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 -1.90%/yr vs -56.01%/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 13.03% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, UBR has outperformed SQQQ with an annualized return of -1.90%, while SQQQ has yielded a comparatively lower -56.01% annualized return.
UBR
- 1D
- -5.40%
- 1M
- -21.46%
- YTD
- 13.03%
- 6M
- 3.25%
- 1Y
- 56.81%
- 3Y*
- 8.90%
- 5Y*
- -5.17%
- 10Y*
- -1.90%
SQQQ
- 1D
- 0.76%
- 1M
- -26.37%
- YTD
- -45.27%
- 6M
- -42.79%
- 1Y
- -65.16%
- 3Y*
- -56.19%
- 5Y*
- -49.17%
- 10Y*
- -56.01%
UBR vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 13.03% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
SQQQ ProShares UltraPro Short QQQ | -45.27% | -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 -0.47, 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 | -0.47 |
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 10, 2010 | -0.42 |
The correlation between UBR and SQQQ shifts across timeframes, from -0.47 (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.
| UBR | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.15 | -1.37 | +2.52 |
Sortino ratioReturn per unit of downside risk | 1.67 | -2.63 | +4.30 |
Omega ratioGain probability vs. loss probability | 1.21 | 0.72 | +0.49 |
Calmar ratioReturn relative to maximum drawdown | 1.81 | -0.99 | +2.80 |
Martin ratioReturn relative to average drawdown | 5.36 | -1.82 | +7.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UBR | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | -1.37 | +2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.74 | +0.65 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | -0.85 | +0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | -0.88 | +0.68 |
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 | -31.50% | -65.95% | +34.45% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -92.38% | +34.27% |
Max Drawdown (5Y)Largest decline over 5 years | -67.07% | -97.23% | +30.16% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -99.98% | +12.41% |
Current DrawdownCurrent decline from peak | -92.84% | -100.00% | +7.16% |
Average DrawdownAverage peak-to-trough decline | -77.90% | -92.40% | +14.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.63% | 35.73% | -25.10% |
Volatility
UBR vs. SQQQ - Volatility Comparison
ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 15.51% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.75%. This indicates that UBR's price experiences larger fluctuations and is considered to be riskier 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 | 15.51% | 13.75% | +1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 36.45% | +5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.62% | 47.79% | +1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.66% | 66.64% | -10.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.68% | 66.11% | +0.57% |
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 1.85%, less than SQQQ's 12.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 12.48% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
UBR ProShares Ultra MSCI Brazil | 1.85% | 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 -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBR has higher volatility (15.51%) compared to SQQQ (13.75%). In terms of maximum drawdown, UBR dropped -97.15% vs SQQQ's -100.00%.
On 10-year performance, UBR leads with -1.90% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 13.75%. 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 -1.90% return vs -56.01%. 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 12.48%, compared with 1.85% for UBR.
UBR tracks MSCI Brazil Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
UBR currently has the higher Sharpe Ratio (1.15 vs -1.37), 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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