YQQQ vs. SQQQ

Last updated Jul 14, 2026

YQQQ (YieldMax Short N100 Option Income Strategy ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - YQQQ is a Derivative Income fund actively managed by YieldMax, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). YQQQ is actively managed, while SQQQ is passively managed. Over the past year, YQQQ returned -7.93% vs -56.10% for SQQQ. With a 0.95 correlation, they move nearly in lockstep. YQQQ charges 0.99%/yr vs 0.95%/yr for SQQQ.

Performance

YQQQ vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short N100 Option Income Strategy ETF (YQQQ) 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, YQQQ achieves a -5.25% return, which is significantly higher than SQQQ's -40.27% return.

YQQQ

• 1D: 1.42%
• 1M: 2.63%
• 6M: -4.11%
• YTD: -5.25%
• 1Y: -7.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 5.74%
• 1M: 1.37%
• 6M: -36.57%
• YTD: -40.27%
• 1Y: -56.10%
• 3Y*: -51.78%
• 5Y*: -45.66%
• 10Y*: -55.28%

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

YQQQ vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YQQQ YieldMax Short N100 Option Income Strategy ETF	-5.25%	-9.97%	-5.17%
SQQQ ProShares UltraPro Short QQQ	-40.27%	-53.05%	-26.93%

Correlation

The correlation between YQQQ and SQQQ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.95

The correlation between YQQQ and SQQQ has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

YQQQ vs. SQQQ — Risk / Return Rank

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

YQQQ

YQQQ Risk / Return Rank: 5
YQQQ Sharpe Ratio Rank: 5
YQQQ Sortino Ratio Rank: 5
YQQQ Omega Ratio Rank: 4
YQQQ Calmar Ratio Rank: 6
YQQQ Martin Ratio Rank: 5

SQQQ

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

YQQQ vs. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short N100 Option Income Strategy ETF (YQQQ) 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.

	YQQQ	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	-1.01	+0.44
Sortino ratio: Return per unit of downside risk	-0.72	-1.69	+0.97
Omega ratio: Gain probability vs. loss probability	0.92	0.82	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.37	-0.92	+0.56
Martin ratio: Return relative to average drawdown	-0.85	-1.71	+0.86

YQQQ vs. SQQQ - Sharpe Ratio Comparison

The current YQQQ Sharpe Ratio is -0.57, which is higher than the SQQQ Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of YQQQ 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

YQQQ vs. SQQQ - Drawdown Comparison

The maximum YQQQ drawdown since its inception was -29.10%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for YQQQ and SQQQ.

Drawdown Indicators

	YQQQ	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-29.10%	-100.00%	+70.90%
Max Drawdown (1Y) Largest decline over 1 year	-21.80%	-61.03%	+39.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-92.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.97%	—
Current Drawdown Current decline from peak	-25.26%	-100.00%	+74.74%
Average Drawdown Average peak-to-trough decline	-14.89%	-92.75%	+77.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.31%	32.78%	-23.47%

Volatility

YQQQ vs. SQQQ - Volatility Comparison

The current volatility for YieldMax Short N100 Option Income Strategy ETF (YQQQ) is 6.42%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. This indicates that YQQQ 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

	YQQQ	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	26.05%	-19.63%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	45.88%	-34.22%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	55.64%	-41.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	67.87%	-51.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	66.56%	-49.98%

YQQQ vs. SQQQ - Expense Ratio Comparison

YQQQ has a 0.99% expense ratio, which is higher than SQQQ's 0.95% expense ratio.

Dividends

YQQQ vs. SQQQ - Dividend Comparison

YQQQ's dividend yield for the trailing twelve months is around 29.17%, more than SQQQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SQQQ ProShares UltraPro Short QQQ	10.00%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.17%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YQQQ and SQQQ in my portfolio?

With a correlation of 0.96, YQQQ and SQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, YQQQ or SQQQ?

SQQQ has higher volatility (26.05%) compared to YQQQ (6.42%). In terms of maximum drawdown, YQQQ dropped -29.10% vs SQQQ's -100.00%.

Which ETF is better, YQQQ or SQQQ?

On 1-year performance, YQQQ leads with -7.93% vs -56.10% for SQQQ. On fees, SQQQ is cheaper at 0.95% per year. On volatility, YQQQ has been the lower-risk option at 6.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YQQQ or SQQQ?

Over the 1-year period, YQQQ has performed better with a -7.93% return vs -56.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YQQQ or SQQQ?

SQQQ is cheaper with a 0.95% expense ratio, compared with 0.99% for YQQQ.

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

YQQQ has the higher dividend yield at 29.17%, compared with 10.00% for SQQQ.

What is the main difference between YQQQ and SQQQ?

YQQQ is categorized as Derivative Income, while SQQQ is Leveraged Equities. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 0.99% for YQQQ and 0.95% for SQQQ.

Which has better risk-adjusted returns?

YQQQ currently has the higher Sharpe Ratio (-0.57 vs -1.01), 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.