UST vs. SQQQ

Last updated Jun 4, 2026

UST (ProShares Ultra 7-10 Year Treasury) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UST returned -2.13%/yr vs -56.01%/yr for SQQQ. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UST vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra 7-10 Year Treasury (UST) 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, UST achieves a -2.88% return, which is significantly higher than SQQQ's -45.27% return. Over the past 10 years, UST has outperformed SQQQ with an annualized return of -2.13%, while SQQQ has yielded a comparatively lower -56.01% annualized return.

UST

• 1D: -0.56%
• 1M: -0.51%
• YTD: -2.88%
• 6M: -4.24%
• 1Y: 3.81%
• 3Y*: -0.51%
• 5Y*: -6.75%
• 10Y*: -2.13%

SQQQ

• 1D: 0.76%
• 1M: -26.37%
• YTD: -45.27%
• 6M: -42.79%
• 1Y: -65.16%
• 3Y*: -56.19%
• 5Y*: -49.17%
• 10Y*: -56.01%

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

UST vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UST ProShares Ultra 7-10 Year Treasury	-2.88%	10.26%	-6.19%	0.16%	-30.19%	-7.81%	18.83%	13.34%	-1.09%	3.21%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between UST and SQQQ is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.18

The correlation between UST and SQQQ shifts across timeframes, from -0.15 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

UST vs. SQQQ - Sectors Allocation Comparison

Sectors	UST	SQQQ
Financial Services	97.4%	97.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UST vs. SQQQ — Risk / Return Rank

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

UST

UST Risk / Return Rank: 14
UST Sharpe Ratio Rank: 15
UST Sortino Ratio Rank: 13
UST Omega Ratio Rank: 13
UST Calmar Ratio Rank: 14
UST Martin Ratio Rank: 15

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.

UST vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) 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.

	UST	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.40	-1.37	+1.77
Sortino ratio: Return per unit of downside risk	0.64	-2.63	+3.27
Omega ratio: Gain probability vs. loss probability	1.07	0.72	+0.35
Calmar ratio: Return relative to maximum drawdown	0.44	-0.99	+1.43
Martin ratio: Return relative to average drawdown	1.26	-1.82	+3.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UST vs. SQQQ - Sharpe Ratio Comparison

The current UST Sharpe Ratio is 0.40, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of UST 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

	UST	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	-1.37	+1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	-0.74	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	-0.85	+0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	-0.88	+1.07

Drawdowns

UST vs. SQQQ - Drawdown Comparison

The maximum UST drawdown since its inception was -47.99%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UST and SQQQ.

Drawdown Indicators

	UST	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-47.99%	-100.00%	+52.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-65.95%	+57.20%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-92.38%	+75.51%
Max Drawdown (5Y) Largest decline over 5 years	-43.97%	-97.23%	+53.26%
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	-99.98%	+51.99%
Current Drawdown Current decline from peak	-38.33%	-100.00%	+61.67%
Average Drawdown Average peak-to-trough decline	-15.13%	-92.40%	+77.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	35.73%	-32.70%

Volatility

UST vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.10%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that UST 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

	UST	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	13.75%	-10.65%
Volatility (6M) Calculated over the trailing 6-month period	6.58%	36.45%	-29.87%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	47.79%	-38.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.47%	66.64%	-51.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.18%	66.11%	-52.93%

UST vs. SQQQ - Expense Ratio Comparison

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

Dividends

UST vs. SQQQ - Dividend Comparison

UST's dividend yield for the trailing twelve months is around 3.49%, less than SQQQ's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SQQQ ProShares UltraPro Short QQQ	12.48%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%
UST ProShares Ultra 7-10 Year Treasury	3.49%	3.65%	4.09%	3.49%	0.47%	0.27%	0.53%	1.42%	1.71%	0.84%	0.64%	0.75%

Frequently Asked Questions

Can I hold both UST and SQQQ in my portfolio?

UST and SQQQ have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UST or SQQQ?

SQQQ has higher volatility (13.75%) compared to UST (3.10%). In terms of maximum drawdown, UST dropped -47.99% vs SQQQ's -100.00%.

Which ETF is better, UST or SQQQ?

On 10-year performance, UST leads with -2.13% vs -56.01% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UST or SQQQ?

Over the 10-year period, UST has performed better with a -2.13% return vs -56.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UST or SQQQ?

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

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

SQQQ has the higher dividend yield at 12.48%, compared with 3.49% for UST.

What is the main difference between UST and SQQQ?

UST is categorized as Leveraged Bonds, while SQQQ is Leveraged Equities. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

UST currently has the higher Sharpe Ratio (0.40 vs -1.37), 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.