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UBT vs. SQQQ
Performance
Return for Risk
Dividends
Drawdowns
Volatility

UBT vs. SQQQ

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra 20+ Year Treasury (UBT) and ProShares UltraPro Short QQQ (SQQQ).

UBT and SQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UBT is a passively managed fund by ProShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Index (200%). It was launched on Jan 19, 2010. SQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (-300%). It was launched on Feb 9, 2010. Both UBT and SQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UBT vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 20+ Year Treasury (UBT) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

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UBT vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UBT
ProShares Ultra 20+ Year Treasury		-0.94%2.03%-21.81%-3.68%-55.54%-12.14%31.87%24.46%-6.54%16.12%
SQQQ
ProShares UltraPro Short QQQ		13.99%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Returns By Period

In the year-to-date period, UBT achieves a -0.94% return, which is significantly lower than SQQQ's 13.99% return. Over the past 10 years, UBT has outperformed SQQQ with an annualized return of -7.68%, while SQQQ has yielded a comparatively lower -52.71% annualized return.

UBT

1D
0.12%
1M
-7.06%
YTD
-0.94%
6M
-4.63%
1Y
-8.08%
3Y*
-12.25%
5Y*
-17.10%
10Y*
-7.68%

SQQQ

1D
-3.78%
1M
10.61%
YTD
13.99%
6M
6.42%
1Y
-56.13%
3Y*
-49.39%
5Y*
-42.70%
10Y*
-52.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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ProShares Ultra 20+ Year Treasury

ProShares UltraPro Short QQQ

Often compared with UBT:
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Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. UVXYSQQQ vs. SPXUSQQQ vs. QID

UBT vs. SQQQ - Expense Ratio Comparison

Both UBT and SQQQ have an expense ratio of 0.95%.

UBT
ProShares Ultra 20+ Year Treasury
SQQQ
ProShares UltraPro Short QQQ

Return for Risk

UBT vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UBT
UBT Risk / Return Rank: 66
Overall Rank
UBT Sharpe Ratio Rank: 66
Sharpe Ratio Rank
UBT Sortino Ratio Rank: 55
Sortino Ratio Rank
UBT Omega Ratio Rank: 66
Omega Ratio Rank
UBT Calmar Ratio Rank: 66
Calmar Ratio Rank
UBT Martin Ratio Rank: 77
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 11
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 55
Martin Ratio Rank
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.

UBT vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) 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.

UBTSQQQDifference

Sharpe ratio

Return per unit of total volatility

-0.36

-0.84

+0.47

Sortino ratio

Return per unit of downside risk

-0.35

-1.14

+0.78

Omega ratio

Gain probability vs. loss probability

0.96

0.84

+0.12

Calmar ratio

Return relative to maximum drawdown

-0.36

-0.76

+0.40

Martin ratio

Return relative to average drawdown

-0.66

-0.87

+0.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UBT vs. SQQQ - Sharpe Ratio Comparison

The current UBT Sharpe Ratio is -0.36, which is higher than the SQQQ Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of UBT and SQQQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

UBTSQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.36

-0.84

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.55

-0.64

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.26

-0.80

+0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

-0.85

+0.87

Correlation

The correlation between UBT and SQQQ is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UBT vs. SQQQ - Dividend Comparison

UBT's dividend yield for the trailing twelve months is around 3.92%, less than SQQQ's 5.99% yield.

TTM20252024202320222021202020192018201720162015
UBT
ProShares Ultra 20+ Year Treasury		3.92%4.26%4.50%3.54%0.30%0.00%0.26%1.50%1.55%1.37%0.75%1.56%
SQQQ
ProShares UltraPro Short QQQ		5.99%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%0.00%0.00%

Drawdowns

UBT vs. SQQQ - Drawdown Comparison

The maximum UBT drawdown since its inception was -78.90%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UBT and SQQQ.

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Drawdown Indicators

UBTSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-78.90%

-100.00%

+21.10%

Max Drawdown (1Y)

Largest decline over 1 year

-18.64%

-75.23%

+56.59%

Max Drawdown (5Y)

Largest decline over 5 years

-72.49%

-95.36%

+22.87%

Max Drawdown (10Y)

Largest decline over 10 years

-78.90%

-99.96%

+21.06%

Current Drawdown

Current decline from peak

-76.24%

-100.00%

+23.76%

Average Drawdown

Average peak-to-trough decline

-31.84%

-92.32%

+60.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.13%

65.40%

-55.27%

Volatility

UBT vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 7.29%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 19.98%. This indicates that UBT 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

UBTSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.29%

19.98%

-12.69%

Volatility (6M)

Calculated over the trailing 6-month period

13.21%

38.23%

-25.02%

Volatility (1Y)

Calculated over the trailing 1-year period

22.52%

67.38%

-44.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.35%

66.65%

-35.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.37%

65.97%

-36.60%