UBR vs. SQQQ
UBR (ProShares Ultra MSCI Brazil) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UBR tracks the MSCI Brazil Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UBR returned -2.60%/yr vs -56.24%/yr for SQQQ. At a correlation of -0.42, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UBR vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UBR achieves a 10.18% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, UBR has outperformed SQQQ with an annualized return of -2.60%, while SQQQ has yielded a comparatively lower -56.24% annualized return.
UBR
- 1D
- -1.03%
- 1M
- -11.39%
- YTD
- 10.18%
- 6M
- 11.72%
- 1Y
- 46.13%
- 3Y*
- 1.85%
- 5Y*
- -6.46%
- 10Y*
- -2.60%
SQQQ
- 1D
- 9.83%
- 1M
- -2.27%
- YTD
- -40.31%
- 6M
- -37.80%
- 1Y
- -61.11%
- 3Y*
- -53.86%
- 5Y*
- -46.89%
- 10Y*
- -56.24%
UBR vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 10.18% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
SQQQ ProShares UltraPro Short QQQ | -40.31% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between UBR and SQQQ is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | -0.42 |
The correlation between UBR and SQQQ shifts across timeframes, from -0.45 (1 year) to -0.33 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
UBR vs. SQQQ — Risk / Return Rank
UBR
SQQQ
UBR vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) 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.
| UBR | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.07 | ||
| Sortino ratioReturn per unit of downside risk | +3.53 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.78 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 1.30 | -0.96 | +2.26 |
| Martin ratioReturn relative to average drawdown | 3.56 | -1.81 | +5.37 |
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Drawdowns
UBR vs. SQQQ - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UBR and SQQQ.
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Drawdown Indicators
| UBR | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -100.00% | +2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -35.75% | -63.52% | +27.77% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -92.51% | +34.40% |
Max Drawdown (5Y)Largest decline over 5 years | -65.81% | -97.27% | +31.46% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -99.98% | +12.41% |
Current DrawdownCurrent decline from peak | -93.02% | -100.00% | +6.98% |
Average DrawdownAverage peak-to-trough decline | -77.93% | -92.73% | +14.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.00% | 36.37% | -23.37% |
Volatility
UBR vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra MSCI Brazil (UBR) is 11.56%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that UBR 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.
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Volatility by Period
| UBR | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.56% | 26.69% | -15.13% |
Volatility (6M)Calculated over the trailing 6-month period | 39.42% | 43.33% | -3.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.06% | 53.65% | -3.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.72% | 67.53% | -11.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.47% | 66.47% | 0.00% |
UBR vs. SQQQ - Expense Ratio Comparison
Both UBR and SQQQ have an expense ratio of 0.95%.
Dividends
UBR vs. SQQQ - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.90%, less than SQQQ's 11.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 11.44% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
UBR ProShares Ultra MSCI Brazil | 1.90% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% | 0.00% |
Frequently Asked Questions
UBR and SQQQ have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.69%) compared to UBR (11.56%). In terms of maximum drawdown, UBR dropped -97.15% vs SQQQ's -100.00%.
On 10-year performance, UBR leads with -2.60% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UBR has been the lower-risk option at 11.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UBR has performed better with a -2.60% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBR and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 11.44%, compared with 1.90% for UBR.
UBR tracks MSCI Brazil Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
UBR currently has the higher Sharpe Ratio (0.93 vs -1.14), 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.
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