USD vs. SQQQ
USD (ProShares Ultra Semiconductors) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, USD returned 56.23%/yr vs -55.08%/yr for SQQQ. At a correlation of -0.82, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
USD vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 63.25% return, which is significantly higher than SQQQ's -38.86% return. Over the past 10 years, USD has outperformed SQQQ with an annualized return of 56.23%, while SQQQ has yielded a comparatively lower -55.08% annualized return.
USD
- 1D
- -7.37%
- 1M
- -12.52%
- 6M
- 51.62%
- YTD
- 63.25%
- 1Y
- 108.17%
- 3Y*
- 94.08%
- 5Y*
- 61.69%
- 10Y*
- 56.23%
SQQQ
- 1D
- 5.01%
- 1M
- 8.33%
- 6M
- -36.79%
- YTD
- -38.86%
- 1Y
- -54.36%
- 3Y*
- -50.96%
- 5Y*
- -45.88%
- 10Y*
- -55.08%
USD vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 63.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
SQQQ ProShares UltraPro Short QQQ | -38.86% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between USD and SQQQ is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.82 |
The correlation between USD and SQQQ has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.
USD vs. SQQQ - Sectors Allocation Comparison
Sectors
USD
SQQQ
Financial Services
Technology
-
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Financial Services
USD
SQQQ
Technology
USD
SQQQ
-
Energy
USD
SQQQ
-
Basic Materials
USD
-
SQQQ
-
Communication Services
USD
-
SQQQ
-
Consumer Cyclical
USD
-
SQQQ
-
Consumer Defensive
USD
-
SQQQ
-
Healthcare
USD
-
SQQQ
-
Industrials
USD
-
SQQQ
-
Real Estate
USD
-
SQQQ
-
Utilities
USD
-
SQQQ
-
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Return for Risk
USD vs. SQQQ — Risk / Return Rank
USD
SQQQ
USD vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.51 | ||
| Sortino ratioReturn per unit of downside risk | +3.57 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.83 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | -0.89 | +4.31 |
| Martin ratioReturn relative to average drawdown | 8.81 | -1.63 | +10.44 |
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Drawdowns
USD vs. SQQQ - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for USD and SQQQ.
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Drawdown Indicators
| USD | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -100.00% | +11.37% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -61.03% | +29.23% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -92.51% | +28.05% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -97.27% | +19.42% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -99.97% | +22.12% |
Current DrawdownCurrent decline from peak | -24.58% | -100.00% | +75.42% |
Average DrawdownAverage peak-to-trough decline | -32.25% | -92.76% | +60.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.32% | 33.36% | -21.04% |
Volatility
USD vs. SQQQ - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 30.75% compared to ProShares UltraPro Short QQQ (SQQQ) at 22.32%. This indicates that USD'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.
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Volatility by Period
| USD | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.75% | 22.32% | +8.43% |
Volatility (6M)Calculated over the trailing 6-month period | 58.47% | 46.22% | +12.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.05% | 55.87% | +15.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.28% | 67.91% | +10.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.10% | 66.57% | +3.53% |
USD vs. SQQQ - Expense Ratio Comparison
Both USD and SQQQ have an expense ratio of 0.95%.
Dividends
USD vs. SQQQ - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.35%, less than SQQQ's 9.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.77% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.35% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and SQQQ have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (30.75%) compared to SQQQ (22.32%). In terms of maximum drawdown, USD dropped -88.63% vs SQQQ's -100.00%.
On 10-year performance, USD leads with 56.23% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, SQQQ has been the lower-risk option at 22.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 56.23% return vs -55.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.77%, compared with 0.35% for USD.
USD tracks Dow Jones U.S. Semiconductors Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).
USD currently has the higher Sharpe Ratio (1.53 vs -0.98), 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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