SQQQ vs. XTJL

Last updated Jun 26, 2026

SQQQ (ProShares UltraPro Short QQQ) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. SQQQ is passively managed, while XTJL is actively managed. Over the past 3 years, SQQQ returned -54.63%/yr vs 14.42%/yr for XTJL. At a correlation of -0.88, they often move in opposite directions. SQQQ charges 0.95%/yr vs 0.79%/yr for XTJL.

Performance

SQQQ vs. XTJL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQQQ achieves a -40.98% return, which is significantly lower than XTJL's 5.63% 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%

XTJL

• 1D: 0.02%
• 1M: 0.38%
• YTD: 5.63%
• 6M: 5.29%
• 1Y: 14.32%
• 3Y*: 14.42%
• 5Y*: —
• 10Y*: —

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

SQQQ vs. XTJL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SQQQ ProShares UltraPro Short QQQ	-40.98%	-53.05%	-49.79%	-73.61%	82.40%	-35.01%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	5.63%	15.42%	14.43%	25.72%	-15.66%	7.81%

Correlation

The correlation between SQQQ and XTJL 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	-0.85
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	-0.88

The correlation between SQQQ and XTJL has been stable across timeframes, ranging from -0.88 to -0.84 - a consistent structural relationship.

SQQQ vs. XTJL - Sectors Allocation Comparison

Sectors	SQQQ	XTJL
Financial Services	122.0%	11.0%
Basic Materials	-	1.7%
Communication Services	-	10.8%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	4.6%
Energy	-	3.2%
Healthcare	-	8.4%
Industrials	-	7.9%
Real Estate	-	1.8%
Technology	-	38.4%
Utilities	-	2.1%

Return for Risk

SQQQ vs. XTJL — 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: 1
SQQQ Sortino Ratio Rank: 1
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

XTJL

XTJL Risk / Return Rank: 76
XTJL Sharpe Ratio Rank: 69
XTJL Sortino Ratio Rank: 75
XTJL Omega Ratio Rank: 83
XTJL Calmar Ratio Rank: 65
XTJL Martin Ratio Rank: 86

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. XTJL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	1.96	-3.07
Sortino ratio: Return per unit of downside risk	-1.98	2.92	-4.89
Omega ratio: Gain probability vs. loss probability	0.79	1.44	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.96	2.81	-3.77
Martin ratio: Return relative to average drawdown	-1.84	15.91	-17.75

SQQQ vs. XTJL - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -1.11, which is lower than the XTJL Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SQQQ and XTJL, 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. XTJL - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for SQQQ and XTJL.

Drawdown Indicators

	SQQQ	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-23.24%	-76.76%
Max Drawdown (1Y) Largest decline over 1 year	-62.23%	-5.12%	-57.11%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	-16.70%	-75.81%
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	-0.04%	-99.96%
Average Drawdown Average peak-to-trough decline	-92.73%	-3.99%	-88.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.76%	0.90%	+32.86%

Volatility

SQQQ vs. XTJL - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 26.22% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 0.34%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.22%	0.34%	+25.88%
Volatility (6M) Calculated over the trailing 6-month period	43.25%	5.61%	+37.64%
Volatility (1Y) Calculated over the trailing 1-year period	53.47%	7.35%	+46.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.54%	15.12%	+52.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.45%	15.12%	+51.33%

SQQQ vs. XTJL - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

SQQQ vs. XTJL - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 10.12%, while XTJL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQQQ and XTJL in my portfolio?

SQQQ and XTJL 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 XTJL?

SQQQ has higher volatility (26.22%) compared to XTJL (0.34%). In terms of maximum drawdown, SQQQ dropped -100.00% vs XTJL's -23.24%.

Which ETF is better, SQQQ or XTJL?

On 3-year performance, XTJL leads with 14.42% vs -54.63% for SQQQ. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or XTJL?

Over the 3-year period, XTJL has performed better with a 14.42% return vs -54.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 10.12%, compared with 0.00% for XTJL.

What is the main difference between SQQQ and XTJL?

They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for SQQQ and 0.79% for XTJL.

Which has better risk-adjusted returns?

XTJL currently has the higher Sharpe Ratio (1.96 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.