UCYB vs. SQQQ

Last updated Jun 5, 2026

UCYB (ProShares Ultra Nasdaq Cybersecurity) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UCYB tracks the Nasdaq CTA Cybersecurity Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, UCYB returned 18.13%/yr vs -49.01%/yr for SQQQ. At a correlation of -0.74, they often move in opposite directions. UCYB charges 0.97%/yr vs 0.95%/yr for SQQQ.

Performance

UCYB vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cybersecurity (UCYB) 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, UCYB achieves a 51.10% return, which is significantly higher than SQQQ's -44.43% return.

UCYB

• 1D: -1.99%
• 1M: 61.03%
• YTD: 51.10%
• 6M: 38.20%
• 1Y: 37.94%
• 3Y*: 43.47%
• 5Y*: 18.13%
• 10Y*: —

SQQQ

• 1D: 1.53%
• 1M: -22.29%
• YTD: -44.43%
• 6M: -42.11%
• 1Y: -64.38%
• 3Y*: -55.94%
• 5Y*: -49.01%
• 10Y*: -55.90%

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

UCYB vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UCYB ProShares Ultra Nasdaq Cybersecurity	51.10%	9.41%	28.84%	68.85%	-55.15%	29.50%
SQQQ ProShares UltraPro Short QQQ	-44.43%	-53.05%	-49.79%	-73.61%	82.40%	-55.27%

Correlation

The correlation between UCYB and SQQQ is -0.58, 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	-0.58
Correlation (3Y) Calculated over the trailing 3-year period	-0.69
Correlation (5Y) Calculated over the trailing 5-year period	-0.74
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021	-0.74

The correlation between UCYB and SQQQ shifts across timeframes, from -0.74 (all time) to -0.58 (1 year), reflecting how their relationship changes across market environments.

UCYB vs. SQQQ - Sectors Allocation Comparison

Sectors	UCYB	SQQQ
Technology	95.1%	-
Industrials	4.8%	-
Communication Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	97.1%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

UCYB vs. SQQQ — Risk / Return Rank

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

UCYB

UCYB Risk / Return Rank: 22
UCYB Sharpe Ratio Rank: 23
UCYB Sortino Ratio Rank: 25
UCYB Omega Ratio Rank: 25
UCYB Calmar Ratio Rank: 20
UCYB Martin Ratio Rank: 18

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
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.

UCYB vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cybersecurity (UCYB) 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.

	UCYB	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.77	-1.35	+2.12
Sortino ratio: Return per unit of downside risk	1.32	-2.57	+3.89
Omega ratio: Gain probability vs. loss probability	1.17	0.73	+0.44
Calmar ratio: Return relative to maximum drawdown	0.89	-0.98	+1.86
Martin ratio: Return relative to average drawdown	1.97	-1.79	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UCYB vs. SQQQ - Sharpe Ratio Comparison

The current UCYB Sharpe Ratio is 0.77, which is higher than the SQQQ Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of UCYB 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.

Sharpe Ratios by Period

	UCYB	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-1.35	+2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	-0.74	+1.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.88	+1.17

Drawdowns

UCYB vs. SQQQ - Drawdown Comparison

The maximum UCYB drawdown since its inception was -62.69%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UCYB and SQQQ.

Drawdown Indicators

	UCYB	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-62.69%	-100.00%	+37.31%
Max Drawdown (1Y) Largest decline over 1 year	-43.04%	-65.95%	+22.91%
Max Drawdown (3Y) Largest decline over 3 years	-43.04%	-92.38%	+49.34%
Max Drawdown (5Y) Largest decline over 5 years	-62.69%	-97.23%	+34.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-8.02%	-100.00%	+91.98%
Average Drawdown Average peak-to-trough decline	-27.47%	-92.40%	+64.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.33%	35.96%	-16.63%

Volatility

UCYB vs. SQQQ - Volatility Comparison

ProShares Ultra Nasdaq Cybersecurity (UCYB) has a higher volatility of 22.45% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.81%. This indicates that UCYB'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.

Volatility by Period

	UCYB	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.45%	13.81%	+8.64%
Volatility (6M) Calculated over the trailing 6-month period	42.18%	36.46%	+5.72%
Volatility (1Y) Calculated over the trailing 1-year period	49.53%	47.79%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.95%	66.61%	-16.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.63%	66.10%	-16.47%

UCYB vs. SQQQ - Expense Ratio Comparison

UCYB has a 0.97% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

Dividends

UCYB vs. SQQQ - Dividend Comparison

UCYB's dividend yield for the trailing twelve months is around 1.43%, less than SQQQ's 12.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	12.29%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
UCYB ProShares Ultra Nasdaq Cybersecurity	1.43%	1.90%	2.16%	0.56%	0.00%	0.91%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCYB and SQQQ in my portfolio?

UCYB and SQQQ have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCYB or SQQQ?

UCYB has higher volatility (22.45%) compared to SQQQ (13.81%). In terms of maximum drawdown, UCYB dropped -62.69% vs SQQQ's -100.00%.

Which ETF is better, UCYB or SQQQ?

On 5-year performance, UCYB leads with 18.13% vs -49.01% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCYB or SQQQ?

Over the 5-year period, UCYB has performed better with a 18.13% return vs -49.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCYB or SQQQ?

SQQQ is cheaper with a 0.95% expense ratio, compared with 0.97% for UCYB.

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

SQQQ has the higher dividend yield at 12.29%, compared with 1.43% for UCYB.

What is the main difference between UCYB and SQQQ?

UCYB tracks Nasdaq CTA Cybersecurity Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.97% for UCYB and 0.95% for SQQQ.

Which has better risk-adjusted returns?

UCYB currently has the higher Sharpe Ratio (0.77 vs -1.35), 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.