SQQQ vs. YQQQ

Last updated Jul 17, 2026

SQQQ (ProShares UltraPro Short QQQ) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%), while YQQQ is a Derivative Income fund actively managed by YieldMax. SQQQ is passively managed, while YQQQ is actively managed. Over the past year, SQQQ returned -54.36% vs -7.48% for YQQQ. With a 0.95 correlation, they move nearly in lockstep. SQQQ charges 0.95%/yr vs 0.99%/yr for YQQQ.

Performance

SQQQ vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short QQQ (SQQQ) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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 YQQQ's -4.79% 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%

YQQQ

• 1D: 0.84%
• 1M: 4.23%
• 6M: -4.70%
• YTD: -4.79%
• 1Y: -7.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQQQ vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SQQQ ProShares UltraPro Short QQQ	-38.86%	-53.05%	-26.93%
YQQQ YieldMax Short N100 Option Income Strategy ETF	-4.79%	-9.97%	-5.17%

Correlation

The correlation between SQQQ and YQQQ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.95

The correlation between SQQQ and YQQQ has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

SQQQ vs. YQQQ — 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

YQQQ

YQQQ Risk / Return Rank: 5
YQQQ Sharpe Ratio Rank: 5
YQQQ Sortino Ratio Rank: 5
YQQQ Omega Ratio Rank: 5
YQQQ Calmar Ratio Rank: 6
YQQQ Martin Ratio Rank: 6

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. YQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-0.54	-0.44
Sortino ratio: Return per unit of downside risk	-1.58	-0.67	-0.91
Omega ratio: Gain probability vs. loss probability	0.83	0.92	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.34	-0.55
Martin ratio: Return relative to average drawdown	-1.63	-0.79	-0.84

SQQQ vs. YQQQ - Sharpe Ratio Comparison

The current SQQQ Sharpe Ratio is -0.98, which is lower than the YQQQ Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of SQQQ and YQQQ, 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. YQQQ - Drawdown Comparison

The maximum SQQQ drawdown since its inception was -100.00%, which is greater than YQQQ's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for SQQQ and YQQQ.

Drawdown Indicators

	SQQQ	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-29.10%	-70.90%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-21.80%	-39.23%
Max Drawdown (3Y) Largest decline over 3 years	-92.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-97.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.97%	—	—
Current Drawdown Current decline from peak	-100.00%	-24.89%	-75.11%
Average Drawdown Average peak-to-trough decline	-92.76%	-14.96%	-77.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	9.51%	+23.85%

Volatility

SQQQ vs. YQQQ - Volatility Comparison

ProShares UltraPro Short QQQ (SQQQ) has a higher volatility of 22.32% compared to YieldMax Short N100 Option Income Strategy ETF (YQQQ) at 5.41%. This indicates that SQQQ's price experiences larger fluctuations and is considered to be riskier than YQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQQQ	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.32%	5.41%	+16.91%
Volatility (6M) Calculated over the trailing 6-month period	46.22%	11.70%	+34.52%
Volatility (1Y) Calculated over the trailing 1-year period	55.87%	13.94%	+41.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.91%	16.55%	+51.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.57%	16.55%	+50.02%

SQQQ vs. YQQQ - Expense Ratio Comparison

SQQQ has a 0.95% expense ratio, which is lower than YQQQ's 0.99% expense ratio.

Dividends

SQQQ vs. YQQQ - Dividend Comparison

SQQQ's dividend yield for the trailing twelve months is around 9.77%, less than YQQQ's 29.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.72%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQQQ and YQQQ in my portfolio?

With a correlation of 0.96, SQQQ and YQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SQQQ or YQQQ?

SQQQ has higher volatility (22.32%) compared to YQQQ (5.41%). In terms of maximum drawdown, SQQQ dropped -100.00% vs YQQQ's -29.10%.

Which ETF is better, SQQQ or YQQQ?

On 1-year performance, YQQQ leads with -7.48% vs -54.36% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, YQQQ has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQQQ or YQQQ?

Over the 1-year period, YQQQ has performed better with a -7.48% return vs -54.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQQQ or YQQQ?

SQQQ is cheaper with a 0.95% expense ratio, compared with 0.99% for YQQQ.

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

YQQQ has the higher dividend yield at 29.72%, compared with 9.77% for SQQQ.

What is the main difference between SQQQ and YQQQ?

SQQQ is categorized as Leveraged Equities, while YQQQ is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for SQQQ and 0.99% for YQQQ.

Which has better risk-adjusted returns?

YQQQ currently has the higher Sharpe Ratio (-0.54 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.