UYG vs. SQQQ

Last updated Jun 5, 2026

UYG (ProShares Ultra Financials) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - UYG tracks the Dow Jones U.S. Financials Index (200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, UYG returned 16.31%/yr vs -55.90%/yr for SQQQ. At a correlation of -0.64, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UYG vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -11.64% return, which is significantly higher than SQQQ's -44.43% return. Over the past 10 years, UYG has outperformed SQQQ with an annualized return of 16.31%, while SQQQ has yielded a comparatively lower -55.90% annualized return.

UYG

• 1D: 5.26%
• 1M: 1.69%
• YTD: -11.64%
• 6M: -7.39%
• 1Y: 0.42%
• 3Y*: 28.93%
• 5Y*: 9.24%
• 10Y*: 16.31%

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)

UYG vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-11.64%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
SQQQ ProShares UltraPro Short QQQ	-44.43%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between UYG and SQQQ is -0.43, 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	-0.43
Correlation (3Y) Calculated over the trailing 3-year period	-0.44
Correlation (5Y) Calculated over the trailing 5-year period	-0.58
Correlation (10Y) Calculated over the trailing 10-year period	-0.57
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	-0.64

Over the past year, the inverse relationship between UYG and SQQQ has weakened: their correlation has moved from -0.64 to -0.43, meaning they move in opposite directions less often than they have historically.

UYG vs. SQQQ - Sectors Allocation Comparison

Sectors	UYG	SQQQ
Financial Services	98.0%	97.1%
Technology	1.7%	-
Industrials	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

UYG vs. SQQQ — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

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.

UYG vs. SQQQ - Risk-Adjusted Trends Comparison

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

	UYG	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.01	-1.35	+1.36
Sortino ratio: Return per unit of downside risk	0.22	-2.57	+2.79
Omega ratio: Gain probability vs. loss probability	1.03	0.73	+0.30
Calmar ratio: Return relative to maximum drawdown	0.01	-0.98	+0.99
Martin ratio: Return relative to average drawdown	0.04	-1.79	+1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. SQQQ - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is higher than the SQQQ Sharpe Ratio of -1.35. The chart below compares the historical Sharpe Ratios of UYG 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

	UYG	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	-1.35	+1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.74	+0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	-0.85	+1.25
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-0.88	+0.87

Drawdowns

UYG vs. SQQQ - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UYG and SQQQ.

Drawdown Indicators

	UYG	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-100.00%	+2.10%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-65.95%	+37.04%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-92.38%	+62.03%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-97.23%	+49.46%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-99.98%	+30.00%
Current Drawdown Current decline from peak	-16.55%	-100.00%	+83.45%
Average Drawdown Average peak-to-trough decline	-63.36%	-92.40%	+29.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	35.96%	-24.04%

Volatility

UYG vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.39%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.81%. This indicates that UYG 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

	UYG	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	13.81%	-5.42%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	36.46%	-13.97%
Volatility (1Y) Calculated over the trailing 1-year period	29.32%	47.79%	-18.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.21%	66.61%	-30.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.06%	66.10%	-25.04%

UYG vs. SQQQ - Expense Ratio Comparison

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

Dividends

UYG vs. SQQQ - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.22%, more than SQQQ's 12.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
UYG ProShares Ultra Financials	13.22%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and SQQQ in my portfolio?

UYG and SQQQ have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or SQQQ?

SQQQ has higher volatility (13.81%) compared to UYG (8.39%). In terms of maximum drawdown, UYG dropped -97.90% vs SQQQ's -100.00%.

Which ETF is better, UYG or SQQQ?

On 10-year performance, UYG leads with 16.31% vs -55.90% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or SQQQ?

Over the 10-year period, UYG has performed better with a 16.31% return vs -55.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or SQQQ?

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

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

UYG has the higher dividend yield at 13.22%, compared with 12.29% for SQQQ.

What is the main difference between UYG and SQQQ?

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

Which has better risk-adjusted returns?

UYG currently has the higher Sharpe Ratio (0.01 vs -1.35), 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.