XPP vs. SQQQ

Last updated Jul 17, 2026

XPP (ProShares Ultra FTSE China 50) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, XPP returned -6.96%/yr vs -55.08%/yr for SQQQ. At a correlation of -0.53, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

XPP vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -22.17% return, which is significantly higher than SQQQ's -38.86% return. Over the past 10 years, XPP has outperformed SQQQ with an annualized return of -6.96%, while SQQQ has yielded a comparatively lower -55.08% annualized return.

XPP

• 1D: 1.22%
• 1M: -1.10%
• 6M: -28.31%
• YTD: -22.17%
• 1Y: -20.38%
• 3Y*: 3.69%
• 5Y*: -19.36%
• 10Y*: -6.96%

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%

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

XPP vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-22.17%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
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 XPP 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	-0.35
Correlation (5Y) Calculated over the trailing 5-year period	-0.40
Correlation (10Y) Calculated over the trailing 10-year period	-0.49
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.53

The correlation between XPP and SQQQ shifts across timeframes, from -0.53 (all time) to -0.35 (3 years), reflecting how their relationship changes across market environments.

XPP vs. SQQQ - Sectors Allocation Comparison

Sectors	XPP	SQQQ
Financial Services	50.6%	109.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XPP vs. SQQQ — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 5
XPP Sharpe Ratio Rank: 5
XPP Sortino Ratio Rank: 5
XPP Omega Ratio Rank: 5
XPP Calmar Ratio Rank: 5
XPP Martin Ratio Rank: 5

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
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.

XPP vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-0.98	+0.46
Sortino ratio: Return per unit of downside risk	-0.52	-1.58	+1.06
Omega ratio: Gain probability vs. loss probability	0.94	0.83	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.46	-0.89	+0.44
Martin ratio: Return relative to average drawdown	-0.99	-1.63	+0.64

XPP vs. SQQQ - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.51, which is higher than the SQQQ Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. SQQQ - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for XPP and SQQQ.

Drawdown Indicators

	XPP	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-100.00%	+10.10%
Max Drawdown (1Y) Largest decline over 1 year	-44.78%	-61.03%	+16.25%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-92.51%	+39.56%
Max Drawdown (5Y) Largest decline over 5 years	-83.28%	-97.27%	+13.99%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-99.97%	+10.07%
Current Drawdown Current decline from peak	-79.40%	-100.00%	+20.60%
Average Drawdown Average peak-to-trough decline	-48.03%	-92.76%	+44.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.55%	33.36%	-12.81%

Volatility

XPP vs. SQQQ - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 13.16%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.32%. This indicates that XPP 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

	XPP	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.16%	22.32%	-9.16%
Volatility (6M) Calculated over the trailing 6-month period	28.94%	46.22%	-17.28%
Volatility (1Y) Calculated over the trailing 1-year period	39.79%	55.87%	-16.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.77%	67.91%	-5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.76%	66.57%	-11.81%

XPP vs. SQQQ - Expense Ratio Comparison

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

Dividends

XPP vs. SQQQ - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.69%, less than SQQQ's 9.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XPP ProShares Ultra FTSE China 50	2.69%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%

Frequently Asked Questions

Can I hold both XPP and SQQQ in my portfolio?

XPP 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, XPP or SQQQ?

SQQQ has higher volatility (22.32%) compared to XPP (13.16%). In terms of maximum drawdown, XPP dropped -89.90% vs SQQQ's -100.00%.

Which ETF is better, XPP or SQQQ?

On 10-year performance, XPP leads with -6.96% vs -55.08% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 13.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or SQQQ?

Over the 10-year period, XPP has performed better with a -6.96% return vs -55.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.77%, compared with 2.69% for XPP.

What is the main difference between XPP and SQQQ?

XPP is categorized as China Equities, while SQQQ is Leveraged Equities. XPP tracks FTSE/Xinhua China 25 Index (200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

XPP currently has the higher Sharpe Ratio (-0.51 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.