TQQQ vs SQQQ ETF Comparison: AI Score, Valuation, Performance and Upside
TQQQ (ProShares UltraPro QQQ) and SQQQ (ProShares UltraPro Short QQQ) are exact opposites — both 3x leveraged daily ETFs targeting the Nasdaq-100 Index from the same issuer (ProShares), with TQQQ delivering +3x the Nasdaq-100's daily return for aggressive technology bulls and SQQQ delivering -3x the Nasdaq-100's daily return for aggressive technology bears, both experiencing severe volatility decay making them appropriate only for short-term active traders.
TQQQ vs SQQQ is 3x long Nasdaq-100 for technology bull speculation (ProShares' maximum bullish Nasdaq-100 leverage, extraordinary gains during sustained tech bulls like 2010-2021, and extreme liquidity — catastrophic losses in 2022-style technology bear markets and severe volatility decay in sideways conditions) versus 3x inverse Nasdaq-100 for technology bear speculation (ProShares' maximum bearish Nasdaq-100 leverage, extraordinary gains during 2022-style bear markets, and AI-era technology bull sustained rally risk — both requiring strict holding period discipline measured in days, not months).
TQQQ holds the edge across 4 of 5 key metrics in this comparison. TQQQ has delivered stronger 1-year price return (+44.13% vs -48.83% for SQQQ).
- Want maximum 3x leveraged exposure to the Nasdaq-100 during anticipated technology bull market periods with the liquidity to enter and exit efficiently in intraday or multi-day trading strategies
- Have strict discipline for daily monitoring and pre-defined exit strategies that prevent holding TQQQ through technology bear markets where 80%+ losses occurred in 2022
- Understand volatility decay and use TQQQ for tactical short-term positions rather than as a long-term portfolio holding, with position sizing limited to a small fraction of overall portfolio
- Want maximum 3x inverse exposure to the Nasdaq-100 during anticipated technology bear market periods — Fed rate hiking cycles, recession concerns, or specific events expected to cause sustained Nasdaq declines
- Have clear technical or fundamental thesis for Nasdaq-100 underperformance with pre-defined profit targets and stop losses given SQQQ's catastrophic losses during technology recoveries
- Use SQQQ for short-duration hedging of large technology equity positions rather than speculative directional bets, with understanding of the time decay limitations of holding inverse leveraged products
| Metric | TQQQ | SQQQ |
|---|---|---|
| ETF scorei | 33.0 | 20.5 |
| Latest closei | $73.82 | $36.14 |
| 1M returni | +8.93% | -9.77% |
| 3M returni | +4.56% | -10.36% |
| 6M returni | +31.37% | -36.46% |
| 1Y returni | +44.13% | -48.83% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | TQQQ | SQQQ |
|---|---|---|
| 1Y ago | $14.52K (+45.2%) started 2025-10-15 | $5.44K (-45.6%) started 2025-10-15 |
| 5Y ago | $24.11K (+141.1%) started 2021-10-15 | $621.18 (-93.8%) started 2021-10-15 |
| 10Y ago | $321.85K (+3118.5%) started 2016-10-17 | $4.76 (-100.0%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | TQQQ | SQQQ |
|---|---|---|
| Expense ratioi | 0.78% | 0.94% |
| Total assets (AUM)i | $37.92B | $2.11B |
| Dividend yieldi | 0.62% | 9.45% |
| Trailing P/Ei | 29.99 | N/A |
| Betai | 3.74 | -3.47 |
| 52-week change | 44.13% | -48.83% |
| Metric | TQQQ | SQQQ |
|---|---|---|
| 1Y returni | +44.13% | -48.83% |
| 6M returni | +31.37% | -36.46% |
| 3M returni | +4.56% | -10.36% |
| 1M returni | +8.93% | -9.77% |
| 1Y Sharpe ratio | 0.84 | -0.93 |
| Betai | 3.74 | -3.47 |
| Dividend yieldi | 0.62% | 9.45% |
| 5Y CAGR | +18.00% | -45.68% |
Over the past year, TQQQ and SQQQ have moved strongly in opposite directions (correlation of -1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | TQQQ | SQQQ |
|---|---|---|---|
| 1Y | Growthi | +44.13% | -48.83% |
| CAGRi | +44.17% | -48.86% | |
| Volatilityi | 58.30% | 58.63% | |
| Sharpe ratioi | 0.84 | -0.93 | |
| Sortino ratioi | 1.23 | -1.26 | |
| Max drawdowni | 36.97% | 63.32% | |
| Current drawdowni | 15.00% | 58.35% | |
| Avg drawdowni | 12.47% | 33.03% | |
| Ulcer Indexi | 14.85% | 39.72% | |
| Max daily dropi | 14.28% | 10.07% | |
| Max wkly dropi | 19.97% | 22.55% | |
| 5Y | Growthi | +128.77% | -95.27% |
| CAGRi | +18.00% | -45.68% | |
