URSP vs. SQQQ

Last updated Jun 5, 2026

URSP (ProShares Ultra S&P 500 Equal Weight ETF) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - URSP tracks the S&P 500 Equal Weight Index while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. At a correlation of -0.56, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

URSP vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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, URSP achieves a 18.34% return, which is significantly higher than SQQQ's -44.43% return.

URSP

• 1D: 1.51%
• 1M: 7.08%
• YTD: 18.34%
• 6M: 18.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

URSP vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	18.34%	1.57%
SQQQ ProShares UltraPro Short QQQ	-44.43%	-19.26%

Correlation

The correlation between URSP and SQQQ is -0.56, 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 (All Time) Calculated using the full available price history since Aug 28, 2025	-0.56

Return for Risk

URSP vs. SQQQ — Risk / Return Rank

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

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.

URSP vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	URSP	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.35	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	-0.88	+2.04

Drawdowns

URSP vs. SQQQ - Drawdown Comparison

The maximum URSP drawdown since its inception was -15.72%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for URSP and SQQQ.

Drawdown Indicators

	URSP	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-100.00%	+84.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-65.95%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-92.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	0.00%	-100.00%	+100.00%
Average Drawdown Average peak-to-trough decline	-3.18%	-92.40%	+89.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	35.96%	—

Volatility

Volatility by Period

	URSP	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	47.79%	-24.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	66.61%	-43.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	66.10%	-42.66%

URSP vs. SQQQ - Expense Ratio Comparison

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

Dividends

URSP vs. SQQQ - Dividend Comparison

URSP's dividend yield for the trailing twelve months is around 0.58%, 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%
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.58%	0.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both URSP and SQQQ in my portfolio?

URSP and SQQQ have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, URSP or SQQQ?

Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, URSP or SQQQ?

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

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

SQQQ has the higher dividend yield at 12.29%, compared with 0.58% for URSP.

What is the main difference between URSP and SQQQ?

URSP tracks S&P 500 Equal Weight Index, while SQQQ tracks NASDAQ-100 Index (-300%).