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UPV vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPV vs. SQQQ

Last updated Aug 2, 2026
Documentation

UPV (ProShares Ultra Europe) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UPV tracks the MSCI Europe Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UPV returned 12.29%/yr vs -54.48%/yr for SQQQ. Their -0.60 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

UPV vs. SQQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, UPV achieves a 15.25% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, UPV has outperformed SQQQ with an annualized return of 12.29%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

UPV

1D
-0.78%
1M
2.19%
6M
5.99%
YTD
15.25%
1Y
41.67%
3Y*
24.41%
5Y*
9.52%
10Y*
12.29%
ALL TIME*
10.10%

SQQQ

1D
-1.99%
1M
9.46%
6M
-32.40%
YTD
-34.61%
1Y
-52.32%
3Y*
-49.83%
5Y*
-44.46%
10Y*
-54.48%
ALL TIME*
-52.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SQQQ

ProShares UltraPro Short QQQ
$2.40B$2.29B$2.66B

UPV

ProShares Ultra Europe
$55.59K$49.44K$105.04K

UPV vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UPV
ProShares Ultra Europe		15.25%68.63%-4.51%32.16%-36.58%32.38%-3.15%47.04%-32.64%57.44%
SQQQ
ProShares UltraPro Short QQQ		-34.61%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between UPV and SQQQ is -0.64, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.64

Correlation (3Y)
Balances recent behavior with more history.

-0.59

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.64

Correlation (10Y)
Provides a long-term view across more market conditions.

-0.58

Correlation (All Time)
Calculated using the full available price history since May 7, 2010

-0.60

The correlation between UPV and SQQQ has been stable across timeframes, ranging from -0.64 to -0.58 - a consistent structural relationship.

UPV vs. SQQQ - Sectors Allocation Comparison

Sectors
UPV
SQQQ

Financial Services

30.9%
89.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

UPV
30.9%
SQQQ
89.7%

Basic Materials

UPV

-

SQQQ

-

Communication Services

UPV

-

SQQQ

-

Consumer Cyclical

UPV

-

SQQQ

-

Consumer Defensive

UPV

-

SQQQ

-

Energy

UPV

-

SQQQ

-

Healthcare

UPV

-

SQQQ

-

Industrials

UPV

-

SQQQ

-

Real Estate

UPV

-

SQQQ

-

Technology

UPV

-

SQQQ

-

Utilities

UPV

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares Ultra Europe

ProShares UltraPro Short QQQ

Often compared with UPV:
UPV vs. EPVUPV vs. HEDJUPV vs. UPROUPV vs. UDOWUPV vs. EURLUPV vs. VGKUPV vs. FEZ
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY

Return for Risk

UPV vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
UPV
UPV Risk / Return Rank: 5050
Overall Rank
UPV Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
UPV Sortino Ratio Rank: 5353
Sortino Ratio Rank
UPV Omega Ratio Rank: 4949
Omega Ratio Rank
UPV Calmar Ratio Rank: 4848
Calmar Ratio Rank
UPV Martin Ratio Rank: 5050
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 33
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 22
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPV vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) 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.

UPVSQQQDifference
Sharpe ratioReturn per unit of total volatility
1.28
-0.86

+2.14

Sortino ratioReturn per unit of downside risk
1.87
-1.25

+3.12

Omega ratioGain probability vs. loss probability

1.23

0.86

+0.36

Calmar ratioReturn relative to maximum drawdown

1.73

-0.81

+2.55

Martin ratioReturn relative to average drawdown

5.85

-1.41

+7.26

UPV vs. SQQQ - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 1.28, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of UPV 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.

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Drawdowns

UPV vs. SQQQ - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UPV and SQQQ.

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Drawdown Indicators

UPVSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-67.25%

-100.00%

+32.75%

Max Drawdown (1Y)

Largest decline over 1 year

-23.41%

-61.03%

+37.62%

Max Drawdown (3Y)

Largest decline over 3 years

-27.54%

-92.51%

+64.97%

Max Drawdown (5Y)

Largest decline over 5 years

-58.33%

-97.27%

+38.94%

Max Drawdown (10Y)

Largest decline over 10 years

-67.25%

-99.97%

+32.72%

Current Drawdown

Current decline from peak

-0.78%

-100.00%

+99.22%

Average Drawdown

Average peak-to-trough decline

-20.67%

-92.78%

+72.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.92%

35.08%

-28.16%

Volatility

UPV vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 8.89%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that UPV 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

UPVSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.89%

20.82%

-11.93%

Volatility (6M)

Calculated over the trailing 6-month period

27.48%

48.09%

-20.61%

Volatility (1Y)

Calculated over the trailing 1-year period

31.74%

57.98%

-26.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.53%

68.18%

-32.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.16%

66.74%

-30.58%

UPV vs. SQQQ - Expense Ratio Comparison

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

Dividends

UPV vs. SQQQ - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.15%, less than SQQQ's 9.14% yield.

PositionTTM202520242023202220212020201920182017
SQQQ
ProShares UltraPro Short QQQ		9.14%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%
UPV
ProShares Ultra Europe		2.15%2.11%2.70%1.57%0.00%0.00%0.00%0.65%3.80%0.00%

Frequently Asked Questions

UPV and SQQQ have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (20.82%) compared to UPV (8.89%). In terms of maximum drawdown, UPV dropped -67.25% vs SQQQ's -100.00%.

On 10-year performance, UPV leads with 12.29% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 8.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPV has performed better with a 12.29% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPV and SQQQ have the same expense ratio: 0.95% per year.

SQQQ has the higher dividend yield at 9.14%, compared with 2.15% for UPV.

UPV tracks MSCI Europe Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

UPV currently has the higher Sharpe Ratio (1.28 vs -0.86), 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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