| Volatilityi | 68.24% | 68.36% | |
| Sharpe ratioi | 0.52 | -0.61 | |
| Sortino ratioi | 0.74 | -0.85 | |
| Max drawdowni | 81.66% | 97.54% | |
| Current drawdowni | 15.00% | 97.21% | |
| Avg drawdowni | 34.08% | 67.48% | |
| Ulcer Indexi | 42.38% | 74.15% | |
| Max daily dropi | 18.31% | 35.28% | |
| Max wkly dropi | 33.64% | 33.28% | |
| 10Y | Growthi | +2948.06% | -99.97% |
| CAGRi | +40.77% | -54.99% | |
| Volatilityi | 66.78% | 66.94% | |
| Sharpe ratioi | 0.78 | -0.92 | |
| Sortino ratioi | 1.11 | -1.29 | |
| Max drawdowni | 81.66% | 99.97% | |
| Current drawdowni | 15.00% | 99.97% | |
| Avg drawdowni | 23.08% | 88.16% | |
| Ulcer Indexi | 32.67% | 90.46% | |
| Max daily dropi | 34.47% | 35.28% | |
| Max wkly dropi | 44.80% | 35.23% |
| Category | TQQQ | SQQQ |
|---|---|---|
| Fund name | ProShares UltraPro QQQ | ProShares UltraPro Short QQQ |
| Type | ETF | ETF |
| Expense ratioi | 0.78% | 0.94% |
| Total assets (AUM)i | $37.92B | $2.11B |
| Dividend yieldi | 0.62% | 9.45% |
- 3x Nasdaq-100 leverage amplifies technology bull market returns dramatically — during sustained Nasdaq-100 bull markets (2010-2021 saw multiple strong rallies), TQQQ generated extraordinary multi-year returns; $10,000 invested in TQQQ in early 2013 would have grown to $500,000+ by early 2022 (reflecting the exceptional Nasdaq-100 bull market environment)
- Extreme liquidity enables efficient large-block trading — TQQQ's enormous daily trading volume ($1-5 billion+ per day) creates tight bid-ask spreads and efficient execution even for large institutional positions
- Daily leverage reset allows tactical positioning around specific events — traders can build or reduce TQQQ positions around Fed meetings, earnings announcements, or economic data releases with intraday flexibility
- 3x inverse Nasdaq-100 leverage provides maximum downside amplification during technology bear markets — SQQQ's 2022 performance demonstrated its potential: the Nasdaq-100 fell approximately 33% in 2022, and SQQQ rose approximately 200%+ at its peak; traders who correctly timed the 2022 technology bear market and used SQQQ appropriately generated extraordinary profits
- SQQQ provides inverse exposure to the most widely followed technology benchmark (Nasdaq-100) — the Nasdaq-100 is the most recognized U.S. technology index; SQQQ positions are instantly understandable to market participants
- Active options market enables precise risk management strategies — SQQQ has an active options market allowing traders to define risk through put spreads, call debit spreads, or protective puts on existing SQQQ positions
- 3x leverage amplifies losses as severely as gains — a 33% decline in the Nasdaq-100 theoretically wipes out TQQQ holders; in 2022, the Nasdaq-100 fell approximately 33%, and TQQQ fell approximately 80%; TQQQ requires recovery of 5x just to return to the 2021 high after such a decline
- Volatility decay destroys value in choppy markets — even if the Nasdaq-100 ends a year flat after significant volatility, TQQQ will likely be significantly negative; the 3x daily reset creates severe compounding erosion
- Not appropriate for 'set and forget' investing — TQQQ in a retirement account is a common retail investor mistake; the asymmetric nature of losses (a 80% loss requires 400% gain to recover) makes TQQQ catastrophically risky as a buy-and-hold holding
- In technology bull markets, SQQQ loses value catastrophically — from early 2023 through 2024, as the Nasdaq-100 rallied on AI excitement, SQQQ holders experienced extreme losses; the AI-driven Nasdaq-100 rally from late 2022 lows meant SQQQ lost 70-80% of its value as the technology sector recovered
- Volatility decay from 3x leverage means SQQQ loses value even in flat markets — identical to TQQQ but in reverse direction; SQQQ is a pure directional bet that degrades rapidly without sustained, directional Nasdaq declines
- The bull case for technology (AI revolution, cloud computing growth, mobile computing) makes sustained Nasdaq-100 declines hard to maintain — the structural tailwinds behind Nasdaq-100 companies make sustained multi-year technology bear markets historically rare (except 2000-2002 and 2022)
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