Are MQQQ and SQQQ levered on the same thing?

Yes. Both are levered on the Nasdaq-100, MQQQ at +2 times each calendar month’s move and SQQQ at -3 times each day’s move.

Can I hold MQQQ or SQQQ for a year?

MQQQ resets every calendar month and SQQQ resets every day, so the multiple in each name applies to one period only, and the periods compound. Over a year the total is not the multiple times the year’s move.

Which is cheaper, MQQQ or SQQQ?

MQQQ charges 1.03% a year and SQQQ charges 0.94%, so SQQQ is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Leveraged and inverse ETFs

MQQQ vs SQQQ: Leverage, Returns & Decay

Over the three months to Oct 27, 2026, MQQQ returned 11.9% and SQQQ −19.5%.

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Net assets on Oct 27, 2026: $252m for Tradr 2X Long Innovation 100 Monthly ETF and $1.8bn for ProShares UltraPro Short QQQ.

MQQQ on its own →SQQQ on its own →

At a glance

Pair scorecard

SQQQ costs 0.09 points a year less; their one-year returns differ by 59.3 points; SQQQ is 7.1 times larger.

Points (pts) are percentage points.

MQQQ vs SQQQ: Leverage, Returns & Decay
Measure	MQQQ	SQQQ
Return
Measure	MQQQ	SQQQ
Total return, 1 year	+18.7%	−40.6%
What its daily multiple gave, 3 months		−22.5%
What the underlying did, 3 months	QQQ 6.9%	QQQ 6.9%
What the underlying did, 3 months	QQQ 6.9%	QQQ 6.9%
The multiple over the whole window		−3 times gives −20.7%
Against its benchmark
Measure	MQQQ	SQQQ
What it tracks	Nasdaq-100	Nasdaq-100
Against its daily multiple, 3 months		3.0 points over
Against the whole-window multiple		1.2 points over
Cost and size
Measure	MQQQ	SQQQ
Expense ratio	1.03%	0.94%
Net assets	$252m	$1.8bn
Holdings
Measure	MQQQ	SQQQ
Holdings in common	not published

Method

Side by side

MQQQ Tradr 2X Long Innovation 100 Monthly ETF · Aims to return twice QQQ’s move over each calendar month SQQQ ProShares UltraPro Short QQQ · Aims to return three times the opposite of the daily move of the Nasdaq-100, measured through QQQ

Issuer Tradr ProShares

Sets out to return +2x −3x

Underlying asset QQQ QQQ

Segment us large cap us large cap

Fund returned, 3 months +11.9% −19.5%

Underlying returned, over that window +6.9% +6.9%

What the stated multiple implies, over that window not published −20.7%

Difference from stated, over that window not available +1.2 pts

Fund returned, 1 year +18.7% −40.6%

Difference from stated, over that window not available +5.6 pts

Underlying volatility 19% 19%

Expense ratio 1.03% 0.94%

First traded Sep 3, 2024 Feb 11, 2010

Net assets $252m $1.8bn

As of Oct 27, 2026. Source: ETFIQ.

Window by window

Window by window: MQQQ vs SQQQ: Leverage, Returns & Decay
	Total return		Multiple would give		Difference
Window	MQQQ	SQQQ	MQQQ	SQQQ	MQQQ	SQQQ
1 month	−6.8%	+9.4%	not meaningful	+9.3%	not meaningful	+0.1 pts
3 months	+11.9%	−19.5%	not meaningful	−20.7%	not meaningful	+1.2 pts
6 months	+13.8%	−29.6%	not meaningful	−29.7%	not meaningful	+0.1 pts
1 year	+18.7%	−40.6%	not meaningful	−46.2%	not meaningful	+5.6 pts
3 years	–	−92.0%	–	not meaningful	–	not meaningful
Since launchNot the same days: MQQQ Sep 2024 · SQQQ Feb 2010	+98.0%	−100.0%	not meaningful	not meaningful	not meaningful	not meaningful

Source: ETFIQ. – means no data for this window. Open this comparison in the app →

Client brief · page 1 of 2 Report BR-435E32F8AD

MQQQ and SQQQ are built for the same job. How do they differ in cost, holdings and results?

Stated daily multiple. MQQQ sets out to return +2x the daily move and SQQQ −3x.
One-year total return. Over 1 year to Oct 27, 2026 MQQQ returned +18.7% and SQQQ −40.6% with distributions reinvested, a gap of 59.3 points.
Size. MQQQ has $252m in net assets and SQQQ $1.8bn (Net assets); SQQQ is 7.1 times larger.

Data as of Oct 27, 2026.

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About each fund

MQQQ

Over the month to Sep 30, 2026, MQQQ returned 6.0%, against 6.6% for twice QQQ's return. Across its 12 completed months (Oct 2025 to Sep 2026), the gap to +2 times QQQ ran from −1.0 pts to −0.3 pts.

MQQQ aims to return +2 times QQQ's move over each full calendar month, from the close of the last business day of one month to the close of the last business day of the next. It does not seek that multiple over any other period. Over the three months to Oct 27, 2026, QQQ returned 6.9%.

SQQQ

Over the three months to Oct 27, 2026, SQQQ lost 19.5%, against −22.5% for three times the inverse of QQQ's daily moves. Of that 1.2, daily compounding is −1.8 points, which any −3 times fund would show over the same path, and the fund itself is +3.0 points against −3 times each day's move, compounded.

Read the multiple against the whole window instead and −3 times QQQ's 6.9% implies −20.7%, which makes SQQQ look 1.2 points over. That is not the fund's objective, which is daily. SQQQ aims to return -3 times QQQ's move each day, then resets. Over one day it does that. Over longer periods the daily results compound, so the total is not -3 times the period's move: it is lower after a fall and recovery, and can be higher in a steady run. QQQ moved at 19% annualized over that window. The more it moves, the further the two numbers separate.

Questions people ask

Are MQQQ and SQQQ levered on the same thing?: Yes. Both are levered on the Nasdaq-100, MQQQ at +2 times each calendar month’s move and SQQQ at -3 times each day’s move.
Can I hold MQQQ or SQQQ for a year?: MQQQ resets every calendar month and SQQQ resets every day, so the multiple in each name applies to one period only, and the periods compound. Over a year the total is not the multiple times the year’s move.
Which is cheaper, MQQQ or SQQQ?: MQQQ charges 1.03% a year and SQQQ charges 0.94%, so SQQQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

MQQQ vs QQQP MQQQ vs QLD MQQQ vs TQQQ MQQQ vs PSQ SQQQ vs TQQQ SQQQ vs QID SQQQ vs PSQ SQQQ vs QQQP

Where to next

QQQ →All leveraged ETFs ranked by the 3-Month Tracking Score →How the scores are computed →MQQQ on its own →SQQQ on its own →MQQQ dividend history →MQQQ holdings →SQQQ dividend history →SQQQ holdings →Method →Standards and sources →

Sources and dates

MQQQ filings on SEC EDGAR ↗

MQQQ prospectus with the expense ratio (SEC) ↗

Tradr website ↗

SQQQ filings on SEC EDGAR ↗

SQQQ prospectus with the expense ratio (SEC) ↗

ProShares page for SQQQ ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, MQQQ against SQQQ, data as of Oct 27, 2026. https://etfiq.com/compare/leverage/mqqq-vs-sqqq

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