-1.16

Drawdowns

SQQQ vs. VNO - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than VNO's maximum drawdown of -80.89%. Use the drawdown chart below to compare losses from any high point for SQQQ and VNO.

Drawdown Indicators

	SQQQ	VNO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-80.89%	-19.11%
Max Drawdown (1Y) Largest decline over 1 year	-65.71%	-41.22%	-24.49%
Max Drawdown (3Y) Largest decline over 3 years	-92.38%	-43.88%	-48.50%
Max Drawdown (5Y) Largest decline over 5 years	-97.23%	-72.46%	-24.77%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-80.89%	-19.09%
Current Drawdown Current decline from peak	-100.00%	-41.31%	-58.69%
Average Drawdown Average peak-to-trough decline	-92.40%	-20.59%	-71.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.98%	21.24%	+14.74%

Volatility

SQQQ vs. VNO - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 19.65% compared to Vornado Realty Trust (VNO) at 10.04%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than VNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	VNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.65%	10.04%	+9.61%
Volatility (6M) Calculated over the trailing 6-month period	39.23%	23.04%	+16.19%
Volatility (1Y) Calculated over the trailing 1-year period	50.16%	32.81%	+17.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.95%	41.61%	+25.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.30%	39.11%	+27.19%

Dividends

SQQQ vs. VNO - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 11.25%, more than VNO's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SQQQ ProShares UltraPro Short QQQ	11.25%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%
VNO Vornado Realty Trust	2.04%	2.22%	1.76%	2.39%	10.19%	5.06%	6.37%	6.90%	4.06%	3.00%	2.41%	14.41%

Frequently Asked Questions

Can I hold both SQQQ and VNO in my portfolio?

SQQQ and VNO have a correlation of -0.29, 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 VNO?

SQQQ has higher volatility (19.65%) compared to VNO (10.04%). In terms of maximum drawdown, SQQQ dropped -100.00% vs VNO's -80.89%.

Which has better risk-adjusted returns?

VNO currently has the higher Sharpe Ratio (-0.25 vs -1.22), 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.