UBT vs. SQQQ
UBT (ProShares Ultra 20+ Year Treasury) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UBT returned -9.22%/yr vs -55.43%/yr for SQQQ. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UBT vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -4.99% return, which is significantly higher than SQQQ's -42.24% return. Over the past 10 years, UBT has outperformed SQQQ with an annualized return of -9.22%, while SQQQ has yielded a comparatively lower -55.43% annualized return.
UBT
- 1D
- 0.39%
- 1M
- -3.02%
- 6M
- -6.32%
- YTD
- -4.99%
- 1Y
- 0.10%
- 3Y*
- -10.50%
- 5Y*
- -20.31%
- 10Y*
- -9.22%
SQQQ
- 1D
- -3.30%
- 1M
- -1.98%
- 6M
- -38.99%
- YTD
- -42.24%
- 1Y
- -57.13%
- 3Y*
- -52.32%
- 5Y*
- -46.24%
- 10Y*
- -55.43%
UBT vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -4.99% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
SQQQ ProShares UltraPro Short QQQ | -42.24% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between UBT and SQQQ is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | 0.19 |
The correlation between UBT and SQQQ shifts across timeframes, from -0.16 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. SQQQ — Risk / Return Rank
UBT
SQQQ
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.
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.
| UBT | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.81 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.01 | -0.94 | +0.94 |
| Martin ratioReturn relative to average drawdown | 0.01 | -1.73 | +1.75 |
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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
| UBT | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -100.00% | +21.10% |
Max Drawdown (1Y)Largest decline over 1 year | -16.86% | -61.03% | +44.17% |
Max Drawdown (3Y)Largest decline over 3 years | -35.81% | -92.51% | +56.70% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -97.27% | +24.78% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -99.97% | +21.07% |
Current DrawdownCurrent decline from peak | -77.21% | -100.00% | +22.79% |
Average DrawdownAverage peak-to-trough decline | -32.58% | -92.75% | +60.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.78% | 32.98% | -25.20% |
Volatility
UBT vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra 20+ Year Treasury (UBT) is 5.20%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 24.18%. 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
| UBT | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 24.18% | -18.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.37% | 45.91% | -32.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.71% | 55.61% | -36.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.18% | 67.89% | -36.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.17% | 66.57% | -37.40% |
UBT vs. SQQQ - Expense Ratio Comparison
Both UBT and SQQQ have an expense ratio of 0.95%.
Dividends
UBT vs. SQQQ - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.61%, less than SQQQ's 10.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 10.34% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% | 0.00% | 0.00% |
UBT ProShares Ultra 20+ Year Treasury | 3.61% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
UBT and SQQQ have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (24.18%) compared to UBT (5.20%). In terms of maximum drawdown, UBT dropped -78.90% vs SQQQ's -100.00%.
On 10-year performance, UBT leads with -9.22% vs -55.43% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UBT has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UBT has performed better with a -9.22% return vs -55.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 10.34%, compared with 3.61% for UBT.
UBT is categorized as Leveraged Bonds, while SQQQ is Leveraged Equities. UBT tracks Barclays Capital U.S. 20+ Year Treasury Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
UBT currently has the higher Sharpe Ratio (0.01 vs -1.03), 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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