UPW vs. SQQQ

Last updated Aug 2, 2026

UPW (ProShares Ultra Utilities) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UPW tracks the Dow Jones U.S. Utilities Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UPW returned 9.38%/yr vs -54.48%/yr for SQQQ. Their -0.28 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

UPW vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) 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, UPW achieves a 5.68% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, UPW has outperformed SQQQ with an annualized return of 9.38%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

UPW

• 1D: -1.15%
• 1M: -6.24%
• 6M: 3.76%
• YTD: 5.68%
• 1Y: 4.16%
• 3Y*: 17.45%
• 5Y*: 9.79%
• 10Y*: 9.38%
• ALL TIME*: 9.54%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SQQQ ProShares UltraPro Short QQQ	$2.40B	$2.29B	$2.66B
UPW ProShares Ultra Utilities	$399.58K	$331.97K	$346.79K

UPW vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	5.68%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
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 UPW and SQQQ is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (3Y) Balances recent behavior with more history.	-0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.22
Correlation (10Y) Provides a long-term view across more market conditions.	-0.22
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.28

Over the past year, the inverse relationship between UPW and SQQQ has weakened: their correlation has moved from -0.28 to -0.02, meaning they move in opposite directions less often than they have historically.

UPW vs. SQQQ - Sectors Allocation Comparison

Sectors	UPW	SQQQ
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	89.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

UPW vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPW

UPW Risk / Return Rank: 15
UPW Sharpe Ratio Rank: 14
UPW Sortino Ratio Rank: 15
UPW Omega Ratio Rank: 15
UPW Calmar Ratio Rank: 15
UPW Martin Ratio Rank: 14

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 3
SQQQ Calmar Ratio Rank: 2
SQQQ Martin Ratio Rank: 1

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.

UPW vs. SQQQ - Risk-Adjusted Trends Comparison

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

	UPW	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.16	-0.86	+1.02
Sortino ratio: Return per unit of downside risk	0.43	-1.25	+1.68
Omega ratio: Gain probability vs. loss probability	1.05	0.86	+0.19
Calmar ratio: Return relative to maximum drawdown	0.25	-0.81	+1.07
Martin ratio: Return relative to average drawdown	0.49	-1.41	+1.90

UPW vs. SQQQ - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.16, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of UPW 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.

Drawdowns

UPW vs. SQQQ - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UPW and SQQQ.

Drawdown Indicators

	UPW	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-100.00%	+22.25%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-61.03%	+41.88%
Max Drawdown (3Y) Largest decline over 3 years	-25.06%	-92.51%	+67.45%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-97.27%	+47.85%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-99.97%	+37.30%
Current Drawdown Current decline from peak	-14.30%	-100.00%	+85.70%
Average Drawdown Average peak-to-trough decline	-22.50%	-92.78%	+70.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	35.08%	-25.17%

Volatility

UPW vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 9.72%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that UPW 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.

Volatility by Period

	UPW	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	20.82%	-11.10%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	48.09%	-23.74%
Volatility (1Y) Calculated over the trailing 1-year period	30.15%	57.98%	-27.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.49%	68.18%	-33.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.29%	66.74%	-29.45%

UPW vs. SQQQ - Expense Ratio Comparison

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

Dividends

UPW vs. SQQQ - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.48%, less than SQQQ's 9.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
UPW ProShares Ultra Utilities	1.48%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%

Frequently Asked Questions

Can I hold both UPW and SQQQ in my portfolio?

UPW and SQQQ have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or SQQQ?

SQQQ has higher volatility (20.82%) compared to UPW (9.72%). In terms of maximum drawdown, UPW dropped -77.75% vs SQQQ's -100.00%.

Which ETF is better, UPW or SQQQ?

On 10-year performance, UPW leads with 9.38% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 9.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or SQQQ?

Over the 10-year period, UPW has performed better with a 9.38% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.14%, compared with 1.48% for UPW.

What is the main difference between UPW and SQQQ?

UPW tracks Dow Jones U.S. Utilities Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

UPW currently has the higher Sharpe Ratio (0.16 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.