VCMDX vs. SQQQ

Last updated Jul 21, 2026

VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) and SQQQ (ProShares UltraPro Short QQQ) are both funds - VCMDX is a Commodities fund actively managed by Vanguard, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). VCMDX is actively managed, while SQQQ is passively managed. Over the past 5 years, VCMDX returned 10.73%/yr vs -45.04%/yr for SQQQ. At a correlation of -0.17, they often move in opposite directions. VCMDX charges 0.16%/yr vs 0.95%/yr for SQQQ.

Performance

VCMDX vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) 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, VCMDX achieves a 17.69% return, which is significantly higher than SQQQ's -36.18% return.

VCMDX

• 1D: 0.92%
• 1M: 2.96%
• 6M: 13.45%
• YTD: 17.69%
• 1Y: 25.26%
• 3Y*: 12.49%
• 5Y*: 10.73%
• 10Y*: —
• ALL TIME*: 12.14%

SQQQ

• 1D: -0.26%
• 1M: 17.99%
• 6M: -34.34%
• YTD: -36.18%
• 1Y: -51.42%
• 3Y*: -51.15%
• 5Y*: -45.04%
• 10Y*: -54.75%
• ALL TIME*: -52.82%

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

VCMDX vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	17.69%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%
SQQQ ProShares UltraPro Short QQQ	-36.18%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-37.35%

Correlation

The correlation between VCMDX and SQQQ is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	-0.17

The correlation between VCMDX and SQQQ shifts across timeframes, from -0.17 (all time) to -0.05 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VCMDX vs. SQQQ — Risk / Return Rank

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

VCMDX

VCMDX Risk / Return Rank: 47
VCMDX Sharpe Ratio Rank: 59
VCMDX Sortino Ratio Rank: 50
VCMDX Omega Ratio Rank: 53
VCMDX Calmar Ratio Rank: 38
VCMDX Martin Ratio Rank: 37

SQQQ

SQQQ Risk / Return Rank: 2
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 2
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.

VCMDX vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) 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.

	VCMDX	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.72	-0.92	+2.64
Sortino ratio: Return per unit of downside risk	2.28	-1.42	+3.70
Omega ratio: Gain probability vs. loss probability	1.30	0.85	+0.46
Calmar ratio: Return relative to maximum drawdown	1.95	-0.84	+2.80
Martin ratio: Return relative to average drawdown	6.58	-1.53	+8.11

VCMDX vs. SQQQ - Sharpe Ratio Comparison

The current VCMDX Sharpe Ratio is 1.72, which is higher than the SQQQ Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of VCMDX 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

VCMDX vs. SQQQ - Drawdown Comparison

The maximum VCMDX drawdown since its inception was -26.67%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for VCMDX and SQQQ.

Drawdown Indicators

	VCMDX	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-100.00%	+73.33%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-61.03%	+47.64%
Max Drawdown (3Y) Largest decline over 3 years	-13.39%	-92.51%	+79.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-97.27%	+71.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-7.49%	-100.00%	+92.51%
Average Drawdown Average peak-to-trough decline	-10.83%	-92.76%	+81.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	33.69%	-29.72%

Volatility

VCMDX vs. SQQQ - Volatility Comparison

The current volatility for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) is 4.31%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.99%. This indicates that VCMDX 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

	VCMDX	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	21.99%	-17.68%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	46.34%	-33.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.18%	56.15%	-40.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	67.92%	-52.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.37%	66.60%	-51.23%

VCMDX vs. SQQQ - Expense Ratio Comparison

VCMDX has a 0.16% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

VCMDX vs. SQQQ - Dividend Comparison

VCMDX's dividend yield for the trailing twelve months is around 12.92%, more than SQQQ's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	9.36%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.92%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCMDX and SQQQ in my portfolio?

VCMDX and SQQQ have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCMDX or SQQQ?

SQQQ has higher volatility (21.99%) compared to VCMDX (4.31%). In terms of maximum drawdown, VCMDX dropped -26.67% vs SQQQ's -100.00%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (1.72 vs -0.92), 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.