TMDV vs. SQQQ

Last updated Jun 25, 2026

TMDV (ProShares Russell U.S. Dividend Growers ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - TMDV is a Mid Cap Value Equities fund tracking the Russell 3000 Dividend Elite Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, TMDV returned 3.80%/yr vs -46.94%/yr for SQQQ. At a correlation of -0.45, they often move in opposite directions. TMDV charges 0.35%/yr vs 0.95%/yr for SQQQ.

Performance

TMDV vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell U.S. Dividend Growers ETF (TMDV) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMDV achieves a 9.14% return, which is significantly higher than SQQQ's -40.47% return.

TMDV

• 1D: 0.66%
• 1M: 3.29%
• YTD: 9.14%
• 6M: 8.08%
• 1Y: 11.29%
• 3Y*: 6.48%
• 5Y*: 3.80%
• 10Y*: —

SQQQ

• 1D: -0.27%
• 1M: -2.53%
• YTD: -40.47%
• 6M: -37.47%
• 1Y: -59.36%
• 3Y*: -53.90%
• 5Y*: -46.94%
• 10Y*: -56.25%

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

TMDV vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TMDV ProShares Russell U.S. Dividend Growers ETF	9.14%	2.91%	2.64%	2.25%	-5.10%	23.45%	4.82%	2.63%
SQQQ ProShares UltraPro Short QQQ	-40.47%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-17.47%

Correlation

The correlation between TMDV and SQQQ is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.29
Correlation (5Y) Calculated over the trailing 5-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	-0.45

Over the past year, the inverse relationship between TMDV and SQQQ has weakened: their correlation has moved from -0.45 to -0.13, meaning they move in opposite directions less often than they have historically.

TMDV vs. SQQQ - Sectors Allocation Comparison

Sectors	TMDV	SQQQ
Consumer Defensive	23.5%	-
Financial Services	16.1%	122.0%
Industrials	16.0%	-
Utilities	12.2%	-
Basic Materials	12.2%	-
Consumer Cyclical	5.5%	-
Healthcare	5.4%	-
Real Estate	4.8%	-
Energy	2.8%	-
Technology	1.6%	-
Communication Services	-	-

Return for Risk

TMDV vs. SQQQ — Risk / Return Rank

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

TMDV

TMDV Risk / Return Rank: 26
TMDV Sharpe Ratio Rank: 28
TMDV Sortino Ratio Rank: 29
TMDV Omega Ratio Rank: 25
TMDV Calmar Ratio Rank: 26
TMDV Martin Ratio Rank: 24

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

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.

TMDV vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell U.S. Dividend Growers ETF (TMDV) and ProShares UltraPro Short QQQ (SQQQ). 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.

	TMDV	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.94	-1.11	+2.05
Sortino ratio: Return per unit of downside risk	1.46	-1.98	+3.43
Omega ratio: Gain probability vs. loss probability	1.16	0.79	+0.38
Calmar ratio: Return relative to maximum drawdown	1.15	-0.94	+2.10
Martin ratio: Return relative to average drawdown	2.78	-1.77	+4.55

TMDV vs. SQQQ - Sharpe Ratio Comparison

The current TMDV Sharpe Ratio is 0.94, which is higher than the SQQQ Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of TMDV and SQQQ, 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

TMDV vs. SQQQ - Drawdown Comparison

The maximum TMDV drawdown since its inception was -33.42%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TMDV and SQQQ.

Drawdown Indicators

	TMDV	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-100.00%	+66.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-63.25%	+53.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-92.51%	+76.49%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	-97.27%	+80.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-2.44%	-100.00%	+97.56%
Average Drawdown Average peak-to-trough decline	-5.41%	-92.73%	+87.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	33.97%	-29.90%

Volatility

TMDV vs. SQQQ - Volatility Comparison

The current volatility for ProShares Russell U.S. Dividend Growers ETF (TMDV) is 3.27%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.67%. This indicates that TMDV experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMDV	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	26.67%	-23.40%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	43.18%	-34.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	53.58%	-41.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	67.53%	-53.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.60%	66.46%	-47.86%

TMDV vs. SQQQ - Expense Ratio Comparison

TMDV has a 0.35% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

TMDV vs. SQQQ - Dividend Comparison

TMDV's dividend yield for the trailing twelve months is around 2.51%, less than SQQQ's 11.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	11.47%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
TMDV ProShares Russell U.S. Dividend Growers ETF	2.51%	2.65%	2.70%	2.45%	2.46%	2.14%	2.28%	0.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMDV and SQQQ in my portfolio?

TMDV and SQQQ have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMDV or SQQQ?

SQQQ has higher volatility (26.67%) compared to TMDV (3.27%). In terms of maximum drawdown, TMDV dropped -33.42% vs SQQQ's -100.00%.

Which ETF is better, TMDV or SQQQ?

On 5-year performance, TMDV leads with 3.80% vs -46.94% for SQQQ. On fees, TMDV is cheaper at 0.35% per year. On volatility, TMDV has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMDV or SQQQ?

Over the 5-year period, TMDV has performed better with a 3.80% return vs -46.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMDV or SQQQ?

TMDV is cheaper with a 0.35% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 11.47%, compared with 2.51% for TMDV.

What is the main difference between TMDV and SQQQ?

TMDV is categorized as Mid Cap Value Equities, while SQQQ is Leveraged Equities. TMDV tracks Russell 3000 Dividend Elite Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.35% for TMDV and 0.95% for SQQQ.

Which has better risk-adjusted returns?

TMDV currently has the higher Sharpe Ratio (0.94 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.