UXI vs. SQQQ

Last updated Aug 2, 2026

UXI (ProShares Ultra Industrials) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UXI tracks the Dow Jones U.S. Industrials Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UXI returned 19.45%/yr vs -54.48%/yr for SQQQ. Their -0.69 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

UXI vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Industrials (UXI) 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, UXI achieves a 28.57% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, UXI has outperformed SQQQ with an annualized return of 19.45%, while SQQQ has yielded a comparatively lower -54.48% annualized return.

UXI

• 1D: 1.77%
• 1M: -4.74%
• 6M: 14.00%
• YTD: 28.57%
• 1Y: 35.83%
• 3Y*: 29.57%
• 5Y*: 12.67%
• 10Y*: 19.45%
• ALL TIME*: 13.24%

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
UXI ProShares Ultra Industrials	$192.00K	$302.67K	$285.62K

UXI vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UXI ProShares Ultra Industrials	28.57%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%
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 UXI and SQQQ is -0.56, 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.	-0.56
Correlation (3Y) Balances recent behavior with more history.	-0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.69
Correlation (10Y) Provides a long-term view across more market conditions.	-0.66
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.69

The correlation between UXI and SQQQ shifts across timeframes, from -0.69 (5 years) to -0.56 (1 year), reflecting how their relationship changes across market environments.

UXI vs. SQQQ - Sectors Allocation Comparison

Sectors	UXI	SQQQ
Industrials	55.2%	-
Technology	3.8%	-
Utilities	2.8%	-
Basic Materials	1.2%	-
Consumer Cyclical	0.2%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	89.7%
Healthcare	-	-
Real Estate	-	-

Return for Risk

UXI vs. SQQQ — Risk / Return Rank

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

UXI

UXI Risk / Return Rank: 39
UXI Sharpe Ratio Rank: 39
UXI Sortino Ratio Rank: 39
UXI Omega Ratio Rank: 37
UXI Calmar Ratio Rank: 39
UXI Martin Ratio Rank: 43

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.

UXI vs. SQQQ - Risk-Adjusted Trends Comparison

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

	UXI	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.86	+1.81
Sortino ratio: Return per unit of downside risk	1.46	-1.25	+2.71
Omega ratio: Gain probability vs. loss probability	1.17	0.86	+0.31
Calmar ratio: Return relative to maximum drawdown	1.36	-0.81	+2.18
Martin ratio: Return relative to average drawdown	4.85	-1.41	+6.26

UXI vs. SQQQ - Sharpe Ratio Comparison

The current UXI Sharpe Ratio is 0.95, which is higher than the SQQQ Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of UXI 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

UXI vs. SQQQ - Drawdown Comparison

The maximum UXI drawdown since its inception was -89.01%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UXI and SQQQ.

Drawdown Indicators

	UXI	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.01%	-100.00%	+10.99%
Max Drawdown (1Y) Largest decline over 1 year	-23.59%	-61.03%	+37.44%
Max Drawdown (3Y) Largest decline over 3 years	-36.42%	-92.51%	+56.09%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-97.27%	+49.02%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-99.97%	+33.49%
Current Drawdown Current decline from peak	-6.42%	-100.00%	+93.58%
Average Drawdown Average peak-to-trough decline	-22.46%	-92.78%	+70.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	35.08%	-28.46%

Volatility

UXI vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra Industrials (UXI) is 9.93%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that UXI 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

	UXI	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	20.82%	-10.89%
Volatility (6M) Calculated over the trailing 6-month period	27.91%	48.09%	-20.18%
Volatility (1Y) Calculated over the trailing 1-year period	33.76%	57.98%	-24.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.24%	68.18%	-31.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.50%	66.74%	-27.24%

UXI vs. SQQQ - Expense Ratio Comparison

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

Dividends

UXI vs. SQQQ - Dividend Comparison

UXI's dividend yield for the trailing twelve months is around 0.51%, 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%
UXI ProShares Ultra Industrials	0.51%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UXI and SQQQ in my portfolio?

UXI 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 is riskier, UXI or SQQQ?

SQQQ has higher volatility (20.82%) compared to UXI (9.93%). In terms of maximum drawdown, UXI dropped -89.01% vs SQQQ's -100.00%.

Which ETF is better, UXI or SQQQ?

On 10-year performance, UXI leads with 19.45% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UXI has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXI or SQQQ?

Over the 10-year period, UXI has performed better with a 19.45% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXI or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.14%, compared with 0.51% for UXI.

What is the main difference between UXI and SQQQ?

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

Which has better risk-adjusted returns?

UXI currently has the higher Sharpe Ratio (0.95 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.